Insurance for locksmiths – Lock it down now

When you start your locksmith business you’ll need to obtain a few different types of insurance to make sure you are adequately covered. Even if you already have a policy, it’s never too late to switch for a better deal and it’s good to get a second opinion and see if you can get a more affordable price. So lock down that insurance now for your locksmith business before something happens that could damage your business for good.

Public Liability

Public Liability Insurance for locksmiths will cover the costs in case you injure a third party or damage third party property. In high risks industries such as trades, including locksmiths, this is the most common type of insurance obtained. It’s vital as the claims for liability can costs anywhere from hundreds to millions of dollars in extreme cases.

For example if you were to damage a clients’front door in the process of installing a lock, you could be found liable to replace this. The insurance will cover these costs, minus any excess, for a fraction of the cost of the door. In a more serious scenario, you could potentially injure a client with your tools on the job unintentionally. This could find you liable to pay for any medical costs, recovery costs, or even loss of income for them, highlighting just how important insurance is for locksmiths.

Workers Compensation

Don’t forget about anyone working for you. This could include employees, subcontractors, or apprentices. If they were to become sick or injured whilst performing work for you, you would need to ensure they are properly compensated. You may also find that it is mandatory in some cases to obtain and it’s best to check with you regulatory body within your state or your broker to find out.

Property Insurance for locksmiths

The tools you carry around with you every day no doubt add up to a significant value amount. If they were lost, stolen, or damaged in some way they would likely cost you thousands of dollars to replace. And without them you cannot do your job, so it’s vital to make sure that you can replace them quickly. Make sure that you are insured for the right amount and as comprehensively as possible for your things. Also make sure that you update your policy with any new items as you go, otherwise your policy won’t cover them when you need it most.

Personal Accident and Illness

It’s also important not to forget about yourself when it comes to insurance for locksmiths. Your own income is dependent on yourself. If you can’t work because of an injury or illness then you can’t provide the funds to support your family, to pay for bills, or maintain your lifestyle, not to mention the added costs of recovery from illness or injury. Personal Accident and Illness cover means your locksmith business won’t go into lockdown if you are struck down. You’ll get a regular payment of up to 85% of your income so you can keep going until you go back to work.

If you are unsure about what type of insurance you might need for your tradie business contact AllTradesCover today to discuss a policy and package to suit your business. You can visit the All Trades Cover website at www.alltradescover.com.au today or give us a call at AllTradesCover on 1300 826 850 to speak to a friendly expert. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.

AllTradescover is Australia's fastest growing trade insurance provider offering low cost tradesman liability insurance and public liability insurance packages. Request a quote today.