What locksmiths Need to Know before Getting Locksmith Insurance
Locksmith insurance keeps your locksmith business safe, As the owner of a LocksmithService, you’re known as a problem solver, someone who helps other get out of jams..Someone who’s been able to turn a hobby into a job that does things that no one else can do. Selling high-end electronic lock systems, running to help a guy out of his car and saving a day by helping a couple back into their apartment at 2AM. Your practically a super hero – you keep people safe and secure.
What type of insurance will my locksmith business need?
Every locksmith’s business is slightly different from the business down the street, and requires a slightly different commercial insurance plan. However, these major policies are important parts of any locksmith’s business protection plan.
General Liability Insurance: Covering Lawsuits
General Liability Insurance coverage will cover a locksmith from outside claims such a customer in the store, a complaint against a technician or a business bringing in a complaint that allege you or one of your employees harmed someone or their property. This would include:
- Scratching the paint of a car during a lockout
- A customer slipping and falling in the store on the wet floor
- A technician breaking an expensive portrait
The General Liability Insurance will help cover
- Investigating or defending against the claim.
- Bond premiums
- Settlements
Medical costs of injured parties
With General Liability Insurance, you know that you locksmith business is protected. It doesn’t matter if the incident happens in your shop or at the clients home. It doesn’t matter if it’s a residential client – doing a lockout or a commercial client – installing a GSA lock, you’ll be covered.
Property Insurance: Covering Tools and Equipment
Any locksmith business needs Commercial Property Insurance to protect your physical assets from theft, fire, or storm. A good Property Insurance policy will help pay for repairs and damages of
- Your brick and mortar store
- Your equipment – lock-picks, drills and car key programmer.
- Your Inventory – security systems, safes and access control systems
- Basic store merchandise – key chains, alarms or small safes.
Commercial Auto Insurance For The Mobile Locksmith
Locksmiths spend a great deal of time in their mobile trucks going from job to job helping a business with their CCTV system than helping out a person who locked themselves out of their apartment. Many locksmiths don’t even have a physical store, opting to work entirely out of their truck, making a good Commercial Auto Insurance policy a necessity and an integral part of their small business insurance plan. A good commercial auto policy will cover your trucks and cars, whether driven by you or your employees as long as it’s work related and will cover
- Auto accidents – whether it was your fault or the other driver’s fault
- Auto accidents covering your truck and storefront
- Damage caused by weather and storms
A good policy will help you pay for the accident, and help with vehicle repair and replacement, legal fees, and medical bills.
Professional Liability Insurance: Covering Locksmiths From Mistakes
Professional Liability Insurance also known as an Errors and Omissions Policy will protect a locksmith should an error or oversight causes a monetary loss. This would include
- A commercial client who had you install a security system that failed to keep out an intruder from breaking in. Locksmith insurance would help pay for the lawsuit.
- A residential client who had you opening a locked door, but you ended up breaking the lock instead. Locksmith insurance would help pay for the damage you caused.
Professional Liability Insurance will help pay for the legal expenses associated with these mistakes.
