How high is your Insurance Coverage?

[DavidS]

How high is your General Liability coverage? or what limit did you choose...

I know there is at least one insurance policy that requires you to have a min of $500,000
before they will even allow you to do business with them. In my opinion, I think $500k coverage
for this business is over-kill...I bet the avg worth of a vehicle is worth $25k or less, and
my guess on the cost of a windshield replacement would be $250-$500, and their windshield
declined in value once they got some type of impact on their windshield...so unless you
total a car, then you are not doing something right in your WS business...

I think a $250k policy would be over-kill, but would be acceptable.

what do you guys think?

do all insurance processors demand a $500k or high GL policy?
I guess i somewhat understand, I guess some may require a high policy
so that their client does not have to use their policy if you screw up...
(total their car, burn down their car, etc)

[Dave M]

DavidS,
Before anyone answers your question you need to talk to your local agent and have him explain the difference between Commercial Liability and Garage Keepers. I've read your post a couple of times and it seems to me that your understanding of the two are wrong. The cost of a replacement w/s has nothing to do with your coverage or premium. Are you assuming that if you break a w/s during a repair that the insurance coverage you have will cover the cost of replacement? You'll be in for a surprise if you are!

[DavidS]

DavidS,
Before anyone answers your question you need to talk to your local agent and have him explain the difference between Commercial Liability and Garage Keepers. I've read your post a couple of times and it seems to me that your understanding of the two are wrong. The cost of a replacement w/s has nothing to do with your coverage or premium. Are you assuming that if you break a w/s during a repair that the insurance coverage you have will cover the cost of replacement? You'll be in for a surprise if you are!

I am not an expert on insurance, but the key term here is "liability"
What would be the point of having "liability" insurance if it did not?
Why would I want insurance just to be having it, if I could not use it for liability issues?
If I am missing something here, please explain more...

GARAGEKEEPERS COVERAGE
Because the basic policy coverage is based on the "legal liability" of the insured for damage to customer's
vehicles, the customer must prove that the insured was negligent for the damages.

[DryStar]

DavidS,

I have to agree with what David M wrote. Call RLI or other and find out first hand what they will or will not cover with general liability coverage. You don't have to be a insurance expert...you just have be an expert asking the right questions! Most of my accounts require 500,000 to 1,000,000 general liability coverage. Do these policies cover any damage to a vehicle? Only if written into your policy. If it's not ...your loss. That simple!

[DavidS]

DavidS,

I have to agree with what David M wrote. Call RLI or other and find out first hand what they will or will not cover with general liability coverage. You don't have to be a insurance expert...you just have be an expert asking the right questions! Most of my accounts require 500,000 to 1,000,000 general liability coverage. Do these policies cover any damage to a vehicle? Only if written into your policy. If it's not ...your loss. That simple!

I understand what you are saying, and will surely ask..

There is insurance for almost anything you can imagine, so its not a real big deal...my original
question was just asking how much you guys cover yourself for...

but I see your point, does the liability cover me, and mine, or does it cover the other guy also, or both....