A locksmith has the important responsibility of helping homeowners and building owners get into their homes and buildings when they have lost their keys. A locksmith may also have other job duties, including building and repairing locks that have malfunctioned, duplicating keys, and installing new lock systems and other safety devices in buildings. Locksmiths also have risks and liabilities to contend with due to the type of job they perform, equipment they use, and overall business risk. Some common risks of a locksmith include liabilities when you have made an error in judgment in regards to opening a lock, bodily injury from the type of equipment you’re using, and business liabilities. Protect these types of risks by obtaining the right kind of locksmiths insurance.
Types of Locksmiths Insurance
There are various types of locksmith insurance policies to choose from, with each policy covering a different range of risk exposures. As a locksmith, you should be sure to cover all the bases when deciding which risks you are exposed to.
General liability insurance for locksmiths is one of the most basic insurance policies and one that every locksmith should have. It covers a variety of risk exposures including damage from your job duties or products used, personal and bodily injury, advertising injury claims, and property damage. As a locksmith, you are installing and maintaining locks and safety devices in other people’s residences and businesses which open you up to a number of risks. If you’re installing a safety device in a client’s home and it causes property damage, the cost of repairing the damage to their home will be covered by your general liability insurance policy. Personal injury, not only for you, but also for employees are a risk exposure that is covered by general liability insurance for locksmiths.
As a locksmith, another insurance policy that is highly recommended is island marine insurance. If you haven’t heard of inland marine, it’s important to become educated on the benefits of this type of insurance. Inland marine insurance will offer coverage for the tools and equipment you are using on the job site, as well as those that are transported and stored. For example, if you visit a business office to help the owner with their malfunctioning lock and the tools are vandalized while you are in their office, the loss of your tools can be covered by inland marine insurance.
You most likely conduct business from a formal office, in which you will need business property insurance. There are a number of unexpected events that can occur in your area, which will cause significant damage to your building, and not only cost thousands to repair but interfere with your job duties. Events such as fire, natural disaster, flood, vandalism, and damage from extreme weather conditions like hail or wind storms can damage your business property. If one of these were to occur while you had business property insurance, you would have coverage for the damages and would not have to pay for the repairs out-of-pocket.
As a locksmith, your services are mostly mobile which means you are using a company vehicle for business operations. For you especially, commercial auto insurance is vital. The vehicles you use for business purposes should be covered by a commercial auto insurance policy. Commercial auto insurance will cover accidents that occur while driving your company vehicle, and help to repair the vehicle as well as replace contents that were in the vehicle at the time of the accident. Many commercial auto insurance policies also cover theft and vandalism, as well as personal injury as a result of the accident.
Locksmiths insurance is an important aspect of protecting your business. It covers a wide range of risk exposures that you may have to contend with during your career as a locksmith, and will ensure the longevity and success of your business.