The Professional Carwashing & Detailing team recently shipped the October issue, and our editors have insurance on the top of their minds.

The upcoming issue is filled with informative features aimed at helping car care businesses thrive, including two special features, as well as our monthly Prep Work with Editorial Director Rich DiPaolo, covering carwash insurance.

The October feature, “Garage keepers liability insurance explained,” will discuss the ins and outs to this important coverage option; and National Carwash Program Specialist for McNeil & Co. Mike Benmosche, who also contributes a regular blog, CarWash Safety 101, to Carwash.com, answers some critical insurance questions in “Q&A interview with Mike Benmosche.”

For this week’s How to Start a Carwash, we turn to the article, “5 Monkey-Saving Tips for Choosing Small Business Insurance,” featured on Business News Daily’s website for a closer look at business insurance policies.

Purchasing a business insurance policy is the best way for a new entrepreneur to mitigate and manage some of the risks that accompany day-to-day operations,” writes Nicole Fallon, assistant editor for Business News Daily in the article. “But no two insurance providers are alike — each one offers different coverage at different price points and limits, and you may be confused about what’s worth the expense and what’s a waste of your already-limited budget.”

In the article, Fallon offers five tips, provided by insurance experts, to help businesses navigate through the various policy options:

• Know what you need. Every business has its own unique risks and will therefore have unique insurance needs. What works for one startup might not work for another. Do your homework to find the coverage you really need. At the bare minimum, according to the Small Business Administration, businesses with employees are legally requires to have unemployment, workers’ compensation and disability insurance — in some locations. Experts interviewed for the article also agree that general liability insurance is another crucial place to start for new businesses. And, a business owner’s policy (BOP), if you qualify, will cover your property for less money.
• Don’t overlook coverage options. Some new businesses might feel that a general liability policy or BOP is “good enough” coverage. However, these policies do not cover everything a business might experience. “Coverage options like business interruption may be a minor expense now, but they’ll save you tons of money in the long run should you ever need to file a claim,” shares Fallon in the article. Furthermore, for carwashes, specific plans are good investments to help keep protect their business from potential accidents associated with employees and customers’ vehicles, such as garage keepers liability insurance.
• Look for discounts. Every insurance provider is different, however, many offer lower prices for bundled policies; and some may offer discounts for add-on policies. “If you’re not sure about what discounts an insurance carrier provides, ask to speak with a representative who can explain the different policy combinations and available deals,” says Fallon in the article.
• Get help. Smart small business owners, such as carwash owners and operators, know they must do their due diligence in researching insurance coverage. Although people are likely to figure out some of the coverage on their own using a variety of insurance comparison tools and online resources, it is still wise to seek professional assistance to help compare different rates and coverage options.
• Review and update insurance coverage each year. A business will constantly change, and so too will its insurance needs. Certain coverages may be needed a year from now as a new startup grows its business. Business owners must take the time to review and update insurance policies with an agent to ensure their operations are adequately covered at all times.

Read the entire article on business insurance here.

Remember to stay tuned for the October issue for more information on insurance policies specific to the car care industry, and be sure to check out the September issue here.