A tire shop business involves selling used and new tires. You can also offer automotive repair services. Like any other venture, you need business insurance to safeguard your assets. Tire shop insurance covers property damages, employee injuries, third-party claims, and other risks. Having a good cover guarantees your customers and stakeholders that you are well prepared to handle unforeseen events. After all, a tire shop is a retail business that’s highly susceptible to customer lawsuits, fires, and, workplace accidents.
CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
Waiver of subrogation included? | Yes | No | Included | Can be included | No |
Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This tire shop business insurance is integral for your business. General liability insurance policy protects your business in case of claims of property damage or bodily injury filed by third parties. This policy will cover the following:
Defense costs
Court costs
Settlement costs
Judgment costs
Garagekeepers liability insurance–This add-on to your brand new and used tire shop insurance package is fundamental if you offer vehicle repair services. It will protect you from incurring costs if your customer's vehicle is damaged
Product liability insurance–This add-on covers your business if the products you sell, such as tires, cause injury or harm to your customers
Insurance providers offer a limit of $1 million for each occurrence and a $2 million aggregate limit annually.
You sell used and new tires to customers. You also install tires on customers' vehicles. In some unfortunate circumstances, the tires you sell can have defects and cause serious accidents. This tire shop business insurance protects your business from product-related lawsuits. This insurance will cover medical, attorney, settlement, and judgment costs.
Carriers offer a limit of $1 million to $10 million per occurrence and aggregate in their product liability insurance for tire shops.
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CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
---|---|---|---|---|---|
Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
Business interruption floater | Excluded | Included | Included | Excluded | Included |
Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance insures your physical assets from unpredictable risks. It will cover your inventory, equipment, buildings, and signage. With this type of insurance, you can recover the rebuilding, repair, and replacement costs. This ensures your business continues to run even after catastrophic events, such as:
Fire
Storms
Theft
Vandalism
Earthquakes
Hails
Tornados
Spoilage insurance–If you sell goods that can expire in your tire shop, you need this add-on. The policy will help to reimburse the cost of replacing expired goods
Flood insurance–You can add this if your primary insurance does not cover flood events
An insurance carrier must first determine the needs and risks of your tire shop to come up with the ideal coverage limit. A typical policy will offer $25,000-$500,000 to cover building reconstruction or repair expenses.
CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
---|---|---|---|---|---|
General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $75,000 | $75,000 |
Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
BOP discount? | Yes | Yes | Yes | Yes | Yes |
You should take the BOP policy if you want a convenient insurance package for your tire business. It is ideal for your tire shop as it offers comprehensive coverage at a very affordable rate. A BOP includes:
General liability insurance
Commercial property insurance
Business interruption insurance
Cyber liability insurance–Protects your tire shop business in case of data breaches and other cyberattacks. It will cover the costs of restoring your data and lawsuit expenses
Employment practices liability–This add-on covers you from employment claims due to wrongful termination, harassment, negligent hiring, discrimination, and others. The insurance will cover attorney fees, court judgments, settlements, and other legal costs
The coverage for your business will depend on your specific policy and the various needs of your business. However, the rough estimate your provider may be willing to grant is $500,000 to $2 million for each occurrence.
NEXT | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|
Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
Deductible | $500 | $500 | $0 | $0 |
It will help if you protect your equipment and tools from catastrophic events like fire or theft. This policy will pay you replacement or repair costs that you incur after damage to your tools and equipment. Some of the events covered include:
Theft
Natural disasters
Vandalism
Breakdowns
Accidental damage
Inland marine insurance–This add-on covers tools and equipment transported to an offsite working station
Generally, most providers will offer coverage equivalent to the total value of your equipment and tools.
You must have commercial auto insurance coverage if you own a commercial vehicle for service calls or deliveries. This policy safeguards your business from injuries or damages caused by your commercial vehicles. With this insurance, you can protect your tire business from claims arising from auto accidents.
Liability coverage–While operating your commercial vehicles, you may cause accidents that result in bodily injuries and property damage. This coverage will help settle the damages
Collision coverage–This will cover vehicle repair costs if your vehicle got damaged in a collision
Comprehensive coverage–Comprehensive physical damage coverage will take care of repair costs if your commercial auto got damaged by fire, theft, vandalism, and other covered perils
Underinsured motorist coverage–In some circumstances, you can get involved in an accident with a motorist who doesn't have sufficient insurance coverage to cover your damages. This coverage will chip in and cover damages
Uninsured motorist coverage–If you get involved in an accident with a motorist who is not insured, this coverage will pay the related costs
Medical payment coverage–Caters to the hospital bills of all passengers in the commercial auto involved in the accident
Hired and non-owned auto coverage–Hired/non-owned auto liability coverage will cover the cost of accidents caused by a hired/borrowed commercial vehicle
Towing and labor coverage–This add-on will cover the cost of towing your tire shop vehicle if it breaks down on the road
Roadside assistance coverage will cater to any roadside assistance services you require, such as jump starts when your vehicle breaks down on the road
The standard coverage limit for your commercial auto insurance can be $100,000 to $2 million, depending on the damages suffered. For collision coverage, you will typically be paid an amount equal to the value of repair costs.
Excess liability insurance is a unique coverage for bigger risks or catastrophic events that may financially cripple your business. This policy will be beneficial when your standard policies' limits are exhausted.
For instance, your tire shop can have a general liability coverage limit of $1 million. But a customer is injured by your products and demands compensation for damages worth $2 million. In such a scenario, your excess liability insurance will offer the extra coverage of $1 million.
The coverage limits of your excess liability insurance are $1 million to $10 million. An insurance provider will assist you in determining the right coverage for your business.
If you have employed workers on a permanent or part-time basis, you must insure them from work-related illnesses or injuries. Every business with workers must have this insurance. This policy covers your workers’:
Medical expenses
Lost income
Rehabilitation expenses
Death benefits
If your employees are injured while working in your shop, the insurance will offer 100% coverage for the medical costs. It also provides a specific percentage of the employee's lost wages. For the death benefits, the provider offers a lump sum amount.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
General liability insurance | $40 | $480 | $0-$500 |
Excess liability insurance | $42 | $504 | $500-$1,000 |
Commercial property insurance | $73 | $876 | $1,000-$2,000 |
Business owner's policy | $113 | $1,356 | $1,500 |
Tools and equipment insurance | $46 | $552 | $500-$1,000 |
Commercial auto insurance | $57 | $684 | $500-$1,000 |
Workers compensation insurance | $84 | $1,008 | $2,500-$5,000 |
The average tire shop insurance cost is $40 per month or $480 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, location, and revenues. Here’s a table showing the cost of a $1 million general liability insurance from the best companies:
Cost per Month | Cost per Year | Best for | |
---|---|---|---|
NEXT | $25 | $300 | Best overall; Fastest general liability insurance for tire shops |
CoverWallet | $28 | $336 | Comparing tire shop insurance quotes online |
The Hartford | $31 | $372 | Tire shop owners looking for specialized insurance cover |
Tivly | $35 | $420 | Comparing tire shop insurance quotes over the phone |
Thimble | $33 | $396 | Tire shop owners looking for on-demand coverage options |
Hiscox | $35 | $420 | Tire shop insurance that automatically renews every ear |
Get all the best quotes from leading providers in a click of a button!
When choosing an insurance provider or broker, you must ensure they are licensed and have a good track record. We have listed the top 6 insurance carriers and brokers who will offer the best tire shop insurance policies and other insurance products.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for tire shops
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT prides itself as an insurance company that operates virtually. They primarily offer multiple insurance products to small businesses. This company sells its policies directly to clients and serves over 1,300 business types. You don't need to consult anyone if you wish to purchase a policy from their website. Simply obtain a custom quote and purchase your policy.
Best for: Best overall; Fastest general liability insurance for tire shops
Average cost: $25 per month
Our rating: 10/10
Financial advisors available
Offers bundled packages
Several coverage options are available
You may not be able to complete the insurance application online; you may be required to call in
CoverWallet is an insurance broker founded in 2015. It is an AON company situated in New York. They offer clients online tools which come in handy in policy management. You can obtain several coverage options for your business. Additionally, they have financial advisors who will offer you world-class advice when choosing and managing your policies.
Best for: Comparing tire shop insurance quotes online
Average cost: $28 per month
Our rating: 10/10
Offers several small business insurance policies
Rated at A+ by A.M. Best
Easy application process
Offers specialized policies
Limited coverage options
The Hartford is an insurance provider that offers insurance products directly to customers. It is ideal for clients who are looking for specialized insurance. This company has live customer support; you will quickly get the required assistance. You can easily obtain free insurance quotes within minutes. Additionally, the company has been rated by A.M. Best at A+.
Best for: Tire shop owners looking for specialized insurance cover
Average cost: $31 per month
Our rating: 10/10
Compare quotes over the phone
A partner of many reputable insurance companies
Will take you to the insurance company that’s an absolute fit
No online quotes
Tivly is not an insurance company but an agency where multiple carriers offer their products. You can get a provider offering the best insurance products through this marketplace. You can quickly obtain insurance quotes via your phone. Tivly has excellent customer service, and you can get the needed assistance. Call now to compare quotes over the phone.
Best for: Comparing tire shop insurance quotes over the phone
Average cost: $35 per month
Our rating: 9/10
On-demand policies available
A+ rating from BBB
Have flexible options
Numerous add-ons to general liability insurance
You can’t reach customer service by calling
Thimble is an insurance agency that offers you insurance products for your business. They offer short-term policies for businesses looking for coverage even for one hour, day, or month. This company offers products to many kinds of businesses. The BBB rates this company A+, assuring you of its credibility. Additionally, they have partnered with Global Aerospace and Markel Insurance. These two companies underwrite Thimble’s policies.
Best for: Tire shop owners looking for on-demand coverage options
Average cost: $33 per month
Our rating: 9/10
Numerous upgrades to base policies
Worldwide coverage
14-day money-back guarantee
Enjoy a discount if you buy two or more policies
Online quoting not available all the time due to periodic site maintenance
Hiscox is an insurance company that primarily offers policies to micro-businesses. They are known to offer specialized policies to professional service businesses. This company offers short-term policies in partnership with Thimble. You can get insights from their podcasts and informational website.
Best for: Tire shop insurance that automatically renews every ear
Average cost: $35 per month
Our rating: 9/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!