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When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
Business Owners Policy (BOP) combines the protection of all major property and liability risks in one package. A recommended insurance for small and mid-sized business as it combines several insurance policies in one; thereby, saving money compared to buying the policies individually.
General Liability insurance covers the expenses related to third-party injuries, property damage, and advertising mistakes. It is your business's first level of defense against the common liability claims and the most highly recommended insurance to purchase.
Workers' Compensation provides medical care, temporary disability benefits, payments of lost wages and other expenses related to your employee getting sick or injured at work. State laws often require this insurance, and if you meet the minimum number of employees for Workers' Compensation, you'll need to carry one or else face hefty fines imposed by the state.
Employment Practices and Liability Insurance (EPLI) provides coverage to your business against the wrongful acts arising from the employment process. This includes claims against wrongful termination, discrimination, sexual harassment, failure to promote, retaliation and other types of inappropriate workplace conduct.
In this industry, the workers maintain and repair electronics like cameras, photographic equipment, radios, stereos, televisions, and video cassette recorders or VCRs (without retailing new electronics).
Depending on the state you are in, insurance is often mandatory. You'll be faced with hefty fines when you do not carry a state-mandated insurance for your business, particularly if you meet the requirements to carry one.
Insurance safeguards your investment and minimizes financial risks. With insurance, unexpected risks like property damage due to fire or natural disaster, injury to your employee or lawsuits are minimized. The insurance covers the costs until the policy limits.
The type of business you offer comes with risks, and here are some of those:
Insurance cost depends on the size of your business, the number of employees you have, the nature of operations and other essential factors. The larger your business is the more insurance you'll need.
On average, expect to pay about $500 for General Liability insurance, $900 on Business Owners Policy and $1000 on Workers' Compensation per year.
Your rates could be lower. Use our online assessment tool to get a free quote or call our customer service representatives. We'll help you find the best rates for your insurance.
As a consumer electronics repair and maintenance business, you understand the importance of being able to please the customer. If you have employees, you need to keep them happy too. In order to do this, there are some additional insurance policies that are critical in keeping both happy customers coming back, and happy employees staying with you long-term.
Professional Liability – Also known as E&O, or Errors & Omissions insurance, this type of policy is truly essential for your business operations. Since you may most likely give advice to customers on how to best use their electronics, you open yourself up to a risk of a lawsuit. Also, you may have fixed an electronic device, but it could still malfunction and you may be blamed. If either of these things happens which causes a financial loss to your customer, and the customer wants to say that you made a mistake or were negligent, you will wind up in court. Regardless of whether or not it turns out to be your fault, you will still be responsible for the court fees which will be covered by this policy, as well as ant settlements or judgments.
Workers Compensation – Having employees can really boost your profits. If your employees end up with a work-related injury or illness, you will be responsible for their lost wages and medical expenses. Most states require this insurance policy if you have employees, and even if they don’t, wouldn’t you want your employees to get back to work as soon as possible if they are hurt?
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
You wanted better protection and cheaper pricing. So did we. We baked that dream into everything we've set out to accomplish in building our award winning platform.
We have one! How much could we have really improved the insurance purchase process? Try us! We ask only the questions you need to answer, nothing more.
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