General liability insurance for appliance repair technicians General liability, also called “general commercial liability (CGL),” covers small businesses against property damage, bodily injury claims, and associated medical costs. Appliance repair shops often rent or own commercial space and may own specialized equipment or tools for use in repairs. If an unexpected disaster occurs and a key property is destroyed, recovery can be difficult and costly. Commercial property insurance can help protect the value of your business property by providing funds to replace or repair damaged property in the event of a fire, storm, explosion, or other covered hazard.
It's important to note that the “third-party property” portion of commercial property insurance usually has a low limit. The coverage may not be sufficient to repair the appliances in your custody. General liability insurance also includes coverage for finished products and operations, which covers property damage or injuries that occur outside your company's premises and that are caused by your work after the work is finished. However, it is important to note that coverage for finished products and operations does not cover damage to the product or to the finished work itself; it only applies if the product causes damage to the customer's other assets.
Many appliance repair companies offer a pick-up and delivery service or send technicians to perform repairs in customers' homes and offices. If your company owns or leases vehicles, or if your employees use their own personal vehicles for business purposes, commercial auto insurance is a key coverage that is legally required in most states. Commercial auto insurance covers bodily injury and property damage if the driver of the vehicle is at fault in an accident, as well as the value of the vehicle itself if it is damaged by a collision or other hazard. Inland marine insurance provides financial protection to your business property that doesn't stay in a fixed location and isn't covered by a standard commercial property insurance policy.
This could include equipment, tools, and other items that a company may need to transport from one location to another or store at customer facilities. Since appliance repair companies can use specialized equipment that is used or stored in multiple locations, it's a good idea to consider this coverage. When you're running an appliance repair business, it's important to be prepared for common hazards, such as property damage or unintentional physical injury, car accidents, or unexpected disasters, such as a fire. This type of coverage can cover damage and injuries to the property of others in an accident involving the repair of appliances, van, or truck.
Professional liability insurance covers legal costs when an appliance repair company is sued for an error or oversight. If you want to take out insurance for the installation or repair of appliances, consider buying coverage from one of the following companies. Because appliance repair employees work in a variety of locations, there's a chance that equipment could be stolen or that employees might commit a crime; commercial crime insurance protects you from those risks. Appliance insurance, also called a “home warranty,” can be a big investment if you don't have money saved up for unexpected home repairs and replacements.
Commercial appliance repair insurance prices will vary depending on the type of insurance coverage and your company's risk profile. Insureon helps technicians and repair shops for commercial appliances and appliances to find insurance that fits their specific risks. Hiring one of these suppliers will save you money and give you peace of mind if one of your major appliances needs a repair or replacement. Like other appliance repair insurance providers, customers require a copy of the purchase receipt when filing claims.
Your appliance repair insurance combines warranty and insurance programs that include risk management and underwriting services. Also known as errors and omissions insurance (E&O insurance), professional liability coverage protects your appliance repair company when a third party files a claim for incorrect advice or negligence that results in financial or economic losses. In most cases, the appliance will not need a repair in excess of the cost you paid for the entire service contract, which will result in a loss of cost-value. CoverWallet helps you find the best commercial appliance repair insurance coverage with its online quote comparison.
Appliance Guard covers 11 appliances, Systems Guard covers nine systems, and Total Home Guard combines the two plans to cover the top 20 home appliances and systems. .
