Camera repair shops are responsible for repairing different types of cameras, including digital cameras, film cameras, camcorders and photography equipment. As a camera repair shop small business owner, you may also provide repair work for things like camera lenses and video equipment. You are exposed to a number of different risks by owning and operating a camera repair shop, including liabilities with the products you sell and repair services you provide, hazards in your shop and basic risks. The best way to protect your business is with camera repair shop insurance.
Types of Camera Repair Shop Insurance
The following types of camera repair shop insurance are the essential policies to get for your business. These policies cover all your different risks.
Camera Repair Shop General Liability Insurance
General liability insurance is an important policy for camera repair shops to have. It includes product liability, premises liability and completed operations. Premises liability is for any injuries that occur in your store or on the premises, such as a customer that trips over a box near the entryway. Completed operations is for the services you provide. So if you repair a digital camera for a customer but cause more damage through an error, they can sue you for damages. Products liability is coverage for any products you sell, such as film or lenses.
Camera Repair Shop Commercial Auto Insurance
If you use your own vehicle for business errands, such as making a bank deposit, dropping off finished cameras to customers, or picking up supplies, you need business auto insurance. If you get into an accident while going to the post office, you have coverage for any damage to your vehicle or any bodily injuries caused by the accident. You can also choose to add theft and vandalism to the policy.
Camera Repair Shop Business Property Insurance
Your camera repair shop is at risk for a variety of unexpected events, including fire, flood, natural disasters and extreme weather conditions. Your electrical equipment is a fire hazard, therefore increasing the risk of a fire. A single fire or flood could destroy your equipment, tools and merchandise in your shop. With business property insurance, any repairs you need done to the building are covered and you can replace the destroyed materials and equipment.
Camera Repair Shop Cyber Liability Insurance
If you sell camera parts, equipment or supplies online, you should have a cyber liability policy as part of your camera repair shop insurance coverage. Cyber crimes are very common, even though online security is also important. But an experienced hacker could still get past some of your security measures, so it is best to have cyber liability insurance just in case. If a hacker steals customer financial information during a transaction, you have coverage from the legal fees.
Camera Repair Shop Workers’ Compensation
Workers’ compensation is required by law and an important policy to have. It is a policy that covers any work-related injuries or illnesses. At your camera repair shop, your employees may get injured from repair tools or equipment, which would result in a visit to the doctor. All of their medical costs are covered by workers’ compensation, including lost wages.
Camera Repair Shop Crime Insurance
The last policy to consider getting for your camera repair shop is crime insurance. It protects you from various crimes, including theft, shoplifting, vandalism, fraudulent activity and employee dishonesty acts. Whether a camera is stolen in the middle of the night, your building is vandalized, or an employee steals money from the safe, you have financial protection.
You can’t prevent certain events from happening, which makes insurance so vital. By getting different types of camera repair shop insurance, your camera repair shop is protected from common and rare risks you are exposed to.