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Shop Insurance - Need Help


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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?

 

Thanks!

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I found that the best and cheapest insurance is thru your professional associations. We're with SEMA and I got better insurance with both liability (2 mil. limit) and garage owners as well as speciality installer insurance for the price of the garage owners insurance alone from my independent agent.

 

In a different life, I found insurance that was $10,000 per year that my previous company( again thru my independent agent) that was charging $50,000/year. This was thru a different professional association. Never had any claims with the previous insurance and one with the new insurance.

 

What are the professional shop owner associations? Try SEMA.

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I don't have the exact numbers on my insurance but I can get them in a day or two if you want them. With Erie insurance I pay about $195 a month for insurance on two buildings, shop keepers and garage liability. I believe it is pretty reasonable. I was with Nationwide insurance for a little while, the shop keepers & garage liability was the same, but the building insurance was much higher. So high that i actually did not insure the buildings for about 6 months then a Erie Agent came along and got me setup.

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  • Have you checked out Joe's Latest Blog?

         0 comments
      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.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      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.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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