Auto Parts Store Insurance Package
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Qualifying Businesses
uto parts store owners know that one size does not fit all. That’s why Grinnell Mutual has crafted a business insurance package just for the auto parts store. We offer strong, unique property and liability coverages, along with outstanding service.
Equipment Breakdown Coverage*
Your policy provides coverage for damage caused by such things as electrical arcing, mechanical breakdown, power surges, short circuits and more! Protect the following areas of your business:
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Auto parts stores are subject to the following eligibility requirements: • Buildings 25 years old or less, unless the building has been rehabilitated as to wiring, plumbing, heating, roof, etc., in the last 15 years. • Current ownership and management have been in business at least two years. • Total gross annual sales up to $8 million. • Total floor area up to 60,000 sq. ft.
Heating and air conditioning Refrigeration Phones Electrical Security Computers Electronic equipment
Property Coverages
Buildings at Replacement Cost or Actual Cash Value • Completed additions • Fixtures, including outdoor fixtures • Exterior glass • Permanently installed machinery and equipment • Personal property used to maintain or service the buildings • Materials and equipment within 100 feet of the building used for making additions and alterations • Automatic increase — 8% annually ***
This coverage extends your Business Income Coverage to provide for loss of income and extra expenses caused by equipment breakdown.
* Coverage is provided by a separate endorsement and included for a charge.
Newly Acquired or Constructed Property
• Up to $500,000 per building • Up to $250,000 per building for newly-acquired business personal property • Up to 60 days to report each newly-acquired building and business personal property
Business Income
• Coverage for actual losses sustained for up to 12 consecutive months from date of loss • Extra expense coverage associated with the loss for up to 12 consecutive months
* ** Included for a charge Additional limits may be purchased for an additional charge.
Business Personal Property
• Property you own and use in your business • Property of others in your care, custody and control • Tenant’s improvements and betterments • Leased personal property for which you are legally responsible • Computers automatically covered as business personal property • Business personal property covered if within 1,000 feet of the premises • Seasonal increase up to 25% annually
*** Higher and lower percentages available
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Unique Coverage Extensions
• Fire Department service charge — $2,500 • Personal property off premises — $15,000** • Outdoor property — $10,000/$1,000 per tree, plant or shrub • Personal effects — $5,000 • Valuable papers and records — $10,000 on premises, $5,000 off premises** • Money and securities — $10,000 on premises; $5,000 off premises** • Accounts receivable — $10,000 on premises; $5,000 off premises ** • Forgery and alteration — $2,500 ** • Fire extinguisher recharge — $5,000 • Water back up from sewer, drain or sump — $5,000 • Lock replacement — $1,000 ($50 deductible applies) • Walks, roadways or other paved surfaces — $25,000 • All outdoor signs at described premises — replacement cost • Interior glass — replacement cost • Employee dishonesty — $5,000 ** • Debris removal — up to $15,000 • Tenant’s exterior building glass and interior glass • Business income from dependent properties — $5,000 • Spoilage coverage — $5,000** • Ordinance and Law, Demolition Costs and Increased Cost of Construction — $10,000** • Loan-a-Tool Coverage - $1,000 per occurrence, but requires a formal loan-a-tool program ($50 deductible applies).
* Included for a charge ** Additional limits may be purchased for an additional charge. *** Higher and lower percentages available
Optional Liability Coverages
• Customer’s Auto Legal Liability: Damage to the customer’s auto you are servicing - $15,000 ($250 deductible applies) • Employment Benefit Liability
Other GMRC Policies Available
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Commercial Auto Commercial Excess Workers’ Compensation Employer’s Liability (Stop Gap) in North Dakota and Ohio
Big M Agency Options
We also provide access to unusual coverages normally not available in the market, such as: • Bonds • ERISA (Welfare and Pension Plan Compliance)
This information provides a basic description of Grinnell Mutual’s Auto Parts Store package. These summarized coverage descriptions are intended for reference and do not include policy conditions, exclusions or limitations. For a complete description of the policy features, consult your Grinnell Mutual agent.
Business Liability Coverage
• • • • • • • • • • • • Premises/Operations coverage Products/Completed Operations Personal and Advertising Injury Medical Expenses CLEAR IMPRINT Limited Contractual Liability PRINT FORM Fire Legal Liability Broad Form Property Damage Employees & Officers Treated as Insured Persons Limited Worldwide Product Liability Defense Costs Employee Bodily Injury to a Co-employee Employment Practices Liability $100,000 limit of insurance available for most classes (Higher limits are also available. Coverage not available in South Dakota.) • Hired and non-owned auto coverage
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