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General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
What risks could car wash services face?
Accidents and errors lead to huge financial loss. A customer may slip and fall on a wet floor and sue, and your business will be held liable. If you are held responsible you'll pay the customer's medical and other bills and all fees of the lawsuit. Your business property could catch fire, be damaged or vandalized. Weather events like a storm could cause a huge delay to your daily business. Your employees could sue for negligence or harassment. A customer's vehicle could be damaged while performing a car wash. Your equipment could break down and the delay could cost you huge profit loss.
Do I need Garagekeepers Liability insurance?
Yes, especially if you accept car wash drop offs. Garagekeepers Liability insurance protects you when storing customer's vehicles. The insurance provides coverage for the damage of the vehicle at the time that the vehicle is under your care. It covers damage caused to the customer's vehicle.
If I have a self-service car wash, do I need to special coverage?
Car wash insurance depends on the type of car wash you operate and the services you provide. When you own a self-service car wash, you need to provide coverage when your car wash fails to operate. You'll also need coverage for the commercial property, as rare as it is, because accidents do happen and when customers accidentally ram their cars into your business property, you'll be glad to have Commercial Property insurance.
How much does insurance cost for a car wash service?
The cost of car wash insurance depends on the type of car wash you operate and the services you offer to your customers. A General Liability insurance, for example, could cost around $1,000 per year. Adding to that, other insurance policies you need to keep you protected can cost around $400 to $800 per year each. Although it may seem pricey, your monthly costs outweigh the liabilities, medical expenses and other expenses that you have to put up when a lawsuit or accident happens during your business operations.
More practical business tips? Yes, please!