Appliance Repair Business Insurance
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What Insurance Do Appliance Repair Business Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
Frequently Asked Questions
Why do Appliance Repair Businesses need 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.
What risks do Appliance Repair Businesses face?
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.
How much does Appliance Repair Business Insurance cost?
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.