Appliance Repair Business Insurance

There are many reasons to have insurance. It is almost like a credential for your business. When you have a high level of coverage, you demonstrate that you are a respectable business that fully understands your responsibilities. If you employ people, carrying insurance is a legal requirement. In the event of an accident or injury, you are legally responsible. It is also important to protect your finances. When your property is destroyed by fire or flood, the disruption of your work can have a lot of consequences. Criminals could steal your property; thereby hindering your profits.

Running an appliance repair business comes with risks, here are some of them:

• Your building could be damaged by fire, destroying your equipment and customers' appliances.
• Appliances can be stolen, even your customers'. You are liable for replacement.
• Your customers may sue for damages or for not repairing the appliances properly.
• Your employees could become injured at work and you are required to care for your employees.
• Your employees could file employer negligence, discrimination or work malpractice.

There is no average insurance cost for appliance repair services. But on average, a General Liability policy costs at a median of $400 in annual premiums. Business Owners Policy (BOP) has a median cost of $900 in annual premiums. Product Liability insurance costs about $300 annually.