FOR ALL YOUR SURETY BOND NEEDS.
We offer all types of surety bonds for many different businesses. Apply for a Louisiana Surety Bond today! Single Source Insurance is a leading Louisiana surety bond company. Apply easily online and take advantage of lowest rates.
In addition an�auto dealer surety bond, Louisiana dealers should also purchase garage liability insurance. Learn more about this policy below, and request a quote from Single Source Insurance today.
Garage liability insurance is a hybrid policy that combines certain features of commercial auto and general liability insurance.
Commercial auto insurance doesn�t cover customers� vehicles. This is why a garage liability policy is important. These policies provide coverage for customers� vehicles while they are in the custody, care, and control of a dealership or other repair facility. The policy pays claims for bodily injury and property damage, whether they are the result of:
In short, garage liability policies can save a business a great deal of money. With the right insurance, you can even be protected from being bankrupted by having to pay out steep court-ordered damages.
Louisiana requires used car dealers to have a minimum of $55,000 in garage liability coverage. Other businesses that often purchase these policies voluntarily include:
Any business that has temporary custody, care, and control of customers� vehicles or that faces the risk of potential injury to customers in the course of its normal operations should give serious thought to purchasing garage liability insurance. Even if there are no claims against a policy, knowing that the business is insured can make it more attractive to customers.
Garage liability policies protect auto dealers against potentially high damages resulting from accidents that occur in the course of day-to-day garage operations. It is often bundled into a custom-tailored business owner policy (BOP), along with Worker�s Compensation and other coverages, such as business interruption insurance.
The main principal underlying garage liability insurance is the transfer of risk from the insured to the insurer. The insured makes regular premium payments, and in exchange, the insurance company pays any valid claims against the policy.
The annual premium for a garage liability policy rarely exceeds $2,000 and can be as low as $300. The cost of any given policy depends on these key factors:
Contact us with any questions you may have about obtaining the surety bond and insurance you�ll need for your auto dealership or auto-related business.
