I need some recommendations on learning more about garage keepers insurance. Like basically where to start, how to shop for it, any information would be helpful.
To give you a little background on where I am coming from: My brother and I are taking over the business, our father is 69 and is working his way into retirement. He has done a great job on teaching us how to run a shop, we are both very good service managers, however we have little experience on the business end of things. The reason that I am so interested in insurance is at the end of last year we were dropped by our underwriter, not for too many claims, just because, well I don't really know why. I think it had more to with the insurance company and the direction they were heading. Anyway our insurance guy scrambled to get us insurance at the 11th hour and needless to say we are paying out the nose.
We have 2 locations and do general automotive repair. The kicker is, we also have 2-3 service trucks and do on site tire repair for semi and construction tires. Yes, I know, there is my expensive insurance issue. However we have never paid this much before and I think part of it is who we are dealing with.
With all that being said I am trying to be proactive and learn as much as I can, so that maybe when it is time to renew we can get this expense a little more inline.
Any help and suggestions would be greatly appreciated.
I'm looking at renting a location to open a new shop and the owners are asking me to carry 2 million general aggregate, 1 million per occurence. 100,000 fire damage liability and 5000 medical.
In speaking to a few agent they seem to think it's a bit high.
Can ya'll post what you typically carry on your shop?
I am planning a soft opening in mid to late January and have started looking for insurance quotes. I did not realize how difficult this may end up being. I have only spoken with two offices so far. The first could not cover a new venture(without previous experience) and the other wants all the info of all the employees up front before they can quote(we are hiring one mechanic and do not have that info yet). I understand cost will be higher fora new business but am having a hard time budgeting for this expense. I know there are many factors involved but if anyone that has started in the recent path could shed some light on this topic I would appreciate it. I did search here and did not find alot but online i found quite a few quotes for detail shops that seemed very reasonable(under 200/month). In my business plan I budgeted for $900 for Liability and Garage keepers.
any advice is always appreciated.