TV repair shops are in charge of repairing all types of televisions and other electronics like phonographs, radios and audio or video equipment. Your TV repair shop might also sell used or refurbished televisions after you have fixed them, making you susceptible to theft by having expensive electronics in your shop. Other risks of your shop include liabilities and general business risks. Protect your different risks with business insurance.
Types of TV Repair Shop Insurance
There are a medley of insurance policies available for TV repair shops. Choose from the following business insurance types:
General liability will probably be the first business insurance policy you purchase. It includes premises liability, product liability and completed operations. If any damage is caused by the products you sell, product liability covers it. Completed operations is for the services you provide, such as repairing a television but later having it malfunctioned after it has left your shop. Premises liability is of course for any injuries that occur in your store, such as a customer slipping and falling and getting an injury.
If you use your own vehicle for picking up parts, dropping off finished televisions or going to the bank, these are considered business errands. All types of business errands should be covered with a business auto insurance policy. By getting adequate car insurance, you protect your business income from the costs of vehicle damage, bodily injury, theft or vandalism.
In a television repair shop, fire is a big risk and therefore you should have protection — namely business property insurance. This risk is due to the wiring and flammable materials used for repairing televisions. Aside from fire, you are at risk for natural disasters and extreme weather conditions, all of which could cause damage to your building and contents. Coverage for these events and the resulting damage is available with a business property insurance policy.
If you sell your repair services online or sell refurbished televisions, you should also have a cyber liability insurance policy. Cyber crimes, such as fraud and putting viruses on your website, could cause damage to your business, income and other clients visiting your site. The best way to protect yourself from these risks is with a cyber liability insurance policy.
Workers’ compensation is required in most states, but even if isn’t required by law, you should still get the policy for all employees. Workers’ comp provides protection from work-related illnesses, which are possible with television repair workers. They could get an electrical shock, injure themselves while using the repair tools or get a back injury from lifting a heavy TV. Workers’ comp covers medical costs and recovery costs if this occurs.
TV Repair Shop Crime Insurance
One of your biggest risks as a TV repair shop, is that of crime insurance. If your business is broken into, the televisions you are meant to repair could be stolen, along with any other electronics you keep in your store. Vandalism and employee dishonest practices are also significant risks. To protect your business against these crimes, be sure to have a crime insurance policy.
Television repair shops rely on everything functioning normally, so any type of risk can put your business in jeopardy. Prevent this from happening by getting TV repair shop insurance policies to cover all your risks.