Appliance Repair And Service Business Insurance Wisconsin Policy Information
Appliance Repair And Service Business Insurance Wisconsin. Appliance service shops offer maintenance and repair assistance for electronic equipment owned by businesses and individual consumers. The service can be located in individual shops, in a home basement or garage, in the appliance or department store where the appliance was originally purchased, or at the manufacturer's premises. A store or manufacturer may contract with an outside operation to provide service to its customers. The operation may make repairs at customers' premises or offer pick-up and delivery services.
Refrigerators, ranges, dishwashers, washing machines; whatever type of appliances you repair and whether you fix them for residential or commercial property owners, your clients rely on your services to keep the devices they use on a regular basis up and running.
As the owner and operator of an WI appliance repair business, you do your best to make sure you meet the needs of your clients and maintain the operations of your company; however, despite your best efforts, problems can arise. To protect yourself from the numerous - and costly - risks that you face as an appliance repair professional, investing in the right type of appliance repair and service business insurance Wisconsin is crucial.
How does commercial insurance protect appliance service and repair professionals? What type of policies should you carry? Read on to find the answers to these questions and more.
Appliance repair and service business insurance Wisconsin protects your company from lawsuits with rates as low as $29/mo. Get a fast quote and your certificate of insurance now.
Why Do Appliance Repair & Service Businesses Need Insurance?
Theft, vandalism, fire, flood, and errors with the repairs; these are just some of the problems that you face as an appliance repair professional. As the owner and operator of your business, you are legally responsible for any issues that arise, and correcting things that go wrong can be costly.
What would you do if someone broke into your repair shop and stole parts and tools? How would you handle a lawsuit that a client may file against you for damaging their property? Would you be able to cover the expenses? Even if you could cover these costs yourself, you'd take a huge hit financially. With the right type of insurance coverage, you wouldn't have to pay for these expenses on your own.
Instead, your insurance company would cover the costs for you. In other words, appliance repair and service business insurance Wisconsin can save you from financial turmoil; not to mention the fact that as an appliance repair business owner, you are legally required to carry certain types of insurance coverage.
What Types Of Insurance Should Appliance Service And Repair Businesses Have?
There are several types of appliance repair and service business insurance Wisconsin coverage that should be considered. The type of commercial insurance you require depends on a variety of factors, including where in WI your business is located, the type of services you offer, the size of your business, and whether or not you employ a staff. While the specific policies you require depend on your unique needs, there are certain types of coverage that every appliance repair business owner should carry. These policies include:
- Commercial Property - This type of policy protects the physical structure of your repair shop and the contents within it from physical damages, vandalism, and theft. For example, if a fire broke out, commercial property insurance would cover the cost of any repairs that would need to be made, as well as any tools, materials, and other items that may need to be replaced.
- Commercial general liability - This type of coverage protects you against third party property damage and physical injury claims. For instance, if a client filed a lawsuit against your business, claiming that an employee damaged their property while making a repair, commercial general liability insurance would cover legal expenses that you may incur, as well as any damages you may be found responsible for.
- Workers' Compensation - Whether you employ a crew of 1 or 11, you'll need to carry workers' comp insurance. If an employee is injured on the job, this policy will cover the cost of his or her medical expenses and lost wages; it can also assist with the cost of litigation, should an injured employee decide to take legal action.
- Bailee's Insurance - If you make repairs to your clients' appliance at your workshop, you should consider investing in bailee's insurance. You are legally responsible for your clients' property while it is in your possession. Should that property be damaged in an act of nature or vandalism, or stolen, this type of coverage will repair or replace the damaged or stolen property.
- Business Auto - This policy protects any vehicles that are used for business-related purposes. For instance, if a work van is involved in an accident, WI commercial auto insurance will cover the cost of repairs.
These are just a few of the essential types of appliance repair and service business insurance Wisconsin coverage that are important. You can purchase individual policies, or you could select a comprehensive policy that combines various type of coverage under a single plan.
Wisconsin Appliance Repair's Risks & Exposures
Premises liability exposure at the repair shop can be moderate if customers visit the premises. Customers should not be permitted in the repair area. There should be adequate aisle space, no frayed or worn spots on the carpet, and no cracks or holes in the flooring.
The number of exits should be sufficient, well marked, and have backup lighting in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the shop conducts repairs at the customer's home or place of business, repair persons should be trained in proper procedures to prevent premises damage, such as fire, while working on faulty appliances. Personal injury exposures include assault and invasion of privacy.
Failure of the firm to run background checks and review references on employees both increases the hazard and reduces available defenses.
Products liability exposure is generally low. The use of faulty components or improperly repaired appliances can cause electrical problems, resulting in fire or other property damage. Employees should be trained in proper repair procedures. Improper work can nullify warranties and transfer the responsibility for properly working products from the manufacturer to the repair operation. The exposure increases if used and refurbished items are sold.
Workers compensation exposures include electrical shock, cuts, puncture wounds, eye fatigue, foreign objects in the eye, repetitive motion injuries, and burns and splashes during soldering operations. Back, hernia and other lifting injuries may occur from moving heavy appliances or televisions. Off-premises injuries, including trips, falls, automobile accidents, and animal attacks, can result from repairpersons traveling to customers' premises.
Property exposures generally include an office, servicing area, and storage space for supplies and customers' items awaiting pickup. Ignition sources include electrical wiring, heating and air conditioning systems, and overheating of equipment used to repair appliances. Operations may include the use of flammable cleaning solvents, soldering, electrical wiring, and repair of plastic, metal, or wood cabinets. Flammables and combustibles need to be used away from soldering operations. Solvents should be properly stored in fireproof cabinets or rooms.
Theft can be a concern if the shop repairs target items such as TVs, radios, or computers. Appropriate security controls should be taken including physical barriers to prevent access to the premises after hours and an alarm system that reports directly to a central station or the police department.
Crime exposures include employee dishonesty and money and securities, particularly if repair persons collect payment at the time of service. There must be receipt procedures and monitoring to encourage accurate reporting and collection. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements. If there is off-site work, there is also the possibility of employees taking clients' property. Background checks should be conducted before permitting any employee to handle money or visit clients.
Inland marine exposures include accounts receivable if the firm offers credit, bailees customers, computers, tool floater, and valuable papers and records for customers' and suppliers' information. Bailees include the goods of customers while being repaired or if the operation offers pick-up or delivery service. Items should be padded and tied down during transit to prevent damage from breakage or collision. There must be documentation of appliances received and records kept of who owns each item. Security should be appropriate for the type of appliance being worked on.
Off-site exposures can be high due to the tools, equipment, and supplies carried to and possibly stored at customers' premises.
Commercial auto exposure may be limited to hired and non-owned. The exposure increases if the repair shop offers pick-up and delivery service to its customers or repairs items at the client's premises. Custom or specially designed equipment may be installed in vehicles. Drivers should have appropriate licenses with acceptable MVRs. All vehicles must be well maintained with documentation kept in a central location. If vehicles are provided to employees, there should be a written policy regarding the personal use by employees and their family members.
Appliance Repair And Service Business Insurance - The Bottom Line
To find out more about additional coverage options, as well as how much coverage you should carry for each policy, consult with an experienced agent that specializes in commercial insurance.
Wisconsin Economic Data, Regulations & Limits On Commercial Insurance
Location is one of the most important factors that determines the success of a business. It doesn't matter how high-quality the products and services of the business are, if it the operation isn't located in an area that offers a market that can benefit from those products and services, the business isn't going to succeed.
With that said, entrepreneurs that are thinking about setting up their headquarters or a branch of their establishment in Wisconsin should familiarize themselves with the opportunities that the state offers. They should also be aware of what types of rules and regulations are in place regarding commercial insurance.
Below, you'll find a brief overview of both the economic trends in the state of the Badger State, as well as mandated forms of business insurance coverage.
Business Economic Trends In Wisconsin
According to recent data, the economy in the state of Wisconsin has been strong over the past few years, and continued growth is projected through the end of 2019. As of March, 2019, the unemployment rate in the Badger State was 2.9 percent, a good indicator of the state's economy, especially when compared to the national unemployment rate, which was 4.0 in January of 2019. At present time, Wisconsin ranks 12th for states that offer the best job opportunities, and 8th in job market strength.
With tax policies that are beneficial for business owners and an increase in skilled labor, Wisconsin offers great promise for entrepreneurs that are looking to start a successful business in the state. According to the latest data, key areas for business development include major cities, such as Green Bay and Madison, as well as areas that are situated near these urban centers, including Monona, Ashwaubenon, Wakuesha, Plymouth, Hudson, and Waupaca; among others.
Several industries are flourishing in the Badger State in 2019, and are expected to see continued growth, including:
- Information technology
- Life sciences
Commercial Insurance Requirements In WI
The Office of the Commissioner of Insurance regulates insurance in the WI. As with every other state in the country, business owners in Wisconsin are legally required to have certain types of business insurance.
In WI, any business that has one or more employees must carry workers compensation insurance, which provides coverage for employees for work-related injuries and illnesses.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Appliance Repair And Service Business Insurance Wisconsin quote in Allouez, Appleton, Ashwaubenon, Baraboo, Beaver Dam, Bellevue, Beloit, Brookfield, Brown Deer, Burlington, Caledonia, Cedarburg, Chippewa Falls, Cudahy, De Pere, DeForest, Eau Claire, Elkhorn, Fitchburg, Fond du Lac, Fort Atkinson, Fox Crossing, Franklin, Germantown, Glendale, Grafton, Green Bay, Greendale, Greenfield, Harrison, Hartford, Hartland, Holmen, Howard, Hudson, Janesville, Kaukauna, Kenosha, La Crosse, Little Chute, Madison, Manitowoc, Marinette, Marshfield, Menasha, Menomonee Falls, Menomonie, Mequon, Merrill, Middleton, Milwaukee, Monroe, Mount Pleasant, Muskego, Neenah, New Berlin, Oak Creek, Oconomowoc, Onalaska, Oregon, Oshkosh, Pewaukee, Platteville, Pleasant Prairie, Plover, Port Washington, Portage, Racine, Reedsburg, Richfield, River Falls, Shawano, Sheboygan, Shorewood, South Milwaukee, Sparta, St. Francis, Stevens Point, Stoughton, Sturgeon Bay, Suamico, Sun Prairie, Superior, Sussex, Tomah, Two Rivers, Verona, Watertown, Waukesha, Waunakee, Waupun, Wausau, Wauwatosa, West Allis, West Bend, Weston, Whitefish Bay, Whitewater, Wisconsin Rapids and all other cities in WI - The Badger State.
Also learn about Wisconsin small business insurance requirements for general liability, business property, commercial auto & workers compensation including WI business insurance costs. Call us (608) 676-0031.