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BASIC
Essential coverages to meet client demands
Includes:
STANDARD
When you also have equipment or operate from an office
All Basic plan benefits and:
PRO
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
CUSTOM
When you have specific requirements
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In machinery repair and maintenance customers rely on you to fix expensive equipment. This means there is always a possible faulty repair, leaving you responsible for expensive loss or replacement of a non-working machine. Your building could fall anytime, losing these machines, your location and more. Coverage of all the people and property within your business is necessary to keep you running consistently.
The machinery repair industry can be a reliable source for clients looking to have their heavy equipment repaired. However, within this industry there are numerous risks, such as your worker getting a cut while sharpening tools or a company vehicle experiencing a collision on the road. Getting various types of coverage such as insurance for machinery, insurance for heavy equipment, or workers compensation can help protect your business from incidents like the examples provided.
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.
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.
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.
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.
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