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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.

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  • 2 weeks later...

Thanks for all the info. I had to have a FL agent as most major companies do not write for FL(seems to be a trend). Turns out getting coverage for a new venture is much more difficult than expected but I have learned alot in the process and have finally started finding companies to work with us. Turns out I way over budged for insurance and have been happy with the info so far. I have yet to purchase(waiting on a few more) so hopefully its smooth from here.

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Glad to hear you budgeted too high!

 

Unless you are covering medical, the agents should not be asking for any employee information whatsoever. All they care about is your gross sales for workers comp and your building size / value.

 

Make sure you are using an agent/broker and not working with just one company. My agent shopped around a list of almost 100 companies for workers comp. He is excellent and based in Atlanta if you are interested.

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  • Have you checked out Joe's Latest Blog?

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
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      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
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