Liability For Sale Greenville NC

With more than $3 trillion in assets belonging to the insurance industry, the acceptance of liability must be a valuable commodity - and the sale of liability must be a profitable business. So why are you only charging the wholesale time it takes you to do a task without financial consideration for the liability you accept?

By James Lynas
12/1/1999

The word "liability" is heard often in the collision repair trade. Most shop owners think of it as the trouble they'd be in if something were to go wrong in their businesses.

What liability is, in fact, is a legal responsibility that provides for a cause of action (lawsuit) and monetary recovery. But what most shop owners fail to realize is that acceptance of liability is also a commodity that can be bought and sold.

When you purchase car insurance, you give the insurance company money; it then accepts liability for the damages you may cause.

Insurance companies do little else but sell the acceptance of liability, but with more than $3 trillion in assets belonging to the insurance industry, the acceptance of liability must be a valuable commodity, and the sale of liability must be a very profitable business.

Shops could do well to learn from their example. Collision shops accept liability all day long on every vehicle they come in contact with but, in most cases, they don't charge for this acceptance. Regardless, as soon as you have a consumer drop off his vehicle, you've created what's known as a "l...