Benefits of A Business Owners Policy (BOP)

As a business owner, there is no shortage of things that you need to manage on a daily basis. Whether it’s supervising employees, connecting with new clients or anything in between, there is only so much time in the day. That being said, it’s nice to have the peace of mind that you and your business are covered in the event that an insurance claim is brought against you.

A business owners policy (BOP) is a good option for small and midsized businesses, and it can offer you plenty of advantages, including:

Broad coverage—BOPs cast a wide net of protection by bundling a number of different types of coverage into one plan. In general, BOPs provide commercial property, general liability and business interruption coverage in one policy.

Cost savings—Every dollar counts for small and midsized businesses, and BOPs can provide cost savings by combining the aforementioned policies so that you don’t have to go out and purchase each one separately.

Coverage for medical expenses—CGL policies will provide protection for your company if a nonemployee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.

Customization—While BOPs cover multiple types of risk for your business, you don’t need to worry about buying something that you don’t need. These policies can be tailored to fit your business’s needs with additional coverage for risks such as cyber liability, equipment breakdown, personal and advertising injury, and more.

Learn More About Business Owners Policy (BOP) Insurance

There’s no shortage of responsibilities or risks that come with being a business owner, so make sure that the product of all your hard work and long hours is protected. Contact Brad Schmid at CBIZ today to learn more about United Fire Group’s Garage Pro BOP at (763) 549-2247 or bschmid@cbiz.com continued from pg. 9

Not All Vehicles Are Equal in Aftermarket Impact

The types of vehicles on U.S. roads are more important to aftermarket growth than the number of vehicles in operation.

The growth of older vehicles, light trucks and foreign nameplates on U.S. roads has increased the average aftermarket product volume per vehicle.

The growth of these three types of vehicles (and their miles on U.S. roads) will generate increased aftermarket product use over the next several years, even with a flat VIO.

Six Major Takeaways

• Three types of vehicles and their use (mileage) have a much greater impact on aftermarket product growth than the number of vehicles in operation (VIO).

• Older vehicles, light trucks and foreign vehicles are key factors in generating growth of aftermarket products.

• As vehicles increase in age, they consume more aftermarket products per mile than newer ones. Older cars and light trucks will continue to increase on U.S. roads, stimulating aftermarket product use.

• Light trucks average significantly more aftermarket product use per vehicle than passenger cars. Light trucks will continue to expand their VIO share over the next five years, boosting aftermarket product sales.

• Foreign cars and light trucks generally average higher repair and maintenance costs than domestic nameplates. Foreign nameplates will continue to increase their VIO share over the foreseeable years.

• Not all vehicles are equal in their impact on aftermarket growth. The increase in older vehicles, light trucks, and foreign nameplates will stimulate aftermarket product growth over the next few years, even though the VIO will not record substantial annual growth.

Applications for CREF’s 2023 School Benchmark Grants and Student Scholarships Open

Collision repair facilities around the country are in desperate need of new talent to address the ongoing workforce shortage, yet a lack of qualified young professionals are entering the industry for many reasons. Many schools’ collision programs are underfunded, and post-secondary students seeking to enhance their skills and knowledge often struggle to afford tuition and tools.

The Collision Repair Education Foundation (CREF) addresses these needs through its Collision School Career Readiness Benchmark Grants and Student Scholarship awards, thanks to support from many generous industry donors and sponsors.

In 2022, CREF awarded $436,000 in grants to nearly 70 schools, impacting over 35,000 students. The Benchmark Grants recognize those programs that excel at educating students but which require additional financial assistance due to constrained school budgets, providing funds to purchase the tools, equipment and supplies necessary to enhance their students’ learning experience and elevate the caliber of their graduates.

The 2022 Student Scholarships benefitted 46 students with almost $150,000 awarded in financial assistance to ensure those students were able to continue their education, preparing them to pursue a successful career in body shops around the country.

Applications for CREF’s 2023 Student Scholarships are now open, with a deadline of March 9, 2023.

Applications for CREF’s 2023 School Benchmark Grants are open through June 28, 2023.

To apply for a Benchmark Grant or Student Scholarship, visit bit.ly/CREFapply. Learn more about supporting CREF’s efforts to promote the industry to future generations at CollisionEducationFoundation.org continued from pg. 4 products, answer questions and connect with current and potential customers.

NOTE: AASP-MN is accepting student scholarship applications until March 31. Visit aaspmn.org/scholarships for more information.

The conference is also our annual meeting where we recognize members for their participation in the Alliance and conduct the leadership turnover. This organization has been so successful because of the dedication and selflessness of the membership. Whether you’re new to the industry or a veteran, the Alliance is a great place to serve and help your industry. Each year, one of you has a piece of the puzzle that when we put it all together allows us to do great things. You may think you don’t have time, but the commitment isn’t huge. I guarantee you’ll walk away from each meeting having learned something new. So please step forward and volunteer or recommend someone for one of the collision, mechanical, associate or government/regulatory affairs committees.

I look forward to seeing you at the conference, April 5!