Does your business complete mechanical work or repairs on vehicles owned by others? If the answer is yes, chances are you have invested a lot of money into your tools and equipment. Many professional technicians are unaware of this gap in garage insurance coverage that can come from improperly insuring tools and equipment.
While the majority of auto repair shops and garages have their own tools, it is also common for employees to have their own set of tools that they have built up over years of work. If your employee brings their own toolbox, their equipment will not be covered under your garage policy. This is because your business does not own those tools, your employee does.
Luckily, there is coverage you can add onto your existing garage policy called Employee Tools and Equipment Insurance. In order to ensure you have adequate coverage, you will need to take the time to make an inventory list of what tools and equipment you have in your shop, rather than giving it your best guess. Tools can be incredibly expensive. If you have several mechanics that all have their own tool kits, this cost can add up quickly. Calculating the cost of your garage’s equipment correctly can save you or your staff from paying a large out-of-pocket expense.
Don’t wait to find out if you have the right coverage. Call one of the expert brokers at Fuse Insurance today for a free quote and coverage assessment. We provide auto and garage businesses with customized insurance programs that will ensure you are protected from all risk exposures. Visit our contact page or call 1-866-387-FUSE (3873).
