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.
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:
Engraving Business General Liability Insurance
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.
Engraving Business Products Liability Insurance
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 litigation. A products liability policy may provide the coverage you need against incidents like these.
To identify the risks of your business you can simply consult with an attorney or even an insurance professional. The risks for an engraving service business can be very wide because of the many different exposures involved with your business activities. Before paying costly fees for an attorney’s advice, we can at least help you to identify some of the potential claims that could arise and how your insurance coverage would protect you in the event of a claim. But first, let’s look at some common controls and procedures you can put in place to better protect yourself from a legal and contractual standpoint.
Engraving Business Insurance You’ve trained to be a professional Engraver. You know your stuff, you may have had plenty of experience and you’re always careful. While it can provide you with a rewarding career, owning an engraving business is also associated with several risks. The unexpected can still strike.