The question is: how much does locksmith insurance cost? In most cases, locksmiths spend around $500 a year for a policy that covers a million dollars in general liability. Residential Locksmith may also qualify for discounts on their general liability insurance if they take out a business owner’s policy, which provides several forms of coverage, including property insurance and business interruption. To find out how much locksmith insurance costs, read on. Here are some tips for finding the right policy at a good price.
A locksmith business should carry workers compensation insurance as well. It will cover medical costs and lost wages if an employee becomes injured in the course of their work. Most states require locksmiths to have this coverage in place, as it is a requirement for businesses with employees. It is important to note that the cost of workers comp can be quite high, but it will cover any medical expenses a locksmith incurs as a result of an accident.
An additional type of insurance that locksmiths should consider is inland marine insurance. This type of insurance covers the costs of repairing or replacing tools that are not permanently attached to the locksmith’s vehicle. This coverage is particularly important if your locksmith works on expensive properties. In addition, it guarantees that any difference will not come out of the locksmith’s company’s pocket. Purchasing a locksmith insurance policy is a wise choice if you want to stay protected and be confident in your business.
The amount of insurance that you buy depends on the kind of work you do. Some locksmiths are more likely to have accidents than others, and a higher insurance limit may be necessary to protect your business. Thimble is a good option for those who don’t want to purchase an insurance policy every year. If you’re looking for a policy that can cover both liability and theft, check out Thimble. Thimble also allows you to manage and pay your policy online. You can even get temporary coverage within minutes if you don’t have the money.
If you have car insurance, call your insurer to see if they cover the cost of a locksmith if you’re locked out. If you don’t have coverage, consider buying a roadside assistance plan. These plans can help you avoid lockouts in the future, since they can cover locksmith costs. When deciding how much locksmith insurance to buy, take the time to review your current insurance coverage and see if there are any gaps.
While you can use your homeowner’s insurance to pay for a locksmith, the policy rarely works out to your advantage. First, you must pay the deductible for the coverage. A deductible can range from $500 to $1,000, and locksmith services associated with a lockout will cost less than that. In this case, it is less costly to pay out of pocket. The cost of locksmith insurance is typically lower than paying a locksmith’s fee.