General Liability Business Insurance?
July 17, 2010 - 4:12 am
I am opening a Roadside Assistance company and I need $1.000.000 liability insurance. What insurance companies should I use and how much would the payments be?
You can’t get business insurance directly, you need to use an agent. Since you’re working on cars, you’ll need a "garage liability" policy, even if you don’t own a garage. If you have a towtruck, it can get pretty pricey – five figures.
Bottom line – to get an accurate quote, you’ll need to contact a local independent agent. The first few years, your policy will PROBABLY be through your state auto fund, assigned risk plan, whatever the program is called in your state. I’d be surprised if you get any voluntary carriers to write a garage liabiltiy policy on a new venture.
July 17th, 2010 at 9:41 am
You can’t get business insurance directly, you need to use an agent. Since you’re working on cars, you’ll need a "garage liability" policy, even if you don’t own a garage. If you have a towtruck, it can get pretty pricey – five figures.
Bottom line – to get an accurate quote, you’ll need to contact a local independent agent. The first few years, your policy will PROBABLY be through your state auto fund, assigned risk plan, whatever the program is called in your state. I’d be surprised if you get any voluntary carriers to write a garage liabiltiy policy on a new venture.
References :
July 17th, 2010 at 10:24 am
You actually need three policies:
1) Commercial Auto – A policy to cover the vehicle that is going to be used in the business;
2) Garage liability – To cover damage caused to customer’s vehicles by towing or servicing them;
3) Commercial General Liability Policy – To cover any damage or injury not covered by the Garage Liability policy;
You can always contact the brokerage/agency that is covering your personal vehicle/home and ask if they can provide this coverage. If not then you can always ask other garages in your area where they purchase their coverage or look in your local phone book under "Insurance Brokers" and see who specializes in commercial policies.
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July 17th, 2010 at 10:55 am
In addition the above suggested liability insurance get a umbrella policy to cover drop down, and excess.
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