Commercial engravers typically provide custom engraving and laser printing services for a wide variety of commercial, corporate, industrial, municipal, medical, educational, residential, trade show, hospitality industry, and promotional signage applications and products.
Whether you're providing custom outside signage to increase a client’s image and visibility, or engraving memorials or gifts for individuals, your goal is to offer high-quality products and services that result in happy customers and minimal problems.
But in reality, in any business environment there’s always a chance for something to go wrong. From errors in your finished product to severe weather that damages your building, you’ve always got to be prepared for worst-case scenarios.
If you own a commercial engraving business, you need comprehensive business insurance that is tailored to your unique needs. An independent insurance agent can help you find customized commercial engraving insurance.
Why Do You Need Commercial Engraving Insurance?
Commercial engravers are unique. You probably have a storefront or showroom where you display your capabilities and take walk-in orders. And you are likely to have a plant or facility in which you perform all of your custom engraving work.
Commercial engravers might offer custom engraving services to individuals for items like cars, motorcycles, gifts, plaques, and memorials. For your commercial clients, you might provide custom engraved signs, laser printed signs, and a wide variety of other products on materials like acrylic, vinyl, plexiglass, brass, aluminum, metal, and wood.
You have a lot of valuable and highly flammable materials on hand in order to complete any custom order at any time.
Any number of adverse events can impact your commercial engraving shop and lead to a devastating financial loss. The goal of your business insurance is to protect you from these financial losses and allow you to continue to operate. Without it, a small fire or even a slip-and-fall incident in your showroom could bankrupt you.
The specific commercial engraving insurance policies that you need depend on your unique risks, but at a minimum, your business insurance should address risks to:
- Your building or shop structure (if you own it)
- Your office equipment, computers, tools, and equipment
- Your inventory
- Your customers’ physical well-being on your premises
What Does Commercial Engraving Insurance Cover?
Commercial engravers need a variety of basic business insurance policies, as well as several endorsements (coverage add-ons) and optional policies tailored to their specific business risks.
- Commercial general liability (CGL) insurance pays for the costs associated with bodily injury or property damage claims against your business. General liability insurance offers broad protection for a variety of liability risks that your business is exposed to, from customer slips and falls to claims of advertising liability, slander, libel, and more. Your CGL policy will pay for your legal defense, attorney and court costs, and any settlements or judgments that you must pay, up to your policy limits.
Let’s say that a heavy sign falls off a display shelf in your showroom, lands on a customer, and breaks their foot. Your CGL policy would pay for the customer’s medical expenses. If the customer’s foot were crushed and would never return to normal, it’s likely that you’d be sued for additional damages. In this case, your CGL policy would pay for your legal defense and any financial payouts to the injured person.
- Commercial engravers also need commercial property insurance to protect their building(s) and contents from costs associated with weather, fire, smoke, vandalism, theft, and other causes of loss. Property insurance protect, not only your building, but also your computer systems, fixtures, inventory, tools, and other equipment that you use in your operations.
- Your business property policy should also include business interruption coverage, which provides income protection if you must temporarily cease operations due to some unforeseen event (fire, weather, etc.).
You’d probably face a serious loss of income if you were without your custom engraving equipment. You’d have to refuse or delay new orders and would incur costs to repair or replace the broken equipment.
- Equipment breakdown insurance supplements your other business property coverage. It covers certain costs associated with accidental breakdown of essential machinery or equipment and the resulting property damage or loss of income.
Your business might qualify for a business owners policy (BOP), which is a package policy that includes property, liability, and business interruption coverage in one affordable package designed for small businesses.
What Additional Commercial Engraving Insurance Policies Do You Need?
Commercial engravers also need a variety of other business insurance policies, depending on the products and services that they offer, how many employees they have, and other factors that they should discuss with their agent. Most of these policies can be tailored to the exact needs of your business and the risks it faces.
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage. If you or your employees drive personal vehicles for business purposes, you need non-owned or hired auto liability insurance.
- Employee theft and crime coverage protects you from instances of employee theft, fraud, or other crimes against your business.
- Worker's compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees that are injured on the job.
- Employment practices liability coverage protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Cyber liability insurance is necessary if you sell products online, or even if you simply keep electronic records or accept credit card payments. It helps you protect your business and your customers' privacy by paying for investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
How Much Does Commercial Engraving Insurance Cost?
Commercial engraving insurance costs will vary depending on the size of your business and the coverage you need. A multi-location business with a large online presence will pay more than a single-location, brick-and-mortar only establishment. A store in a hurricane zone might pay more than one located away from the coast.
With so many variables (e.g., number of employees, amount and value of equipment and inventory, size and location of your buildings, etc.), insurance costs can be hard to predict.
But an independent agent can guide you though your options so you get coverage that meets your budget.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Independent insurance agents simplify the search process for finding the right commercial engraving insurance. They’ll walk you through some handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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