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.
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!
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.
Why do Consumer Electronics Repair and Maintenance Services need insurance?
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.
What risks do Consumer Electronics Repair and Maintenance services face?
The type of business you offer comes with risks, and here are some of those:
How much does insurance cost for Consumer Electronics Repair and Maintenance services?
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.
What type of insurance do Consumer Electronics Repair and Maintenance services need?
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?