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Boogieman

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I know this has been covered (forum information overload) but i have 2 quick questions:
1. how much shop keepers insurance do i need ($100k, 200k,500k?) how much should i expect this to cost? please keep in mind this is a new business that will most likley start as a wash, clay and wax service.
2. what are the general thoughs of opening with an exclusive product line ( i am thinking dodo juice sound exotic to people from iowa, i have used the products and have read and seen positive reviews. my thought master 1 product line plus the exclusivity of the product in my local market.
any thoghts and suggestions would be greatly appreciated.
Thanks
 
What kind of cars do you expect to be working on? If you think you may be getting some high end luxuey cars or exotics, you need enough insurance to buy a new one if the building falls down on top of it. If you might have 3 in there at once, triple it. Its not cheap, but its cheaper than buying 3 M3s out of pocket. Do NOT skimp on insurance. It will pay for itself in a way because you can use it as marketing leverage. Also, dont worry about focusing on one line exclusively. There are no gains from it, and its impossible to do anyway because no company makes EVERYTHING youll need or want. Focus instead on building a full arsenal to take care of any vehicle, in any condition. Good luck to you.
 
I can say from personal experience many property management companies want you to be insured to cover the whole building. If your in a multiunit that could be 1mil to start. Let's say your target market is higher end minimum 1 mil with 1 mil umbrella that's not counting personal property and business records, lawsuits etc. That's just for 500k and down vehicles.
MrClean81 is also dead on.
 
Thanks for the help. i am not yet able to predict my client base as of yet. i will most likley start with the people i work with untilmy target marketing takes off. i am leaning toward the 100k based on i am working from home in a seperate 2 stall and ordinances will notbe an issue.
Are you all bonded as well or is that not really necessary to promote high business practices?
 
Boogieman said:
Thanks for the help. i am not yet able to predict my client base as of yet. i will most likley start with the people i work with untilmy target marketing takes off. i am leaning toward the 100k based on i am working from home in a seperate 2 stall and ordinances will notbe an issue.
Are you all bonded as well or is that not really necessary to promote high business practices?
Click to expand...

I am not bonded. I am my only employee. Another reason is I am trained in all aspects of restoration. If I break it I have resources to fix it therefore the high coverage without bonding.
 
I'm not bonded either, but do carry 250k insurance policy to cover any car I'm working on, and any damage that might happen on a job site. Insurance like that for mobile guys is very difficult to obtain because of the constant changing variables. For a long time I couldn't even find a company that would touch me because of that. Thankfully a relative of my wife is an insurance salesman, and he worked with me to put together a policy that covers everything. Be thankful you have a roof over your head because those policies are much easier to obtain and are cheaper as well, believe it or not.
 
Boogieman said:
I know this has been covered (forum information overload) but i have 2 quick questions:
1. how much shop keepers insurance do i need ($100k, 200k,500k?) how much should i expect this to cost? please keep in mind this is a new business that will most likley start as a wash, clay and wax service.
2. what are the general thoughs of opening with an exclusive product line ( i am thinking dodo juice sound exotic to people from iowa, i have used the products and have read and seen positive reviews. my thought master 1 product line plus the exclusivity of the product in my local market.
any thoghts and suggestions would be greatly appreciated.
Thanks
Click to expand...

I happen to be a property and casualty agent in Texas. Clearly, you haven't provided enough information to give specific advice, however, I can maybe give you some general advice.

First, find an independent agent in your area. Call and ask if you could come in and talk about your business. Be prepared to give detailed information about your business plans.(ie: what is the scope of your work, type of vehicles you work on, where you work on them, equipment used, do you keep them overnight...you get the idea)

You should look at your meeting as an interview. Your agent should explain what coverages you need and why, provide multiply quotes and answer all of your questions. You should look to him as a business asset. Your hiring him and he's not doing you a favor to give you a quote.

Pricing depends on many factors: ie; what state you conduct business in, how long you've been in business, whether your a sole proprietorship or corporation, do you pick-up or deliver the autos. (and countless other variables) I hope you begin to see why it is important to meet with a professional. He can be a asset for your business.

Sorry, I can't be more specific.
 
I'm mobile. I have 1 million dollar business liability. I have a $30,000 garage keepers policy(damage to customers cars) and $5000 loss of my equipment. Cost $860 dollars a year.
 
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