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Learn more about this policy below, and request a quote from Single Source Insurance today.
This policy is essentially a mashup of commercial auto insurance and a general liability policy. It is easily customized to meet the needs of a particular business by adding endorsements that expand the protection and create a tailor-made Business Owner�s Policy (BOP). The goal is to protect the business and the business owner by transferring liability risks from the insured to the insurer.
The state of Georgia requires used car dealerships and certain other types of businesses licensed by the state to be covered by a garage liability insurance policy and a garage keeper�s policy. Other vehicle-related businesses that are not required to purchase this type of insurance (e.g., tire shops, valet services, oil change services, and repair shops) are still advised to do so to avoid being bankrupted by hefty court-ordered damages if found liable for an accident.
There tends to be some confusion as to the distinctions between garage liability and garage keeper�s coverage. Garage liability covers bodily injury and property damage suffered by a customer or other non-employee as a result of an accident associated with garage operations. It specifically excludes damage to customers� vehicles left on the business premises for service or repair. Garage keeper�s insurance, however, specifically protects customers� vehicles while they are in the custody, care, and control of the garage. This includes coverage for damage resulting from fire, theft, vandalism, extreme weather, or collisions.
Consider the example of a motor vehicle accident that occurs while a garage employee is test driving a customer�s vehicle that was brought in and left for repairs. The vehicle�s brakes fail, and the employee hits another car, doing extensive damage to it and injuring the driver.
The customer�s vehicle is totaled. The garage liability insurance covers the injuries to the other driver and the damage to that driver�s car, because the accident arose from the normal operations of the business. The garage keeper�s insurance covers the loss of the customer�s car, which was in the custody, care, and control of the business at the time of the accident.
The premium you will pay depends on the endorsements you�ve added to gain additional protection, as well as the coverage limits and the deductibles you choose. You�ll pay more for a policy with a high dollar limit and a small deductible than you will for one with a lower limit and a larger deductible.
Premiums are quoted on an annual basis, though many insured businesses prefer to make monthly or quarterly premium payments. There may be a discount for those who pay for an entire year�s coverage up front.
You can count on our experts at Single Source Insurance to get you the best deal possible on the insurance you need for your business.
