Owning a copier repair shop offers you the luxury of running your own business. But you also have the serious responsibility of protecting your livelihood from the unique risks that threaten it.
If you own a copier repair shop, you need to understand the types of risks that you face and how you can protect your assets and move forward even when things go wrong. Business insurance tailored to your unique risks can help you recover from simple claims for slips and falls on your premises, and even from the complete devastation caused by a fire or a tornado.
A local independent insurance agent can help you find customized business insurance solutions that help you protect your livelihood.
Why Do You Need Copier Repair Shop Insurance?
Your copier repair shop is exposed to a variety of unique risks that must be addressed with tailored business insurance policies.
You employ highly skilled technicians who make copier repairs at your customers’ locations, as well as inside your shop. You need your copier repair shop insurance to protect you in both of these situations.
What’s more, you’re also at risk of property damage due to a severe weather event, a burglary, or vandalism. If you want to stay in business after such an event, you’ve got to have the funds to pay for repairs and for replacing lost inventory, tools, equipment, computers, and any other physical assets.
And if someone is injured on your premises or because of one of your employees working offsite, you can be sure that a costly lawsuit is not far behind.
Unfortunately, your risks don’t end there. It’s not uncommon for a copier repair shop to experience:
- Loss of income due to a catastrophic or unexpected event
- Employee theft of cash or inventory
- Employee lawsuits related to discrimination or other claims
- Causing property damage or injury when working at a customer’s location
- Employee injuries or illnesses
What Does Copier Repair Shop Insurance Cover?
Your business insurance should be tailored to the unique risks that you face.
One major risk is physical damage to your building or property caused by unexpected events like fires, lightning, tornadoes, wind, and hail.
You also have a significant liability risk, which means that you are responsible for compensating any customer or member of the public who gets injured on your property or as a result of coming into contact with your business or your employees.
You can purchase several basic insurance policies to cover these risks:
- Commercial property insurance covers your building and its contents, including computers and cash registers, inventory, equipment, furniture, fixtures, and more. It helps you rebuild or make repairs when an unexpected event—like a fire or severe weather—destroys your physical space (your building, if you own it).
- After a property loss, you’ll probably need some time to rebuild and restock your shop. Business interruption coverage compensates you for lost business income and pays for certain operating expenses if you must temporarily close after a covered loss.
- Commercial general liability (CGL) insurance pays for claims of bodily injury and property damage by third parties due to your negligence. If a customer dropping off a copier for repair slips and falls on a wet floor and is injured, you can expect to pay for medical bills, at least. If you are sued because of the incident, you’ll have to defend yourself and potentially pay out a financial settlement. A CGL policy protects you in these kinds of circumstances.
If you operate a single shop or even several copier repair shops, you may be able to bundle your basic property and liability coverage together into a packaged policy (business owners policy, or BOP) designed for small business owners.
What Other Coverage Is Important for Copier Repair Shops?
You might also want to consider endorsements (coverage add-ons) to your basic business insurance policies, or you might need some additional stand-alone policies, that provide the following types of coverage:
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your shop leads to an expensive lawsuit that exceeds the limits of your commercial general liability policy, your commercial umbrella policy kicks in with higher coverage limits.
- Workers’ compensation insurance is typically required for any business that has employees. It pays for lost income and medical expenses for employees that are injured on the job.
- Crime coverage protects your business if an employee or a group of employees engages in theft, forgery, or fraud that damages your business. It also offers coverage in cases of shoplifting and vandalism.
- Sign coverage pays for damage to outdoor signs that are not attached to your building when the damage is caused by weather, vandalism, fire, etc.
Get Coverage for Repair Services at the Customer Location
If your repair technicians service copiers at your customers’ offices or homes, you have a variety of additional risks.
- What if your repair technician damages a client’s office space or someone’s property?
- What if the technician is injured while working in a client’s office?
- What if your tools, equipment, and materials are lost, stolen, or damaged while at a customer’s office or en route to or from a job?
- What if a client trips over a repair technician’s tools left on the office floor, leading to an injury?
In many of these situations you’ll be covered by one of your existing policies, such as your general liability policy or your commercial property policy.
- If a technician damages a customer’s property or is responsible for a client injury, your commercial general liability policy will respond.
- If a technician is injured while on a job site, your workers’ compensation insurance will cover their injuries and reimburse them for any time away from work.
You’ll also need some additional policies or endorsements (coverage add-ons to existing policies) to be sure you have coverage when your workers and their tools and equipment are in transit to and from repair sites. You probably have at least one, if not more, trucks or work vehicles that you use to transport tools, equipment, and employees to and from repair sites. To protect yourself from accidents on the road and from loss or theft of tools and equipment, you need:
- Commercial auto insurance covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Inland marine insurance protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
A Note about Bailee’s Coverage for Copier Repair Shops
You may take copiers and other business machines into your shop for repair, in addition to making repairs right in your customers’ offices. What happens if a customer’s copier is damaged while it is in your care, custody, or control? Because standard business property and liability policies cover only your own business property, you need special coverage for your customers’ property that is in your possession.
Bailee’s coverage is an add-on to a business property policy that covers non-owned property that is stored at your shop or is in your possession. It helps pay for damages and minimizes the financial implications for you and your customers if their property is damaged while in your control. Bailee’s coverage is specifically designed for businesses that take in the property of others and are expected to return it undamaged.
How Much Does Copier Repair Shop Insurance Cost?
Insurance for copier repair shops can range from several hundred dollars per month to thousands. It depends on:
- The size of your business
- The number of employees
- The types of tools and equipment you own
- How many commercial autos and repair technicians you have
- The value of the business property you keep on your premises
- The value of your building if you own it
- Types of coverage and amount of coverage that you need
If you are a sole proprietor with no employees, you can expect to pay far less for your business insurance than a larger operation with multiple employees, several commercial autos, and a large commercial client base.
Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.
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 Insurance Agent
Independent insurance agents simplify the search process for finding the right copier repair shop insurance. They’ll walk you through the 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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