Auto Supply Parts Store Insurance Colorado Policy Information
Auto Supply Parts Store Insurance Colorado. Automobile accessories stores sell a wide range of retail and wholesale auto parts and supplies for repair and replacement. Some automobile accessory stores have machinery operations to repair or rebuild parts such as brake drums or to custom-make old, difficult-to-replace parts.
Other operations may include repair services, facilities to repair your own vehicle, rental of tools and equipment, and tire replacement operations. Used and rebuilt parts may be available as stock. Some specialize in foreign parts. Many stores are part of a franchise, chain, or purchasing group.
Business owners who operate an auto supply parts store might be considering whether or not to purchase an insurance policy. And, if so, which insurer to go through, and which optional or incidental protection to add to their policy coverage. First and foremost, yes you do need to purchase an insurance policy; in addition to this, depending on the value of your supplies/products, where your store/shop is located, and other factors surrounding your business, will help you in determining what is truly required and what level of coverage you need, when the time comes to choose your auto supply parts store insurance Colorado policy.
Auto supply parts store insurance Colorado protects your shop from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need A Policy?
This auto supply parts store insurance Colorado policy protects you from the many potential claims your shop faces. As is the case with any line of business, having a insurance policy in place is just smart practice for any business owner to consider. Some of the many reasons to invest in a policy include:
- It protects your shop. Whether storm damage occurs, a window breaks, or inventory is damaged, it is covered.
- You can protect your shop from theft, burglary, and other forms of loss.
- You can choose varying levels of coverage, based upon the inventory, types of products sold, and value of shop supplies.
- As a business, you never truly know what can go wrong. If and when something does, your auto supply parts store insurance policy is going to protect you, and the work you have put into building that business.
An auto supply parts store insurance Colorado policy is basically a security "blanket" for a business owner. It protects you from what can go wrong. All though you hope for the best, you never truly know if something will go wrong. With the right coverage in place, you can fully protect your business, the money you have put in, and the time/effort you have put into building it up.
How Much Coverage Do You Need?
When choosing the coverage and the insurer to go through for your policy, businesses have to weigh several factors. First you must consider what you sell. What are the values of the items and supplies you carry in stock? How much inventory do you keep on hand? Is your shop in a dangerous area (for burglary protection or possible storm/weather threats)? Do you want to protect your shop, the building, and all inventory in warehouses? When choosing an insurer and level of coverage, these are a few of the many factors you must consider to choose the right level of protection as well as the right insurer for your policy needs.
No two shops or businesses are alike, so insurance needs are going to vary. Before purchasing a policy, comparing quotes, comparing insurers, and comparing the options (and additional optional coverage) available, are just a few of the many ways in which you can choose the best policy, insurer, and of course find the sufficient level of coverage you require, for your car parts store.
Why Comparing Insurers Is A Good Idea
So you have narrowed down your insurance option to a few companies. Why should you compare quotes? Some reasons to do so include:
- The savings. When you take the time to compare insurers and coverage, you find the best rates from top insurers.
- Coverage options. You can compare the optional protection, required coverage, and additional policy protections.
- You can find more coverage for less. When you compare prices and coverage, you will find some insurers provide higher levels of protection at lower prices.
In addition to the savings, you can compare the actual insurers. This allows you to choose a reputable insurer for your car parts store insurance policy, and find the highest level of protection for the best rates possible.
All in all, you are in business, and trying to turn a profit. If you continually lose merchandise because of theft, if a major catastrophe strikes forcing you to shut down your shop for some time, or if other issues arise, your car supply store insurance policy is going to protect you. Not only will it help you keep your doors open when accidents do occur, but will also afford you benefits and protection you otherwise wouldn't have.
Colorado Automobile Accessories Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. All stock should be on shelves that are easily accessible to customers. Aisles must be adequate and free of debris. Floor coverings should be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. If there is any rental of equipment, it should be inspected and reconditioned before it is rented again. If customers are permitted to service their vehicles on premises, housekeeping and supervision are critical.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the premises are open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposure can arise from apprehending and detaining suspected shoplifters. The use of closed-circuit camera systems prevents such incidents from evolving into a "he said, she said" situation. Employees must be trained to deal with such delicate situations properly.
Products liability exposure is normally low unless the store repairs vehicles or assists vehicle owners with their do-it-yourself projects. If the applicant directly imports or reconditions items for resale, the exposure increases to the point of a manufacturer. The completed operations exposure for brake turning or other service work must be considered as a product failure could result in an accident.
Environmental impairment exposure comes from the disposal of batteries, oils and fuels. All disposal must meet EPA standards.
Workers compensation exposures are from lifting that can cause back injury, hernias, sprains and strains and from slips and falls. Brake turning, welding or other repair work must be handled only with appropriate safety equipment, especially eye protection. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Employees performing maintenance or repair work on customers' vehicles should be properly trained.
Property exposures come from flammables such as lubricants, oils, degreasers, and solvents used in the repair operations. They must be properly stored, separated and controlled. Aerosols and flammable additives contribute to the overall fire potential. Theft may be a concern as the items sold are considered target items. Appropriate security controls must be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Crime exposures are from employee dishonesty and loss of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales, monitor inventory and perform diagnostic testing, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises.
Commercial auto exposure is generally limited to hired and non-owned for employees running errands. Any potential driver should have a valid driver's license and an acceptable MVR. If delivery is a regular part of the operation, any driver hired for that position must have a commercial license and MVR should be checked and monitored. All vehicles must be maintained with documentation kept. If the store repairs customers' vehicles, garagekeepers liability should be considered.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2020.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2020 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Auto Service & Repair Insurance
Read useful small business auto service and repair insurance policy information. In an aotu related business, you need to have the right type of commercial insurance coverage so that your garage, employees, and customers vehices & other property is protected.
- Auto Detailing & Mobile Car Wash
- Auto Service Repair
- Auto Supply Parts Store
- Car Wash
- Gas Station
- Parking Lot
- Used Car Dealer
There is a Auto Service Risks Program is an enhancement of the Commercial Package Policy that is available to certain Auto Service Operations.
Automobile repair shops and garages offer a wide variety of mechanical services, from engine repair to tune-ups. The operation may be stand-alone or be part of another business such as an automobile dealership or filling station.
Gasoline stations are normally limited to the dispensing of gasoline, kerosene, diesel or fuel oil with incidental sales of auto accessories and pre-packaged snack food items. Larger gasoline stations may offer other services, such as auto repair, retail sales of food or auto parts, snack bar or restaurant, propane tank exchange, towing, or baths and overnight lodging facilities for truckers.
Car washes provide facilities for cleaning automobiles and other motor vehicles. Some are drive-through with either partially or fully automated conveyance of the vehicle throughout the operation. Hand washing, waxing, or interior cleaning of the vehicle may be offered, with customers sent to a waiting area. Damage to the customers' vehicles is the primary exposure as machinery and washes can break antennas, pull off stripping, crack glass and damage tires.
The three basic types of risks that are contemplated by the Auto Service Risks Program include:
- Repair Shops - operations primarily engaged in auto repair. This includes shops that do body, fender, radiator, ignition service and paint work.
- Service Stations- operations primarily engaged in servicing autos. The sale and installation of auto accessories are a part of this category as long as major engine or bodywork is not performed. Car wash facilities are eligible.
- Storage garages and other parking places.
The following classifications are specifically listed as eligible: Automobile:
- Quick Lubrication Services
- Repair or Service Shops
- Repair Shops–Self Service
- Car Washes–self-service and full-service
- Convenience Food/Gasoline Stores–self-service, full-service and combined
- Gasoline Stations–self-service, full-service and combined
- Parking–public-open air and not open air
Automobile, motor home, mobile home, trailer, and motorcycle dealers are NOT eligible for this program.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Underground Storage Tank Liability, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Computer Fraud, Forgery, Goods in Transit, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
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