Locksmith Insurance
Locksmith insurance needs to protect against risks like property damage, employee injuries, and vehicle accidents. Essential coverage includes general liability, workers’ comp, and professional liability. Costs depend on factors like services and company size. To get insured, apply online, compare quotes, and select the right policy.
Choose the right coverage from trusted insurance providers.
Why do locksmiths need insurance?
Locksmithing is delicate work, and there’s always a risk of damaging a client’s door. A solid locksmith insurance policy can cover legal fees if a client sues for property damage. It also protects against employee injuries, stolen tools, car accidents, and other unexpected incidents.
For locksmiths, the potential for business risk and claims is high, which makes having the right coverage essential. Affordable coverage from providers like Eagle Nation Insurance can be found by comparing quotes from top insurers.
An easy online application process gives access to free quotes and advice from a licensed insurance agent to ensure proper protection. This way, locksmiths can save both time and money while ensuring that they are covered for damage, injury, theft, and vehicle accidents.
What types of business insurance do locksmiths need?
Locksmiths need various types of business insurance to cover common risks associated with their work. These policies typically include:
Business owner’s policy
This policy conveniently bundles commercial property and general liability insurance into one cost-effective plan for dealers. A BOP is ideal for securing auto shop insurance and shielding businesses from financial losses.
Under this plan
Customer injuries
Damaged customer vehicles
Damaged business property
Commercial auto insurance
A policy designed for dealers and repair shops helps pay for property damage and medical bills after an accident. It is required in many states for businesses that own cars.
Under this plan
Car accident repair costs
Vandalism and theft
Weather damage
General liability insurance
This policy covers basic liabilities for auto service businesses, protecting against dealer risks like customer injury at a repair shop. To maximize savings, businesses can bundle it with property insurance or a business owner’s policy for broader coverage.
Under this plan
Customer injuries at a repair shop
Accidental vehicle damage
Slander and advertising injuries
Workers’ compensation insurance
Workers’ comp is required for auto shops in almost every state to cover employee injuries and related costs. It protects both employees and sole proprietors by handling work injury costs that health insurance might deny.
Under this plan
Employee medical expenses
Partial wage reimbursement
Lawsuits
Tools and Equipment Protection Plan
Contractor’s tools and equipment insurance helps protect your construction gear no matter where you go. This policy keeps your tools and equipment safe while you’re moving them (in transit) or using them at a jobsite. To qualify, your items usually need to be valued under $10,000.
Under this plan
Equipment less than five years old
Mobile equipment
Small toolsa
Professional Liability Protection Plan
Professional liability insurance for contractors, also known as errors and omissions insurance, protects against financial losses when a construction mistake or oversight causes a lawsuit. This policy is key for handling claims related to your work and promises made to clients.
Under this plan
Accusations of negligence
Failure to complete construction
Failure to use promised materials
How much does business insurance cost for locksmiths?
The cost of business insurance for locksmiths can vary. Independent locksmiths generally pay less than larger companies. Factors that influence premiums include:
Key Factors Affecting Insurance Costs:
- Locksmith services offered
- Business property and equipment
- Business income
- Types of insurance purchased
- Policy limits and deductibles
How do I get locksmith insurance?
Getting locksmith insurance is simple if you have your company details ready. The process involves three straightforward steps:
- Complete a free online application with basic company details like revenue and employees.
- Compare insurance quotes and select the policies that suit your business.
- Pay for your policy and download a certificate of insurance.
Our licensed agents work with top-rated U.S. providers to ensure you get the most affordable small business insurance for your locksmith services, whether you’re an independent locksmith or have employees.
Two ways to start your coverage
Quotes online
Talk to an agent
Verified business insurance reviews
Hear from customers like you who purchased small business insurance.
Common Questions About Locksmith Insurance
To be a locksmith, you’ll need professional liability insurance, also known as errors and omissions insurance (E&O). This coverage helps pay for legal expenses that arise from professional errors, such as damage to a car door while unlocking it.
Your homeowner's insurance might cover some locksmith services, but it’s not guaranteed. Coverage is typically limited and may only apply in cases of a covered peril, such as a fire or storm. Locksmith services may cost anywhere between a hundred to several hundred dollars, depending on the situation.
The startup costs for a locksmith can range from $6,300 to $29,200, depending on factors like property, training, and equipment. The costs may vary significantly based on your location, whether you hire employees, and if you need a company vehicle.
Yes, locksmiths should be bonded and insured. A bonded locksmith pays a fee to a bonding company to ensure that they are held accountable for their work. This is crucial for ensuring the safety of the work, property, and life.
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"As a locksmith, this insurance offers peace of mind, covering everything from property damage to employee injuries. The online application process is quick, and comparing quotes ensures I get the best deal."