24 Sep Save Money on General Liability Texas Auto Repair Shops
Save Money on General Liability Texas Auto Repair Shops
“A penny saved is a penny earned.” “Mind the pennies and the dollars take care of themselves.” These are just two of the many quotes that abound regarding the need and the desire to save money. As a the owner of an auto repair shop in Texas, maybe you are looking for ways to keep more of your hard-earned money in your business’ bank account. There are many different steps you can take to cut costs, but one area of savings that we often overlook is that of insurance; specifically, our general liability insurance policies.
Now, saving money on a general liability policy for your auto repair shop does not include dropping the policy entirely. While that drastic step would, admittedly, save you hundreds or thousands of dollars per year; it is not a smart decision in the long term. As you are likely aware, dropping the policy entirely may leave you unable to secure a business license, leaving you unable to operate your business. It would also leave your shop liable for any damages resulting from personal injury or property damage. If a situation like that were to occur, it would be far more expensive (and likely financially devastating) to your business than paying a yearly premium.
So, now that we know what not to do, let’s discuss some more helpful options. The best way to save money on your general liability policy by lowering your premium is to not file a single claim. Obviously, the reality of operating a business is that there is no way that never filing a claim is realistic. However, improving the safety of your operation will reduce the likelihood of an incident occurring and your need to file a claim. Training employees on safety procedures and requiring them to be implemented is one way to reduce risk, as is rearranging the layout of your business so that customers cannot venture near the work bay without employee assistance. Your insurance agent will have other recommendations as to how you can reduce risk.
Hopefully by now you have found an insurance agent you trust and with whom you have a good working relationship. Finding such an agent can be a long process and require many meetings with many different agents, but going through that process and finding a capable agent can actually be a way for your to save money on your general liability insurance. A good insurance agent will be able to help you review your insurance needs and point out areas where you can tweak coverage types and amounts to keep your business properly insured but still save you money. Schedule regular consultations with your agent to ensure that you are receiving the best premiums possible.
Saving money on general liability insurance for your Texas auto repair shop may not be the easiest business venture, but it is certainly a worthwhile venture. By going through this process, you will be able to maintain a sufficient level of financial protection and retain more of your business’ earnings to use for much better purposes.
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.