Appliance Installer Business Insurance
Appliance installers are responsible for a variety of tasks, like delivering, installing, and repairing large appliances, such as refrigerators, dishwashers, washing machines, dryers, stoves, and more. Having appliance installer insurance is important because it can protect you from the risks you face on a daily basis.
For example, what would happen if you accidentally installed an electric stove incorrectly, and damaged the electrical wiring in the kitchen? What would you do if one of your workers fell off a ladder while installing an appliance unit? The business owner is responsible when appliance installers get hurt on the job or damage property during the installation process.
Fortunately, appliance installer business insurance covers your business, your employees, and your clients against common hazards and claims. However, business insurance is not a one-size-fits-all. There are many different insurance policies that appliance installer businesses can benefit from. Here are some examples:
General Liability Insurance For Appliance Repair Shops
General liability insurance is essential for all businesses. It covers the cost of third-party bodily injury and property damage claims. For instance, if a client gets injured on a worksite, this policy pays for their medical bills and your legal defense if you get sued. This policy also covers property damage claims and pays for the repairs if you are found to be at fault.
Inland Marine Insurance
Inland marine insurance sounds like a type of insurance policy that covers boats. However, the name is deceiving. Inland marine insurance is a policy that protects your business tools and equipment specifically during transit. For example, imagine that one of your hand tools is stolen out of the back of your work van when you stop for gas. Inland marine insurance will pay to replace it with a new one.
Workers Compensation Insurance
If you have more than one installation technician working for your business, then you probably need workers compensation insurance. If an employee gets sick or injured at work, this policy pays for their medical bills, lost wages, and disability benefits. It will also pay for your legal defense if the employee sues your business for unsafe working conditions.
Commercial Auto Insurance
Appliance installation businesses that use their own work trucks or vans need to have commercial auto insurance. This policy is similar to personal car insurance, but it specifically covers business-use vehicles. If you or one of your employees gets into an accident in a work vehicle, commercial auto insurance will cover your liability, and pay for the other driver’s losses. You can also add collision, comprehensive, uninsured motorist, and medical payments insurance to your commercial car insurance policy.
If your appliance installation business operates under contracts, having a surety bond is valuable. A surety bond is a fixed amount of money that a client can receive if your business fails to uphold the guarantees of the contract agreement. When the surety bond is paid out, however, you have to repay the same amount of money to your bond provider. A surety bond only protects the client and doesn’t provide any protection for your business.
Excess Liability Insurance
Every liability insurance policy has a limit, which is the maximum amount of money your insurance carrier will pay after a covered loss. However, you have the option to increase your liability policy limit in increments of $1 million by purchasing an excess liability insurance policy. This policy, also called umbrella insurance, can extend your coverage limits for general liability insurance, products and completed operations insurance, commercial auto insurance, or personal/advertising injury insurance.
Appliance Technician Business Insurance Cost
The cost of appliance technician insurance depends on several factors. When you apply for a quote, the insurance company will look at the risk your business faces, the number of employees you have, where your business is located, and your past insurance claims to determine your rate. The type of coverage you purchase, your coverage limits, and your deductibles will also impact your premium. For appliance installation businesses, the average cost of insurance starts at $25 per month.