Insurance for Auto Parts Stores

Insurance for Auto Parts Stores

Auto Parts Stores have Insurance needs just like any other retail store. While these Insurance needs may be similar to that of other retail stores,
they still have unique needs that should be addressed. If you own or manage an Auto Parts Store, this blog is for you.

Insurance for Auto Parts Stores – Business Owners Policy

Business Owners Policies are a great fit for most Auto Parts Stores. This is because a Business Owners Policy combines your General Liability and
Business Personal Property coverage into a single policy with a single policy number. This is not only convenient, but it can also save you money by bundling these policies for a discount. The Business Personal Property portion of the policy is especially important for Auto Parts Stores because
most Auto Parts Stores maintain inventory that is not covered under a standalone General Liability policy.

Insurance for Auto Parts Stores – Business Personal Property & Business Income

As we mentioned above, Business Personal Property is an essential coverage for Auto Parts Stores. Auto Parts Stores rely heavily on their inventory and if left uninsured, the inventory could represent a huge financial loss in the event of a large claim. Another important coverage to consider is Business Income coverage. Business Income coverage is a great coverage that is often overlooked by smaller retail stores. This affordable coverage will actually pay you for lost income in the event of a covered property loss. Again, this is an optional coverage, but it could mean the difference between rebuilding and closing down in the event of a large claim.

Insurance for Auto Parts Stores – Workers Comp

The majority of Auto Parts Stores utilize employees for day to day operations. These employees should be covered under a Workers Comp policy. There are dozens of Workers Comp carriers available for Auto Parts Stores to choose from. When shopping for Workers Comp, make sure to take the time to calculate an accurate estimate of payroll to avoid debits or credits when audited at the end of the policy term. Also make sure you take the time to find a single Workers Comp broker to work with, as it will give them the opportunity to approach all of the Workers Comp markets without getting blocked or making it difficult to request additional discounts.

If you would like to learn more about Insurance for your Auto Parts Store, we would love to help! Give us a call at 925-297-4829!

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.