If you own a china repair shop then you know the value of the property you're repairing and the importance of protecting yourself with the proper insurance should an accident occur. An insurance agent is there to help.
An independent insurance agent is a professional insurance shopper who understands exactly what your china repair shop needs. Having some personal knowledge of the options available to you is a great place to start, so let's look at the different business insurance options you'll want to consider.
Why Does My China Repair Shop Need Insurance?
Anytime that your livelihood relies on you handling and repairing someone else's property, your risks double when protecting yourself and the property that's in your care.
China repair shops in particular deal with antique products, and the beauty of an antique is that it can't be replaced. However, this puts added pressure on you to make sure that your repair shop and your customers' china are protected at all times while it's being repaired.
As a business owner you face personal risks, your employees face risks, and your business faces risks. Proper insurance can protect your china repair shop from events like:
- An employee cuts themselves while repairing a piece of china and needs stitches.
- A hurricane blows through your shop and all the china is broken.
- A piece of china is damaged while being transferred inside your shop or back to the client.
- A customer is coming into your shop to drop off their china and slips and falls on a wet floor.
- An employee is caught stealing materials or money from you.
As you can see, there are many things that can go wrong at any time, which is why you need an insurance package that will cover all aspects and risks for your china repair shop.
Necessary Insurance for Your China Repair Shop
Depending on the location of your shop and the services you offer, insurance packages will vary from business to business. However, most china repair shop owners need the following basic business insurance coverage.
- Business property insurance: Your business property insurance is designed to protect your building and your personal property that is inside the building. This includes office equipment, any inventory, and the materials and equipment you use to make your repairs. Business property insurance won't cover the china that you are repairing, that is a different insurance option that we'll talk about shortly.
- Commercial general liability (CGL) insurance: Your general liability policy protects you from any event where you or your repair shop could be sued. This includes any injuries to a third party as a result of the actions of an employee, a slip and fall on your property, and the like.
- Business income: Your business income coverage is designed to protect you should your business have an interruption that causes you to temporarily close your doors. It provides financial coverage for lost wages, rent, and payroll.
- Business owners policy: Depending on the different types of insurance your business needs, you may qualify for a business owners policy that is designed for small businesses. It combines property, liability, and business interruption coverage in one affordable policy.
Bailee's Coverage for China Repair Businesses
Most china repair businesses will want to consider bailee’s coverage. Because standard business property and liability policies only cover your own business property, you need special coverage for your customers’ property that is in your possession. Bailee’s coverage insures nonowned property that is stored at your shop or is in your possession.
A good bailee's insurance policy should also include coverage for:
- Water/flood damage
- Fire damage
- Wind damage
Additional Insurance Options to Consider for Your China Repair Shop
- Employee theft and crime coverage protects you from instances of employee theft, fraud or other crimes against your business.
- Workers’ compensation insurance is usually required for any business that has employees, and it pays for lost income and medical expenses for employees who are injured on the job.
- Inland marine coverage protects tools, equipment and supplies that you bring off-site to make repairs. Commercial property and commercial auto policies typically exclude coverage for those items once they leave your business premises.
- Employment practices liability coverage protects you from employee lawsuits related to discrimination and other business practices.
- Cyber liability insurance provides coverage in the event of a data breach involving your business.
How to Find the Best Insurance for Your China Repair Shop
Businesses come in all shapes and sizes, and your business insurance should reflect that. You need a customized business insurance program, not a one-size-fits-all solution. In order to find the best combination of coverage at a fair price, It's a wise choice to work with an independent insurance agent who knows your business.
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working for you. Your agent can find insurance companies that specialize in coverage for china repair shops, ensuring that you will get the coverage and service you need. Find an Independent insurance agent in your community here.