When setting up a business, it goes without saying that you are going to invest a considerable amount of money in it. Thus, you need to make sure that you are protecting your assets so that if something happens, you will be able to prevent losses. This is what commercial insurance is all about, and its importance can never be emphasized strongly enough as risks and dangers are numerous and some could be very serious.
As a car wash owner you will need to consider certain possibilities. An employee might end up getting injured on your property, or there may be an event whereby a client got injured, or the vehicle got damaged, or there may be fire that could destroy your premises or machines. These are just a few instances which show how important commercial insurance is. There are different types of commercial insurance policies one may opt for, but regardless of which to choose the most important thing is to have a suitable level of coverage.
As a car wash owner you have a legal responsibility towards your employees as well as your clients. Anything that could result in a legal liability needs to be covered if you want to make sure that you are properly safeguarded with your contractor insurance. There are insurance companies who will be better able to cater for your needs as a car wash business, so ideally look for such insurance companies, and compare their levels of coverage and premiums.
A car wash insurance policy should typically include a workers’ compensation coverage, as well as employment practices liability which will protect you as an employer from lawsuits ranging from discrimination, harassment, wrongful termination and similar issues. There will also be property insurance to protect you from damages to the premises, and if you want to be safer, there are what are called umbrella liability policies which cover even catastrophic losses. There should also be a liability insurance so as to handle any losses arising from legal liabilities to other parties.
About The Author: With over twenty-five years experience, Pat Thompson, CPCU, is a respected veteran of the property and casualty insurance industry. His commercial lines underwriting experience and independent agency ownership make him qualified to properly mitigate risk of any business.