Insurance for Goods Repair and Maintenance
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What Insurance Do Goods Repair and Maintenance Need?
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!
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.
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.
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.
Frequently Asked Questions
Why do Goods Repair Maintenance Businesses need insurance?
In this industry, workers maintain and repair different types of good and equipments. Find more information by requesting a quote online.
Your business needs insurance because it helps cover the costs of lawsuits, property damage, medical expenses, and other one-time costly expenses. Without insurance, you may have to pay for these costly damages out-of-pocket. Any business can go bankrupt from a liability claim alone.
What risks do Goods Repair and Maintenance face?
Below are some examples of risks that goods repair and maintenance can face:
A client entering your office slips on the liquid substance on the floor, which results in an injury that causes the client great pain. The client sues your business as their partner claims that the client has become depressed and experiences suicidal tendencies due to the accident.
One of your employees claims that they should be promoted because they've been in your business for years. They then file a claim against your business because you fail to promote the employee.
Your employee gets injured while doing maintenance work for one of your clients. Since you are the employer, your business is responsible for the medical payments of the employee. If necessary, you'll also be paying for the rehabilitation expenses until they're able to work again.
How much does insurance for Goods Repair and Maintenance cost?
There is no fixed cost of insurance for goods repair and maintenance as it depends on the specifics of your business. But the price examples below will give you an idea of the average price of insurance for your business:
- General Liability costs $500 in annual premiums.
- Workers Compensation costs $1300 in annual premiums.
- Business Owners Policy costs $900 in annual premiums.