Common Questions About Auto Parts and Supply Business Insurance

We’re certain you have some questions about the best ways to insure your auto parts and supply business. Here are a few of the most common questions we’re asked with the answers you need. Contact a Nationwide agent to help with any other questions you have, or to receive a fast, customized policy estimate.

Q. What specific kinds of insurance do auto parts and supply businesses usually need?

A.  It varies from company to company, but in general most auto parts businesses require:

• Business Personal Property Coverage - Insures your inventory, fixtures, displays, supplies, furniture and more against fire, theft and many other risks.
• Product Liability – If parts or products you sell are found to be defective and caused damage to a customer’s vehicle, this insurance will protect you.
• Computer Coverage and Valuable Papers and Records Coverage – Protects you in the event your computer is damaged or destroyed, or computer databases and customer records are lost.
• General Liability – This provides coverage in the event a customer would get hurt on your premises.
• Workers Compensation – Protects you against employee job-related injury claims.
• Business Automobile Coverage – Provides coverage for business-owned vehicles, or for employees using their vehicles for business purposes.

Q. What type of coverage is often overlooked in my industry?

A.  Business Interruption – This covers loss of income due to a fire, act of vandalism, or other damage to your property that forces you to temporarily close. Your lost income will be paid until you are up and running once again.

Accounts Receivable Insurance – Provides coverage in the event your accounts receivable records are damaged or destroyed.

Crime Insurance – Protects you in the event your business is robbed and valuable products, like car alarms and radar detectors, are stolen.

Flood Insurance – Nationwide doesn’t offer flood insurance, but your agent can connect you to the National Flood Insurance Program, the government-sponsored insurance that offers up to $500,000 in coverage.

Ordinance or Law – This insurance can protect you if you need to tear down your building and rebuild it to local code standards after a loss.

Q. I’ve invested a lot in my brand and my signage. Can I get insurance to cover my company’s signs?

A.  If your sign is an important part of your visibility, we can cover it – from damage caused by vandalism, theft, lightning, car accidents and more.

Q. What is umbrella insurance?

A.  It’s a way to add higher limits to your existing insurance. For example, if your current liability policy covers a $1 million lawsuit and you are successfully sued for $2 million, umbrella insurance can cover the difference. Best of all, we can provide this excess liability coverage over your business vehicles as well as your business liability.

Q. If I have more than one location, do I need several policies?

A. No. Nationwide covers all of your locations with one policy, saving you money and paperwork. Better yet, your liability limits apply separately at each if your locations.

Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.