Reliable appliance repair workers are always in high demand. Our lives are increasingly dependent on our smart devices and apps and the old standby appliances seem to fade into the background, despite how often we use them. Of course, the moment something breaks down it becomes front-and-center and the search for someone to repair it will begin immediately. A person dealing with the inconvenience of a broken appliance will certainly want it to be dealt with very quickly. Working as an appliance repair specialist, you are there to quickly get the equipment, and peoples’ lives, back in working order. While you may have all the technical skills and certification, and be extremely careful and diligent in your work, there is no way to avoid all potential risks. The only way to protect yourself against the potential liabilities involved in the services you provide is with comprehensive appliance repair business insurance.

In this guide, we will provide you with the basic information you need about appliance repair business insurance costs to help you make an informed decision about your own policy.

We Cover in This Guide

• How much does appliance repair business insurance cost?

• What is appliance repair business insurance?

• What does appliance repair business insurance cover/not cover?

• Benefits and risks

• Types of insurance you may need

• Tips for buying

• FAQ

• Summary

How Much Does Appliance Repair Business Insurance Cost?

Appliance repair business insurance costs range from $39 to $49 per month depending on your provider, coverage, limits, location, the services you offer, the equipment you use, the property you own, revenue, and number of employees. Take a look at the examples below of common policies.

- Basic coverage (Essential protection for your business): $39 per month for general liability insurance

- Standard coverage (Basic, plus protection for your assets): $49 per month for general liability insurance + commercial property insurance; can be bundled into a business owners policy (BOP)

- Professional coverage (Standard, plus protection for employee illness and injury): $49 per month for business owners policy (BOP) + workers’ compensation insurance

Most providers allow you to supplement your policy with additional policies to cover your specific needs.

What is Appliance Repair Business Insurance?

As someone who repairs appliances for a living, you face a number of potential liabilities. The moment you enter a client’s home, any number of things can happen. While working to fix an oven you may end up damaging the kitchen floor. If you leave a piece of equipment in the hallway someone could trip over it. You need lots of tools to perform your services–what if they are stolen or damaged? You or your employees could slice a hand while working a piece of equipment. appliance repair business insurance is a policy designed to protect you against damages and claims that could destroy your business. The right policy is essential for everyone in this industry.

What Does Appliance Repair Business Insurance Cover/Not Cover?

Repairing appliances puts you at risk of a number of potential claims. Some examples are damage and harm caused in a client’s home, things that can happen to your own property, and injuries to your employees and clients. Appliance repair business insurance is a wide-ranging policy that covers most of the common risks you may face that fall into the following categories.

• Third-party bodily injury

• Third-party property damage

• Personal injury

• Products/completed operations

• Business personal property damage

• Personal injury

• Lost business income

• Broken or damaged equipment, property, and other assets

• Employee illness or injury and related medical expenses

• Subsequent lost wages

Typical policies do not cover everything. Some risks will require you to add additional coverage. They can include the following:

• Accidents involving your personal or business-owned vehicles

• Customers dissatisfied with your work, advice, or suggestions

• Professional errors or mistakes

Benefits and Risks

Appliance repair business insurance offers numerous benefits to cover the risks involved in your service. The following are some examples:

• Peace of mind: Knowing that your business is covered in case something happens allows you and your employees to focus on the work at hand and not be unreasonably preoccupied with what could go wrong.

• Protecting business assets: There are countless potential liabilities that could wipe out your earnings and, depending on the nature of your business, destroy your personal finances. Appliance repair business insurance will protect you against such calamities.

• Cover legal expenses: The most costly, time-consuming, and potentially damaging situation you may face is a lawsuit. With insurance, if anyone sues your business, the legal expenses are covered, as are the damages if you lose the case.

Types of Insurance You May Need

• General Liability Insurance: Coverage that protects you from claims of property damage, third-party bodily injury, and related scenarios.

• Commercial Auto Insurance: Covers liabilities resulting from auto accidents during business activities.

• Commercial Property Insurance: A way to protect the property, assets, and equipment that your company owns from damage, theft, and breakdown.

• Workers’ Compensation Insurance: Often mandatory if you have a certain number of employees. Covers medical, rehab, and lost wage expenses for employees as a result of on-the-job sickness or injury.

• Professional Liability Insurance: Covers claims of negligence, errors, and mistakes that lead to financial loss.

• Cyber Liability Insurance: A coverage option for harm caused by data breaches, hacks, and other cyber crimes.

Tips for Buying

Appliance repair business insurance cost is not always easy to understand. If you consider the following suggestions, you should be able to get what you need at a good price.

• Work with an independent agent: An independent insurance agent will help direct you toward insurers with the best rates and the most experience covering appliance repair specialists.

• Identify your risks: Be sure to thoroughly analyze your business, its focus, and clients to identify potential risks.

• Compare quotes: Premiums tend to vary between insurance providers. Consider at least three quotes to find the best rates and coverage.

FAQ

- What’s an easy way to reduce my appliance repair business insurance cost?

See if your provider offers a discount for bundling different policies. A common type is a business owners policy (BOP) that combines general liability and commercial property.

- What is EPLI?

EPLI stands for employment practices and liability insurance. It protects your company against employee claims of discrimination, wrongful termination, sexual harassment, and other similar issues.

- What is the difference between general liability insurance and professional liability insurance?

General liability insurance protects your business against bodily injury or property damage claims.

Professional liability insurance covers you against mistakes, errors, and negligence in your work that may cause customer harm.

Summary

Appliance repair business insurance is an essential component of your business. No matter how many clients you have, you should not begin work on any job without proper coverage.

Now that you have a greater understanding of appliance repair business insurance costs, you can go out and find the best policy for your needs.