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If you�re considering starting a new business as an auto dealer in Nebraska, you may be wondering what insurance requirements you�ll need to meet. Part of the licensing process for launching a new business of any kind in Nebraska is to provide proof that the business owner has purchased Worker�s Compensation insurance. Worker�s Compensation, covers liability for any work-related injury or property damage suffered by employees of the business. Additional liability insurance is required to protect the business against liability claims for losses due to injury or property damage filed by non-employees.
For auto repair shops, dealerships that maintain their own on-premises repair and service operation, and other auto-related business, this additional liability protection can be in the form of either general liability insurance or garage liability insurance.
Both general and garage liability policies protect the business against liability for bodily injury to customers and other non-employees. General liability does not provide any coverage for damage to or loss of customers� vehicles. Garage keeper�s insurance, however, does provide protection for customers� vehicles while they are in the custody, care, and control of the business.
Auto dealerships with onsite repair facilities need garage liability coverage. Other businesses that can benefit greatly from purchasing this insurance include:
In short, garage liability insurance is an important coverage for any business that involves having custody, care, and control of customers� vehicles.
The insurance industry is based on the principle of shifting risk from the insured to the insurer. Making premium payments for a garage liability policy shifts the liability for the cost of medical bills and damage awards stemming from customers� claims from the covered business to the insurance company.
The insured party gains the peace of mind that comes from knowing the business won�t be bankrupted by an accident or other event that results in financial loss to a customer or other third party. The insurance company accepts this transferred risk with the expectation that it will pay out less in claims than it will collect in premiums over the life of a policy.
Garage or general liability insurance can be bundled with other coverages, such as Worker�s Compensation, commercial auto insurance, business property insurance, and more, to create a custom-tailored, comprehensive Business Owner�s policy (BOP).
One thing is for certain�garage owners pay less for liability insurance than they would potentially pay out in claims. Premium costs are determined on a case-by-case basis based on such factors as:
The annual premium paid by a given business owner could be as little as a few hundred dollars or as much as a few thousand.
You can rely on Single Source Insurance to get you the best deal possible on the insurance you need for your dealership or repair facility. Request a quote today!
