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.
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.
Locksmiths General Liability Insurance
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.
Locksmiths Business Property 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.
How Much Does General Liability Insurance Cost for Locksmith?
The insurance costs for locksmiths varies based upon the amount of liability you need and the type of work you perform. It is not unusual that building owners require at least one million dollars in general liability insurance for a locksmith to literally get into the door.
Locksmith insurance works in much the same way. Every locksmith’s business is slightly different and requires a slightly different business insurance plan. However, most locksmith businesses rely on these major policies.