Why Choosing the Right Insurance Impacts Your Shop

There are a few insurance policies industry experts say are beneficial for auto glass companies to have. Of them, auto liability, general liability and workers compensation should be the main options needed, as stated in a recent webinar given by Raul F. Campa.

Campa is a Grayhawk Insurance and Risk Management agent with nearly two decades of experience. The main goal of the webinar was to educate industry professionals on the importance of having and understanding the options available for insurance. The webinar was sponsored by the International Window Film Association (IWFA).

Campa began by defining insurance.

“The International Risk Management Insurance Institute’s definition states: [insurance is] a contractual relationship that exists when one party [the insurer] for a consideration [the premium] agrees to reimburse another party [the insured] for loss of a specific subject [the risk] caused by designated contingencies [hazards or perils],” said Campa.

Auto Coverage

He also mentioned early on that auto liability insurance covers any bodily injuries or property damage that results from an accident.

“I recommend this type of insurance for any business that has a company vehicle its staff uses. This is more of a need for automotive mobile glass businesses, as it’s better to have the coverage than not. …because these types of businesses are mostly on the go it’s possible for an accident to occur,” said Campa.

Campa said he’s noticed a 10%-20% increase on auto insurance premiums over the past few years. He mentioned it could be because more drivers “just aren’t as attentive to the road as they use to be.”

“Now it’s not uncommon to see someone on their phone, eating, or just not focusing while they’re driving. Can you imagine what that could mean for auto glass businesses?” Campa asked.

Throughout his presentation he also highlighted general liability and workers compensation insurance.

General Liability

According to Campa’s presentation, this type of insurance is from a third party and helps protect businesses and its employees from bodily injury, property damage, libel, slander, and many more types of lawsuits.

“An example of this insurance I often use is the classic slip and fall. Say a client or customer of yours comes into your business and walks on the exact carpet that you and everyone in your shop knows is prone to slide, and the person falls, hurts themselves and proceeds to file a lawsuit against your company,” recalled Campa.

Workers Compensation

Aside from the benefits of having business automotive coverage, Campa spent about the same amount of time speaking on having and understanding workers compensation. He mentioned the general definition that most in the business have heard: “it’s something that provides medical benefits to employees that have work-related injuries.”

“I find it interesting that Texas is not legally required to have employers provide [workers compensation] coverage,” Campa said.

According to Campa, along with providing coverage to your employees in the event of an accident there needs to be a strong safety culture in place. By building and setting safety expectations you can aid in reducing the amount of workplace accidents in your business.

“If you set the stage early and have things posted that serve as reminders to your staff it gets everyone on the same page as far as safety is concerned. When it comes to insurance it’s better to be safe than sorry,” said Campa.

Garage keepers insurance is another option auto glass companies should be aware of. Although it was not mentioned during this webinar, this type of insurance is designed for businesses who offer towing services, operate service stations, or who have vehicles stored on its property for an extended time. It protects a customer’s vehicle when it is kept at a location for parking or storing, or to perform service, according to an insurance agent’s definition.

As the webinar concluded general questions were taken from attendees. The overall goal was to give insight on the importance of having and understanding the various types of insurance policies available and why each matter to industry businesses.

This article is from glassBYTEs™, the free e-newsletter that covers the latest auto glass industry news. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Auto Glass Repair and Replacement (AGRR) magazine in print or digital format are available. Subscribe at no charge HERE.

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