A household appliance repair business can be operated through a home-based business or by running a repair store. Regardless of your business location though, with a household appliance repair business you’ll repair your customers appliances, including refrigerators, dishwashers, washers, dryers, and more. Someone who is adept at fixing appliances will find household appliance repair to be a lucrative and rewarding profession. However, while you can run a successful business, you should also protect your business from risks associated with this line of work. Such risks include general liabilities, potential lawsuits following work you have done on your customer’s appliances, and everyday risks that most every business is exposed to like property damage or theft. Obtain proper household appliance repair insurance to offer your business the best protection available.
Types of Household Appliance Repair Insurance
If you want to learn more about the types of household appliance repair insurance policies, these will cover most of your risk exposures.
When operating a household repair appliance business, you’ll want to be covered with the best business insurance policies — and one of these policies should be general liability. General liability covers a slew of areas, such as completed operations, premises liability, and products liability. Premises liability includes any accidents that can occur on your premises, such as a client getting injured by a misplaced dishwasher. Completed operations includes coverage of appliances that turned out to cause damage after a client left your repair shop, and products liability is due to any products you provide your clients that cause some type of injury or damage.
With any household appliance repair business, there’s risk from certain accidents and unforeseen events. One such danger is a fire that can be caused from bad electrical wiring in one of the appliances you’re repairing. This could cause substantial damage not only to your building, but its contents as well. Your equipment and any client appliances in your building at the time would be ruined. Protect this risk by getting property insurance and avoid having to pay these damages from your own pocket.
One of the main crimes you are at risk of when you own a household appliance repair business is theft by your employees. Employees who have access to the company funds, whether through bank deposits, cash drawers, or the business checkbook pose a risk to your business. With crime insurance, you can protect your business from any potential crime threat and have the losses covered.
There are two types of commercial auto insurance available; non-owned and hired. Non-owned commercial auto insurance provides insurance coverage when an employee uses their own personal vehicle for business operations, such as dropping off a client’s appliance. On the other hand, if you have larger appliances to be picked up that won’t fit a company vehicle, you can rent a truck or van and be covered by hired insurance.
Employees of a household appliance repair business use a variety of tools and equipment ranging from screwdrivers and soldering tools to testing equipment like ammeters and digital logic testers. If your equipment was to break down, you would not be able to perform your basic functions and be out of work until it could be replaced. Equipment breakdown insurance provides coverage from loss of business income and helps to pay for replacements or repairs of your equipment.
The liability policies for your Appliance Repair business (General Liability, Commercial Auto, and Employers Liability) all have coverage limits. Umbrella liability insurance is a great way to increase your liability limits for all of these risks under one policy. It will protect your business for claims that exceed your primary policy limits.
A common injury risk for the employees of a household appliance repair business is shoulder and back injuries due to the heavy equipment being repaired, and other accidents that can occur. These and other work-related injuries should be properly protected with worker’s comp insurance. If your employee sustains an injury on the job, their medical diagnosis, treatment, medications, and physical therapy is covered by the worker’s comp policy.
These insurance policies for household appliance repair businesses offer you extensive coverage for nearly every risk you might be exposed to. Even risks you think are far-fetched, such as damage from extreme weather conditions, should still be covered otherwise you will regret it later on.