Locksmith’s Insurance – General Liability for a Locksmith
As a locksmith, you can usually make an offer on a project without liability insurance. Chances are that when it comes to the time the work is going to be performed, or if it is in a commercial building, that you will need to produce proof of insurance to unpack your tools and get to work. If it is not the homeowner or the business owner, it may be the building owner or the local government that steps in with requirements.
How Much Does General Liability Insurance Cost for Locksmith?
The insurance costs for locksmiths varies based upon the amount of liability you need and the type of work you perform. It is not unusual that building owners in New York require at least one million dollars in general liability insurance for a locksmith to literally get into the door.
- When Castle Rock quotes a general liability insurance policy for a locksmiths we will offer you several payment plans that should accommodate your budget.
- We will offer you options to keep your initial payments low, especially if you are a new company with limited capital resources.
- Typically, companies offer payment plans that allow you to pay off the policy over the course of the year in 9 or 10 payments after a deposit.
Locksmith Contractors & Artisans Insurance Policy Coverages
General Liability Insurance usually covers Five basic categories of business liability:
Physical harm to a person at your place of business, or an injury caused by your employee at a client’s site.
Completed Operations/Products Liability
Losses after your business has completed work for a customer (such as repairing appliances or installing wiring), or from distributing products.
Damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.
Losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.
Pays the medical expenses of a person injured on your premises (a customer, client, visitor, or even a trespasser) up to a stated amount, regardless of fault — as a goodwill gesture to prevent lawsuits.
Independent Contractors Liability
Damage from the acts of an independent contractor hired by your business.
For a Locksmith the above insurance coverages are usually sufficient.
However if you are subcontracting for to other contractors or alarm installers For GENERAL CONTRACTORS, the one coverage typically NOT INCLUDED, but perhaps the MOST IMPORTANT is the following.
Injuries to Sub Contractors Liability Coverage
If you are a Locksmith General Contractor and subcontract out Lock, Alarm, Wiring or Electrical Work and Don’t Have it or never heard of it you need to call us immediately.
Damages Covered Your General Liability Insurance Policy will pay three types of damages:
For intangible losses (“pain and suffering.” “mental anguish” etc.)
Penalties against your business for committing a wrongful act.
Exclusions: Although Commercial General Liability Insurance provides a wide range of protection for your business, it won’t pay liability claims related to these areas (which you can cover with other policies):
On-the-job injuries to employees Workers Compensation
Operating autos or trucks in your business Business Auto Policy
Performing, or failing to perform, professional services Professional Liability Insurance, Errors & Omissions