Operating an engraving business means you will be responsible for producing an image or text onto a certain type of material. Different materials can be engraved such as glass, metal, wood, or stone. Engraving is often done for unique gifts, such as the inside of a wedding ring, on a new watch, picture frames, or glass cups. While it can provide you with a rewarding career, owning an engraving business is also associated with several risks. The major risks being professional errors, stolen goods from your store, or injuries from the engraving equipment. Protect against these risks by obtaining the right types of engraving business insurance.
Types of Engraving Business Insurance
From workers compensation to general liability, you have a variety of different business insurance policies to choose from to properly protect your engraving business. These following policies are the most recommended for your business:
One of the most important business insurance policies you should get for your engraving business is general liability insurance. This insurance policy covers basics liabilities such as libel, slander, injuries caused to customers, or claims from products you sell. Completed operations is also covered under general liability insurance. For example, if you engrave a bracelet with the incorrect spelling, the resulting claim from this error is covered under completed operations. If a customer slips in your engraving shop, general liability will cover the medical costs as well.
Products liability insurance is a type of business insurance policy businesses invest in to cover loss or claims resulting from the products they sell. In an engraving business, if you engrave a glass paperweight that causes a sharp edge that later causes an injury to the customer; you may be responsible for resulting medical costs or litigations. A products liability policy may provide the coverage you need against incidents like these.
Business auto insurance is a type of insurance specifically tailored to your company vehicles. If you drop off finished pieces or pick up supplies, these are considered business errands. Each time you make a business-related trip, your vehicle should be covered by business auto. It will provide coverage if you get into an accident, for bodily injury, property damage and may provide coverage for theft or vandalism.
If your engraving business sells your services online, you may be aware that you are at risk of a variety of cyber crimes. Hackers can get into your account and forge payments, or steal business or customer financial information and use it for illegal means. Cyber liability insurance will protect your business from losses incurred from crimes like these.
Your engraving business property is at risk of damage from vandalism, fire, flood, or natural disasters like tornadoes or earthquakes. Even extreme weather conditions can cause damage to your property and its contents. Protect your business from damage to the property with a business property insurance policy.
Worker’s compensation is an important insurance policy for all businesses to have. Your employees are at risk of falling inside the shop or getting injured from the engraving equipment. If they get a work-related injury, the diagnosis and treatment will be covered by worker’s compensation insurance. The policy also covers recovery, physical therapy, and any lost income while they are out of work.
One of the biggest risks when owning an engraving business is the risk of crimes, whether committed by passersby, customer, or employees. These crimes include theft most of all, especially due to the expensive jewelry and items in your engraving shop. To protect your business from theft, shoplifting, or vandalism, you need crime insurance. So if a visitor to your shop steals a watch to be engraved, the loss you and the owner of the watch incur will be covered by the policy.
By choosing from these types of engraving business insurance policies, your engraving business will be protected from your potential risks and you can continue operating the business without added worry.