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Garage Keepers Insurance for the Aspiring Auto Detailer 5.00/5 (100.00%) 3 votes

Opening an auto detailing service seems like the perfect business model. Low-capital startup and plenty of positive cash flow, the only thing missing is a trip to Auto-Mart to pick up some equipment and you could be in business tomorrow.

This is where taking a moment to count the full cost of doing business can save you plenty in the long run. There is much troubleshooting, cautious planning and important considerations that must be addressed before you can get a bona fide business off the ground.

The most important of these is proper insurance coverage. This is where the unassuming shake their heads and say “don’t worry, nothing will happen,” “it’s not demolition derby, it’s just auto detailing,” or “but, what about my positive cash flow”. This type of mentality is not conducive to a productive business of handling other people’s property.

Auto detailing, simplistic as it may sound, will mean handling the second-largest investment many people will make. Car owners can be especially sensitive about the way their cars are handled and the conditions in which they are returned.

While general business liability insurance should just be a given, it is important that you consider proper garage keepers insurance as well. This is especially important if you will work in a fixed-location, even if you are not actually doing any mechanical work.

It is a good idea to ask your insurance agency in Texas how much garage keepers insurance coverage you are going to need to safely conduct your business. Think of the negative possibilities; a car could get stolen, subjected to fire damage or even accidentally damaged while being moved or detailed.

You will want to look for coverage in the vicinity of $50,000 to $100,000 simply for damage to any of your client’s vehicles while they are in your charge. A reputable independent insurance agent in Texas can give you more information for fire or theft insurance.

The good news is that there are some ways to keep your premiums from destroying your positive cash flow. First of all, consider paying minor claims with cash out on hand. If you turn every small claim to the insurance coverage they will simply up your premiums.

Furthermore, if you are operating a pick-up and drop-off services, you will want to make sure you have a spotless driving record. If you plan on hiring employees you will want to be sure their records are equally clean, this will help to keep those garage keepers insurance premiums to the bare minimum.

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Everything You Need to Know About Business Liability Insurance 4.25/5 (85.00%) 8 votes

There’s no doubt that you’ve heard it before: every budding business needs liability insurance. They come in different shapes and sizes, but there’s a few things to consider before jumping in.

Let’s start off with what business liability insurance is. It protects the assets of a company and pays for medical obligations in the event of damages. These damages could be anything from personal injury on the job to property damage. It’s vast and can be pretty cumbersome to deal with alone, so if business liability insurance is something you want to consider, make sure you hire a team with the experience to help you out when you or your company is in a bind.

When considering whether or not to look into business liability insurance, take a look at the costs of a premium versus the cost of a court case. In today’s litigious society it’s becoming increasingly more important to protect yourself from the number of harms that are out here in the world. Sure, paying premiums will cost you some money, but the relatively low cost of these premiums ($750-$2,000) should be enough to convince you that possibly losing thousands and even millions of dollars in a heated legal battle just isn’t worth it.

Next, different businesses have different risks. For example, an architectural firm will need a significantly higher level of coverage than a web development company. Thus, the possible harms associated with your company will ultimately determine the coverage package you might want to buy into. Location is also a large factor- so make sure to include that in your discussions.

Finally, once you’ve bought an insurance plan, it’s imperative that you understand exactly how it works. Your business liability insurance policy will highlight the maximum payment the company will put forth as a result of a settlement. For example, if your coverage is willing to max out at $400,000, then you’re responsible for paying any fees in excess of that amount, regardless of what they are.

Now if you operate a highly risky business operation, a low maximum coverage payment may not be your best bet. Umbrella insurance essentially raises the maximum bar on your liability package payout limit.

Regardless, you need to do your own research to determine what plans and business liability insurance packages fit you and your company’s budget. Premiums may be expensive, but it’s worth the small change in relation to the potential mudstorm that could come your way otherwise. The Boardwalk Insurance Group sets itself apart from other generic liability insurance groups with the wealth of information they’ve accumulated from years in the business. Their highly qualified agents will set you up with liability coverage that suits your tastes and will keep you updated throughout your stay as a client. Check them out today and see what all the hype is about!

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