Company insurance is intended to safeguard the financial assets of a firm owner and is a necessary investment for a clock repair business.
This article will discuss the primary insurance coverage for clock repair enterprises, general liability insurance, as well as additional products that are appropriate for this industry.
Clock Repair Companies Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR A CLOCK REPAIR BUSINESS
Example 1: A large storm strikes your location overnight, damaging your roof and allowing water to enter your building. Several clocks left with you for repair have been damaged. Damage to client property will be covered by your general liability insurance.
Example 2: A customer comes into your business to talk about getting his clock fixed. An staffer recently washed the floor but neglected to place a wet floor notice. The customer falls and breaks his arm as a result of his slip and tumble. He expects you to pay for his medical care. This is most likely covered by your general liability insurance.
Example 3: You’re going to a client’s house to repair an expensive grandfather clock. You misstep and tumble into the clock, crushing it and knocking it to the ground. This would be covered by your general liability insurance coverage.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Clock repair shops in America typically pay between $500 and $1,500 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Clock Repair Companies
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all clock repair shops should have include:
Insurance for Professional Liability
A professional liability insurance coverage protects your company from negligence lawsuits resulting from mistakes or failure to perform. If a customer believes that you committed a mistake that resulted in the injury and sues your organisation, your coverage will cover your legal bills. It will also cover the cost of a settlement if one is required.
Insurance for Commercial Property
You’ve spent a lot of money on photography gear, editing gear, and studio equipment. It may be tough to replace all of it out of pocket if you lose most or all of it due to an unforeseen disaster, such as a fire. Such damages would be covered by a business property insurance.
Coverage Options for Some Clock Repair Companies
In addition to the insurance listed above, your clock repair company may need other forms of coverage based on particular elements of your operations. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Commercial Vehicles
If you drive a vehicle, truck, or van mainly for work, your state will almost certainly need you to obtain commercial auto insurance. If you are involved in an accident, you may obtain assistance with repair or replacement expenses if you have a business vehicle coverage. If you cause the collision, the coverage will cover damages to other cars as well as medical care for anybody who is hurt.
Insurance for Workers’ Compensation
If you have employees, your state most likely requires you to obtain workers’ compensation insurance. Workers’ compensation protects your workers if they are harmed while performing job-related responsibilities. If they are injured on the job, they may get medical care under your coverage. The insurance will also cover lost pay if they are unable to work while recovering from their injury.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.