Understanding Appliance Repair Business Insurance
Appliances are machines that require regular maintenance. When appliances break down, they cause a lot of inconvenience to the people who need to use them. Repairing appliances usually requires on-site services in the customer's home or office. However, the appliance might have to be transported to the warehouse for repairs in some instances.
Appliance repair technicians work with appliances of all kinds, including heavy appliances with a greater risk of damage. Accidents at work could happen at any time and are caused by several factors.
Having insurance protects the business owner from financial burdens by covering insurable incidents while managing the business risks.
Let's look at the occurrences that Appliance Repair Business Insurance can cover.
Bodily injury to the customer
While the appliance tech conducts the repair work on-site, the customer could accidentally injure themselves because of the obstruction caused by the repair work. This could result in a claim or lawsuit where the customer demands compensation for medical expenses from the business.
Bodily Injury to the Appliance Repairer
Appliance Repair Technicians work on heavy appliances and work with many different tools. Though they are professionally trained, accidents may happen at any time. For example, a tool or a part of the appliance might fall on the technician's leg when they are working on it, or the technician might injure themselves while transporting the heavy appliance for off-site repair works.
Transportation Risks
Transportation is involved when the appliance needs to be taken elsewhere to conduct the repair. Carrying the heavy appliance from the customer's location to the repair location might damage the appliance itself or injure the appliance tech. The machine's commercial vehicle could also meet with an accident in route, resulting in bodily injury and property damages.
Property Damage
While repairing an appliance, some of the customer's property may get damaged. For example, while moving the refrigerator around to conduct the repairs, something valuable kept in the surroundings could get accidentally damaged. The risk is more significant while transporting the appliance. For example, bringing a heavy appliance down a flight of stairs could damage the staircase or the walls.
Cyber Attacks
While fulfilling a repair job, appliance repairers and appliance installers collect sensitive data from their customers like their address, the kind of appliance they have in their homes, their contact numbers, billing details, and much more. In the event of a cyberattack, the customer's privacy could be compromised, resulting in a loss of reputation, identity theft and a potential lawsuit against the business. Cyber coverage could protect appliance repairs against the costs involved to overcome these threats.
Recommended Appliance Repair Business Insurance Policies
General Liability Insurance
General Liability Insurance can cover a range of risks and liabilities like:
- Bodily injury to the customer :Covering both medical expenses and any legal costs or judgements that may arise from a lawsuit arising out of the business’s operations.
- Property damages :To the customer's property due to the appliance's on-site repair work or transportation and the cost that may arise from repairing or replacing the damaged property.
Workers Compensation Insurance
Based on annual payroll, the state the business is set up in, and the nature of job duties of the employees, a workers' compensation policy pays for the medical expenses resulting from an injury at work, a percentage of loss of wages due to medical absences and state-mandated benefits to the family if death on the job occurs.
Commercial Property Insurance
All physical assets owned by appliance repair technicians, like portable and fixed tools, can be protected against theft and damage. Even the physical commercial spaces where off-site repair work is conducted can be covered against vandalism, natural disasters, fires, etc. Commercial Property Insurance ensures the smooth functioning of the business even if an unexpected mishap takes place.
Commercial Auto Insurance
A commercial vehicle used for business purposes can get covered against accidents. Commercial Auto Insurance protects vehicle owners against unexpected accidents and the financial liability that comes with it. Disclosing how the vehicle is being used becomes essential in ascertaining the right premium and comprehensive costs for the insurance cover.
Cyber Insurance
There are two types of cyber insurance. One provides first-party coverage for loss incurred by the business directly, and the other offers third-party coverage meant to protect the company from expenses arising from external sources. The first-party coverage protects the appliance repairers from incident response expenses, cybercrimes, system damages, and business interruptions. The third-party coverage includes regulatory fines, network security expenses, privacy liabilities, and legal expenses.
Comprehensive Costs covering Appliance Repairs
The comprehensive costs for appliance repair business insurance policies vary based on several factors like:
- Annual revenue
- Assets insured
- Types of services provided and risks associated
- Number of Clients
- Deductibles and limits chosen
Choosing the right insurance does not have to be difficult. With Insurance Advisor, you can submit a request with your business details, and you will receive a proposal from us with the feasible options you can opt for. You can directly pay the premium online and enjoy the convenience of hassle-free online services.
If you are not sure what you need, you can speak to our licensed agents to get an insurance policy that meets your needs.