For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
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.Â
| 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.Â
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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.Â
