Any good appliance installation or repair starts with a great contractor. Professionals like you bring the ease and convenience of the modern world straight to your customer’s home. It can be a huge inconvenience for a family to have their washer or dryer break down or to have an oven that stops working. The services you provide is crucial to maintaining the flow of many people's daily life. But you need to protect your appliance installation business from the risks you face with the right insurance.
How much does Appliance Installation Insurance cost?
Insurance coverage for a $300,000 installation insurance policy can start as low as $29 a month. A more standard $1,000,000/$2,000,000 liability insurance policy is likely closer to $35-$47 a month. However, what you pay for a premium depends on a few different factors:
- The location of your company
- The services that you offer
- Annual revenue + payroll
- The number of employees you hire
- The deductibles and limits you choose
We always recommend speaking with an experienced agent to help you determine the amount of coverage you need and assess your other needs (and how much it might cost).
The Types of Insurance You Need
Appliance installation and repair contractors should consider a few types of business insurance to protect their business in addition to installation insurance.
General Liability Insurance
General liability insurance is the most common type of coverage—and for good reason. It covers a wide variety of mishaps, including third-party bodily injury, third-party property damage, and advertising injuries.
- Bodily injury: If you accidentally smash a customer’s toe while installing a dishwasher, they can sue you for the injury.
- Property damage: If you hook up a washing machine incorrectly and the hose leaks, it can cause extensive water damage to your customer’s home.
- Defense costs: If a customer sues you, your insurance company will provide you a defense attorney and cover associated court costs.
- Medical coverage: If you do accidentally injure a customer, your insurance policy will help pay for the medical bills directly related to the injury.
- Advertising injury: You poke fun at another appliance business as part of an ongoing rivalry. Though you’ve both engaged in the playful banter, this time is no joke. Your rival sues you for slander. Luckily, a general liability policy can help pay for the court costs or settlement.
If you're looking to save money while getting comprehensive coverage, consider investing in a business owners' policy. It's usually a bundle of general liability coverage, property coverage, and business interruption insurance offered at a reduced rate. It can be a great way to save money on appliance installation insurance, while still getting the protection you need.
Commercial Property Insurance
Property insurance covers the physical assets of the business. In general, your property insurance will cover you from the loss of a common risk like an accident, theft, or vandalism. If you have a storefront where you sell parts or an office to meet with customers, you should consider this business insurance policy.
If you hire appliance installers or repairmen, you may be required to get workers’ compensation insurance. Workers' compensation coverage will cover lost wages and medical expenses if your employee is injured on the job. Workers’ compensation also offers protection to you against being sued for the injury.
Commercial Auto Insurance
If you're like most appliance installation contractors, you may both deliver and install appliances. Even if you just use a personal vehicle to drive to a customer's house, you need to protect it with commercial auto. This helps pay for damage and medical bills in case of an accident.
Inland Marine Insurance
If you haul household appliances (refrigerators, washers, dryers, etc.) or carry tools in your vehicle, consider an inland marine (or contractors tools and equipment) insurance policy. If you're in a car accident, it helps pay to repair or replace the damaged items not permanently attached to your vehicle.
Get Business Insurance Coverage For Your Appliance Repair Business
Our goal at CommercialInsurance.Net is to help you protect your business as efficiently as possible. Let us help you protect your business with the right appliance installation insurance. To get a competitive insurance quote is fast and easy, simply complete the form at the top of the page. Or give us a call at 877-907-5267.