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Trying to maneuver your way around the confusing world of insurance coverage can be a daunting task. What coverage do I need? What does that term mean? What's the difference between building coverage and business personal property coverage? What happens if something happens to a car while it is on the conveyor? To help us in answering those questions, and alleviate some confusion, we turned to expert Jennifer Horne of the Franklin Insurance Agency, Inc., which is an insurance firm based in Franklin, PA. Horne let us in on the top 10 coverages you not only need to know, but also need to have as a car care owner, to make sure your business, your employees, and your family members are protected.
1. General Liability Coverage: This provides coverage if someone is injured on the property. For example, if someone were to slip and fall on the premises, you would be covered.
2. Building Coverage: This is meant to insure your building and anything permanently attached to it. This should also include all of your permanent carwash equipment. An example of this would be the equipment inside your tunnel or in-bay automatic carwash.
3. Business Personal Property Coverage: This includes items such as soaps, vending items, detailing items, etc. These should be insured at a fair limit and if they are being taken off the premises on a routine basis, then the company should also be aware to make sure coverage is provided for an off premise claim as well.
4. Mechanical and Electrical Breakdown Coverage: This coverage is there for the electrical distribution systems, the heating and cooling systems, and the computer-controlled machines used by the carwash. An example for this would be if lightening were to strike your system that runs the carwash.
5. Garagekeepers Coverage: This coverage is for the customer's auto, while it's in your care at your business, while you're in custody and control of the vehicle. An example of this would be if the carwash were to do damage to a car while it is on the conveyor.
6. Money and Securities Coverage: This covers the money that is kept in the safe on the premises. An example would be if the carwash were to be robbed and money was taken from the safe.
7. Employee Dishonesty Coverage: This covers you if an employee were to steal from the business. Note that various limits are available.
8. Employment Practices Liability Coverage: Known as EPLI, this provides protection from an employer against claims made by current and former employees. More specifically, it provides coverage for discrimination against race, age, gender, etc.
9. Workers Compensation: This provides wage replacement and medical benefits to employees while in course of employment who are unable to work for various reasons.
10. Life Insurance: This coverage is for your partner, spouse and/or children in the event of a loss of life. Coverage can go towards a person and also an organization.