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!
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Umbrella Policy adds an extra layer of protection to professionals if a serious event or cumulative claims exhaust your current policy limits. It also covers you for events that would otherwise be excluded from your other policies.
Hired and Non-Owned Auto Insurance protects your small business that hires vehicles or allows employees to borrow company vehicles for business purposes. You're covered for claims of personal injury and property damage if any of your vehicles is involved in an accident.
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.
What are risks Machinery Repair and Maintenance Owners could face?
Machinery and repair services face a lot of the same risks a typical service business will come acrross, and then some specific to the service as well. There is increased risk to employees becoming injured while working becuase of the size of the equipment that is sometimes encountered. Workers Compensation can mitigate the costs of an employee injury. It is also important to carry a strong General Liability policy in case an outside party claims bodily injury or property damage caused by your business.
Why Machinery Repair and Maintenance Services need Insurance?
In this industry, workers maintain equipment such as agricultural machinery, blade sharpeners, coil rewinders, food machinery, industrial trucks (e.g., forklifts), refrigeration equipment, tractors (farm or construction equipment), and similar machinery.
The demand for operators and economic growth in the machinery and maintenance repair industry has increased, meaning an increase in activity for your business in addition to machinery wear and tear. When repairing heavy machinery for various clients, you’ll want to ensure a smooth process in which your client’s equipment, your equipment, and your workers are protected. It’s important for machinery repair and maintenance businesses to consider which insurance needs will best protect their assets.
How much does Machinery Repair and Maintenance Insurance cost?
The cost of insurance is dependent on the number of employees in your business, the services you provide, and the type of equipment you use, among other factors. For example, if your business only has two employees and just needs General Liability coverage, you'll pay less than a business with 20 employees that regularly transports valuable equipment. Comparing insurance rates and selecting the best types of coverage for this industry can help your machinery repair business remain successful.
Do I need Workers Compensation for my Machinery Repair and Maintenance Service?
Worker's Compensation is mandatory for most states. There are state-imposed minimum number of employees and employee types for a business to carry Workers' Comp. Without enough employees or employees outside the specific criteria (ex. an independent contractor), this insurance is optional but we highly recommend it due to a number of benefits it can offer to your business.