Appliance Repair Business Insurance
Your appliance repair business needs the right kind of coverage against losses due to potential lawsuits, commercial property damage, theft, and more.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Cara Carlone is a licensed P&C agent with 20 years of experience. She has her P&C license in RI and TX and holds CPCU, API, and AINS designations.
Appliance repair businesses need comprehensive insurance policies tailored to their unique needs. Like many other types of businesses, you face risks to your commercial property from fire, theft, vandalism, and more. In addition, you must protect your appliance repair business from damage you might cause to other people’s property and any resulting lawsuits.
Fortunately, a local independent insurance agent can help you find the right appliance repair insurance policy. They'll get you matched to the right amount of appliance repair insurance coverage for your specific business. But first, here's a closer look at appliance repair insurance, what it covers, and why it's necessary.
What Is Appliance Repair Insurance?
Appliance repair insurance is essentially a special type of business insurance customized to meet the needs of businesses within this industry. An appliance repair business insurance policy considers many different angles of the company and how it may be vulnerable to various threats like vandalism, theft, property damage, lawsuits, and more. Without the right coverage, your appliance repair company could have to pay potentially huge losses out of its own pocket.
Why Do You Need Appliance Repair Insurance?
Appliance repair shops may conduct repairs on-site at homes or businesses, or they can take customers’ appliances into the shop for repairs. Regardless, any number of adverse events could occur no matter where you work. You or your employees might damage a customer’s appliance during transport, while it's in your shop, or during the course of making repairs.
Like any retailer or shop owner, the possibility of property damage to your building and business property or to your customers’ property is something that can't be ignored. Just one small fire could destroy a large portion of your business, including appliances that belong to customers.
The specific business insurance policies you need depend on where your business is, the number of employees, and the types of services it provides. Any business that provides maintenance services requires special insurance policies and endorsements that address risks related to:
- Your business's buildings or shops
- Your business's office equipment, computers, tools, inventory, and equipment
- Your customers’ physical well-being while on your premises
- Your customers’ property while in your care
- Your business's vehicles
An independent insurance agent can help you find all the types of home appliance repair insurance coverage your business needs.
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What Does Appliance Repair Insurance Cover?
Appliance repair businesses need a variety of basic business insurance coverage options tailored to their specific risks. Your appliance repair insurance policy may consist of some or all of the following types of coverage:
- Commercial general liability insurance: This coverage pays for the costs associated with bodily injury or personal property damage claims against your business from third parties.
- Bailee's insurance: This covers incidents of damage to customers' property that's held in your shop's care, custody, or control.
- Commercial property insurance: This coverage protects your buildings and contents, including company inventory and equipment, from costs associated with fire or hail damage, vandalism, theft, and other disasters.
- Business interruption insurance: This coverage provides a continuation of income and pays other expenses such as rent and employee wages if you must temporarily cease operations due to a covered disaster like a fire.
- Commercial auto insurance: This coverage can reimburse your business for incidents involving company vehicles, such as theft or lawsuits.
- Hired/non-owner auto insurance: This covers you and your employees who drive personal vehicles for business purposes.
An independent insurance agent can help you assemble the right appliance repair business insurance policy for your unique company.
Additional Types of Coverage to Consider for Appliance Repair Shops
Your appliance repair business may also need a variety of other business insurance coverages depending on where and how you do business, how many employees you have, and other factors that you should discuss with your independent insurance agent. Most of these policies can be tailored to the exact needs of your business and the risks it faces. You might need the following additional types of coverage:
- Employee dishonesty and crime insurance: This protects your business from costs associated with instances of employee theft, fraud, or other crimes against your business committed by anyone.
- Workers’ compensation insurance: This coverage is typically required for any business that has employees and pays for lost income and medical expenses for employees who get injured or ill due to the job environment or work duties.
- Inland marine insurance: This coverage protects against losses related to the theft or destruction of company tools, equipment, and supplies while in transit to another job site.
- Employment practices liability insurance: This coverage protects your business from costs related to employee lawsuits over claims of discrimination or other illegal business practices.
- Cyber liability insurance: This provides coverage in the event of losses related to a data breach or cyber-attack involving your business.
Your independent insurance agent can help recommend any other types of coverage your appliance repair business may need to complete its policy.
How Much Does Appliance Repair Insurance Cost?
The average appliance repair business insurance cost can vary due to a number of different factors. These can often include:
- Your business's location and size
- Your business's annual revenue
- The amount of company vehicles you have
- The total value of the commercial property to be insured
- The specific operations of your business
- The exact types and amounts of coverage required
Working together with an independent insurance agent is the best way to get matched to the most affordable appliance repair insurance policy.
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
An Independent Insurance Agent Can Help You Find Appliance Repair Business Insurance
An appliance repair business insurance policy must be developed in partnership with your independent insurance agent with experience with your specific type of business. Every policy you purchase can be adjusted to fit the needs of your specific business and the risks you face.
Your independent insurance agent can help you determine what type of coverage you need and then shop and compare policies from multiple carriers for you. They'll present you with quotes from only the carriers that offer the best overall blend of coverage and cost.