Appliance Repair Business Insurance
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Appliance Repair Insurance

Owning an appliance repair business might not seem risky, but imagine what might happen if…

  • A customer slips and falls in your shop.
  • A thief steals your tools.
  • An employee gets hurt at work.

Appliance repair insurance can't stop bad things from happening, but it may protect you when they do. Let's look at some policies that can benefit your appliance repair business.

General Liability Insurance

General Liability Insurance is a smart investment for business owners who have customers. It typically covers lawsuits related to:

  • Third-party bodily injuries.
  • Third-party property damage.
  • Libel, slander, or copyright infringement.

If a customer is injured in your shop, General Liability usually pays for their immediate medical care and your legal bills if they sue.  

But General Liability can also cover you when accidents happen away from your shop. For example, let's say you're repairing a dryer in a customer's home when a small spark ignites a fire. You may contain the flames quickly, but the damage is done. A General Liability policy can pay to replace the dryer and repair other damaged property. It can also cover legal costs associated with the incident.

Business Owner's Policy

A Business Owner's Policy (BOP) is a cost-effective way to get General Liability and Commercial Property Insurance. The Commercial Property portion of a BOP can pay to replace your business property, like tools and computers, when they're damaged by covered events, such as…

  • Fire.
  • Wind.
  • Theft.
  • Vandalism.

BOPs also typically save you money because insurance providers usually charge less when you bundle policies.

Worth noting: Some businesses add Bailee's Coverage to their BOP to pay for damage to property that's left in their care. For instance, if a storm causes water damage in your shop and destroys a customer's appliance, Bailee's Coverage usually pays for the repairs.

Inland Marine Insurance

Another policy that can benefit your appliance repair business is Inland Marine Insurance. It's an odd name, but this policy fills a gap in your Property Insurance. Most property coverage only insures items at a particular location because moving it increases the risk. But that leaves your equipment unprotected when you travel between locations.

Inland Marine Insurance helps bridge that gap by covering your property in transit. Let's say you have all your tools in your van, and a thief steals them. Your Inland Marine Insurance policy typically pays to replace the stolen items.

Workers' Compensation Insurance

Most states require businesses with employees to purchase Workers' Compensation Insurance. Even if it's not required, many business owners still purchase this policy. That way they are covered if an employee suffers a work injury or illness.

Employees aren't just a risk when they're repairing appliances. An employee can throw out their back while moving a refrigerator or break an arm after tripping over tools. If that happens, Workers' Comp can pay for:

  • The employee's medical bills and lost wages.
  • Your legal expenses if they sue.
  • Funeral expenses and death benefits.

Check with your insurance agent to find out if your state requires you to purchase Workers' Compensation.

Commercial Auto Insurance

Your business probably owns at least one vehicle for transporting appliances or making house calls. If so, than you may need Commercial Auto Insurance. Depending on the policy, Commercial Auto can pay for:

  • Third-party injuries and vehicle damage.
  • Medical payments if you’re injured.
  • Repairs to your vehicle.
  • Legal expenses.

Worth noting: Driving your personal vehicle for work may mean you're not covered for accidents. Personal auto insurance typically excludes accidents that happen while driving for business. Talk to your agent about whether Commercial Auto Insurance is a good fit for you.

Cyber Liability Insurance

Cyber Liability Insurance can help your appliance repair business handle the high costs associated with data breaches, such as…

  • Customer notification expenses.
  • Credit monitoring fees.
  • Fines.
  • Legal expenses.
  • Public relations costs.

Many small-business owners assume that cybercriminals won't attack them. However, a business that accepts credit cards or stores customer information digitally can attract hackers. Luckily, you can add Cyber Liability Insurance to a Business Owner's Policy to address this risk.