Whether you sell trucks or have a car wash, your vehicle service needs particular insurance. What are these? How can they help you?

The automotive world has a lot to offer. Today’s business owners are thriving, making money and staying protected. To stay protected, they’ve made sure they have these four insurance options.

Option One: Lost Revenue Coverage

Lost revenue coverage is often included in a standard business insurance policy. It's sometimes called business interruption coverage. If your dealership’s vehicles sustain damage, a lost revenue coverage policy will protect you. Lost revenue coverage does the following:

• Protects revenue during a closure
• Covers fixed property expenses, like utility costs
• Covers temporary location operating costs

The Insurance Information Institute considers lost revenue coverage to be a vital component of any business. This said, automotive businesses might benefit from it more than others. Their products, being outside, can be easily damaged—resulting in lost time and money.

Option Two: Products-Completed Operations Coverage

As an auto service provider, it’s your job to assure the driver’s safety. Even after you’ve sold a vehicle, you might be liable for a driver’s injury. Or, if you repair a customer’s car, you might be liable if the repair is defective.

Products-completed operations coverage protects you from these situations. It covers claims related to your sold products and completed work. If there’s a direct connection between your work and an injury after the victim has received services or a product, this coverage option could save your business.

Option Three: Equipment Breakdown Coverage

Most business insurance plans include equipment breakdown coverage. Still, it’s a good idea to ask your provider what equipment the policy will cover. This policy will cover any losses incurred because of electrical or mechanical breakdowns. Whether you sell cars, run a towing service or clean vehicles, equipment breakdown coverage can protect you from lost revenue—and even lost service hours.

Option Four: Garagekeepers Coverage

Garagekeepers coverage is an optional business insurance policy. If your auto service business has a garage, you probably need this coverage. The policy will protect you during the damage, or loss, of a customer’s automobile.

If a customer leaves their vehicle in your care, control or custody, the policy might act as a shield. This coverage protects the insured whenever they do the following inside the garage:

• Attend vehicles
• Repair vehicles
• Service vehicles
• Park vehicles
• Store vehicles

At the end of the day, your auto service business needs protection like any other business. If you’re getting a business insurance policy, make sure it protects your specific line of work.