Printer repair shops make repairs to printers, copiers, fax machines, and other business machines either in the shop or at the customer site. Printer repair shops do not sell printers or other products; the focus of the business is simply making repairs to complex office equipment.
Owners of printer repair shops have taken a big risk to open and operate their businesses. If you own a printer repair shop, you might think it makes sense to purchase standard business insurance, but what you really need is an independent insurance agent who has experience working with businesses like yours.
Rather than placing the fate of your livelihood in the hands of cookie-cutter coverage, an independent insurance agent can work with insurance companies who specialize in finding coverage for small businesses like yours.
Why Do You Need Printer Repair Shop Insurance?
As a small business owner, you have a lot more to think about than printers and copy machines. Numerous daily risks can financially ruin your lucrative business overnight. With the general public entering your premises while your repair technicians are also out in the field making repairs, problems can and do occur at any time. You have to make sure your business is protected 24 hours a day, 7 days a week.
Printer repair shops face daily risks, such as:
- Customer slips and falls on the premises
- Floods, power outages, or weather events that force you to cease operations
- Property damage due to tornados, hail, windstorms, flooding, or heavy rain
- Repair technicians causing car accidents while driving business autos
- Loss or theft of tools and equipment that is in transit
- Employee injuries
- Repair technicians causing injuries or property damage while making repairs at a customer site
What Does Printer Repair Shop Property Insurance Cover?
You need comprehensive printer repair shop insurance in order to protect your business from all of the potential problems that can arise.
Business property insurance provides coverage for your building (if you own it), as well as your on-site tools, equipment, computers, furniture, and more. If these items are damaged by fire, theft, vandalism, or other covered perils, your commercial property coverage may pay for repairing or replacing damaged items.
If a covered event (e.g., a fire or a severe storm) causes your printer repair business to close its doors in order to make repairs, you need business interruption insurance, or business income protection. This coverage can be included with your business property policy, and provides reimbursement for business expenses and loss of income if you must temporarily cease operations due to some type of covered loss.
- You may want to consider expanding your business interruption insurance to include coverage for loss of income due to utility interruptions (water, electric, etc.). You can purchase utility interruption coverage that pays for the income you lose due to interruptions in utility services that occur away from your premises, after a certain waiting period. This may cover you if, for example, you lose power to your building and are unable to open for several days.
- You can also purchase coverage for physical damage to equipment that occurs as a result of a utility interruption (e.g., a power surge damages your essential equipment).
What Does Printer Repair Shop Liability Insurance Cover?
Commercial general liability (CGL) insurance protects printer repair shops in cases of customer injury or property damage. If a customer slips and falls while dropping off a printer for repair, this policy will provide coverage for any resulting medical bills.
If you’re sued for additional damages, your CGL policy helps you cover legal fees, court costs, and any financial judgements or settlements that you are required to pay to the injured party.
Other Printer Repair Shop Coverage to Consider
Printer repair businesses also need a variety of other business insurance policies, depending on where and how you do business, how many employees you have, and other factors that you should discuss with an independent insurance agent. Most of these policies can be tailored to the exact needs of your business and the risks it faces.
- Employee theft and crime coverage protects you from instances of employee theft, fraud, or other crimes against your business.
- Workers’ 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 provides coverage in the event of a data breach involving your business.
- Commercial umbrella insurance, or excess liability insurance provides an extra layer of liability protection above and beyond the limits of your CGL and certain other liability policies. It kicks in and provides coverage when those other applicable policies have been exhausted. If you are involved in a significant claim or lawsuit, this coverage can be the difference between staying in business and closing up shop for good.
- 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 printers 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 would respond.
- If a technician were injured while on a jobsite, your workers’ compensation insurance would cover her injuries and reimburse her 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 multiple 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: This covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Inland marine insurance: This protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
What is Bailee’s Coverage and Do You Need It?
You may take printers 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 printer 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 damage 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 Printer Repair Shop Insurance Cost?
Insurance for printer repair shops can range from several hundreds of 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 Agent
Our agents simplify the search process for finding the right printer 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 omit 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 a TrustedChoice.com independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.