 OT: Commercial Shop insurance, Moving to a bigger facility |
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| Brett W |
 Jan 20 2006, 10:40 PM
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#1
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Advanced Member  Group: Members Posts: 2,856 Joined: 17-September 03 From: huntsville, al Member No.: 1,169 Region Association: None 
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I am moving to a bigger facility and need to get real commercial garage insurance. Anyone out that have an idea what type of company I should be looking for and an idea of what type of coverage I should look into?
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| bernbomb914 |
Jan 20 2006, 10:44 PM
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#2
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one of the oldest Farts on this board Group: Benefactors Posts: 1,873 Joined: 29-December 02 From: Temecula, CA Member No.: 36  |
check with Howard the insurancd wizard
Bernie |
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| ChrisFoley |
Jan 21 2006, 12:56 AM
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#3
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I am Tangerine Racing Group: Members Posts: 7,923 Joined: 29-January 03 From: Bolton, CT Member No.: 209 Region Association: None
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Brett, are you talking about an auto repair shop or a fabrication shop. It will make a huge difference. Sentry Insurance has a good program for metal fabrication businesses.
At a minimum you will need a million $$ commercial liability and property coverage. Premiums are often based on gross income, combined with the nature of the business. As a business owner you can claim exemption from workmans comp but once you have an employee this coverage becomes mandatory. Completed products coverage is often added for manufacturing and fabrication businesses. I don't know what other coverage is required for an auto repair facility. |
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| lagunero |
Jan 21 2006, 12:57 AM
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#4
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Donkey Member Group: Benefactors Posts: 1,042 Joined: 8-January 04 From: orange county,ca Member No.: 1,531 |
Ha! Howard recently told me that he doesn't do commercial insurance anymore.
Look up brokers in your state. Companies with A- or better rating and 1+2mil is the generic starting coverage (really varies depending on each case). |
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| Brett W |
Jan 21 2006, 12:09 PM
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#5
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Advanced Member Group: Members Posts: 2,856 Joined: 17-September 03 From: huntsville, al Member No.: 1,169 Region Association: None
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Chris it will be a design and fabrication facility. I am not advertising as an automotive repair facility but I am probably be going to engine swaps, race car fab work, general automotive engineering consulting.
I am not looking for profits right now. I have four months before I am done with school so basically I am looking to get my name out there and do enough work to cover my bills and allow me enough free time to finish my race car, so I can really get to it after I graduate. I want enough insurance to cover all of my equipment and should I have a customer's race car in there and the building burns down..... |
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| ChrisFoley |
Jan 21 2006, 02:17 PM
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#6
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I am Tangerine Racing Group: Members Posts: 7,923 Joined: 29-January 03 From: Bolton, CT Member No.: 209 Region Association: None
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All you need then is general liability and property coverage. Your landlord might require an insurance certificate proving you have it too.
Annual cost will be around $2K plus or minus $500. |
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| Brett W |
Jan 21 2006, 08:00 PM
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#7
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Advanced Member Group: Members Posts: 2,856 Joined: 17-September 03 From: huntsville, al Member No.: 1,169 Region Association: None
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Is your insurance based on sales? Does it cover a race car in your shop if it burns down? What about a customers restoration? Repair work?
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| cnavarro |
Jan 22 2006, 11:46 AM
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#8
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Cylinder Guru Group: Members Posts: 472 Joined: 30-December 02 From: Chicagoland! Member No.: 49 Region Association: None |
Brett, there are a few different insurance options. I looked into it for months and let me tell you, it sucks A**. Give me a call and i'll give you some suggestions. First and foremost, try not to say AUTOMOTIVE. It's a bad word, kind of like when you're buying parts for an experimental aircraft and mistakenly say it's for that purpose (IMG:http://www.914world.com/bbs2/html/emoticons/Yack.gif) You can get a business owner's policy for somewhere around a $1000 which covers everything without the actual physical property (landlord carries that).
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