As the owner of your own business, you are responsible for making sure that your investment is protected. You need to be certain that if something were to happen to your fleet of vehicles or tools, not only would it hurt financially but also stop you from being able to do business. This is why car painting insurance for businesses should be at the top of your list when it comes time to start shopping for policies.
Insurance coverage doesn’t just protect the equipment involved in running your company; it provides protection against bodily injury and property damage claims as well as damages caused by uninsured motorists. If you’ve spent time and money building up your inventory and other assets, then you need an insurance policy to make sure they are properly protected. Here are 10 reasons that your car painting business needs insurance.
1.) PROTECTS YOUR COMPANY FROM LIABILITY CLAIMS
In the event that a customer, another driver or even a pedestrian is injured as a result of your negligence, you can be held liable for damages under various circumstances. In order to protect yourself from such liability claims, it’s wise to have business owner’s coverage in place.
2.) PROVIDES PROPERTY INSURANCE COVERAGE
Customers often assume that their vehicles are safe inside a covered parking area, but if an accident occurs and the vehicle sustains damages that exceed coverage limits, they may come looking for reimbursement from you. However, that doesn’t mean that you should pay for damages your policy didn’t cover. Car painting business property insurance provides coverage against theft, fire and other hazards so you don’t have to foot the bill.
3.) OFFERS ADDITIONAL COMMERCIAL AUTO INSURANCE
Even if one of your employees causes an accident while driving on company business, there’s a good chance that their existing car insurance will pay only the minimum required amount for repairs or medical expenses. Your commercial auto insurance covers higher amounts in this situation, but it also takes care of additional types of damage including liability claims filed by passengers in vehicles driven by your staff members.
4.) COVERS TOOLS AND EQUIPMENT DAMAGES
Just as with any other type of equipment used at your place of employment, your tools and equipment can be damaged by a variety of hazards. This isn’t just true for your car painting business; it’s also the case if you work with power tools at home or on your job site. When such damage occurs, having insurance coverage will protect both your wallet and reputation as an insured professional.
5.) PROVIDES BUSINESS TRAVEL INSURANCE
As an entrepreneur who frequently travels to jobsites and other locations, you may need additional protection even though auto insurance policies include some form of liability coverage. By opting for travel insurance – which is offered under most commercial vehicle insurance, you can ensure that all of your business-related trips are protected, regardless of where they take place.
6.) COVERS RENTED VEHICLES
If one of your employees is going to be on the road for a long time or needs a specialized vehicle for a certain project, you can help them out by renting one with your commercial car painting business insurance policy. This not only saves you from having to purchase an expensive asset that might remain unused for most of its lifespan but also provides coverage against liability claims and accident injuries.
7.) PROVIDES PROTECTION AGAINST VEHICLE THEFT
Having your cars stolen can cause major problems if it happens while they are being used as company vehicles. In addition to losing valuable equipment, there’s the possibility of liability claims resulting from accidents caused by thieves – which often go unreported, unless covered by comprehensive vehicle insurance.
8.) ENSURES COVERAGE WHEN UN TRUCKS
Drivers who unload their own trucks and move equipment around in wheelbarrows may not think they need unloading coverage, but it’s important to account for such potential hazards when determining your insurance needs. Even if you don’t pay the deductible, having the right coverage in place will ensure that you can get up and running again quickly after a truck is damaged on-site.
9.) OFFERS COVERAGE WHEN VEHICLE EQUIPMENT DOESN’T MATCH WHAT’S LISTED ON POLICY
If equipment is stolen or damaged while it’s listed under the wrong vehicle identification number (VIN), either accidentally or intentionally – your car painting business can suffer. Make sure that you’re covered by checking the fine print of your policy to ensure that you’re properly insured against falsified VIN claims.
10.) PROVIDES COVERAGE FOR RENTED OR LEASED EQUIPMENT
Provided you have the right car painting business insurance policy, all of your rented equipment is protected. If something happens to it while it’s on the job, chances are that the renter will go after your company and not theirs for compensation. By getting leasing and rental coverage, you can avoid such claims and their associated financial impacts.