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Locksmith Insurance

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Unlock Business Protection with Custom Locksmith Liability Insurance

You’re there for your customers when they’re locked out and in a tight spot, and your expertise ensures that new locks are installed correctly. Your precision helps your community stay safe, but is anyone looking out for your business?

Business insurance can help you through your worst days, and coverage can hold the key to sustaining your locksmith service for years to come.

Your work matters, and Simply Business is here to help.

Simply Business in an online insurance platform that helps small business owners like you to find custom coverage. You won’t find one-size-fits-all plans here — our simple quote process helps narrow down policies for you. By answering a few questions about your business we can tell you what types of insurance you may need, including the policies that your state may legally require.

The best part is that it takes only a few minutes to start comparing quotes from the nation’s most trusted insurers.

Ready to get started?

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Need more detail? Read our FAQs:

Coverage Type

Business Insurance Policies Available for Locksmiths:

  • General liability insurance
  • Workers compensation insurance

Benefits:

  • It can protect your business from certain claims.
  • It can cover damages caused by your negligence.
  • Proof of insurance can help clients feel good about your work.
  • It may be required where you’re located.

A locksmith picks a commercial door

What Type of Insurance Do Locksmiths Need?

While you spend your days working with pins and plates, we focus on policies and premiums. Together we can install locks and lock in business protection. If studying insurance isn’t your passion, then you’re in luck. You don’t have to be an expert to start exploring locksmith insurance options. We’ll break down the two types of policies you may need, as well as what they usually cover.

General Liability Insurance

If you’re looking for a multi-talented insurance policy that covers a variety of scenarios, then general liability insurance is right for you. This type of policy, also called locksmith liability insurance, typically covers costs associated with third-party accidents, property damages, and bodily injury to a third party (e.g., a customer or vendor).

Any time you’re working with a customer’s property, there’s a chance you could have a costly accident.

For example, imagine you’re on a job site installing locks on new doors. You didn’t sleep well last night, so your mind wanders as you work. As a result, you cut the hole for a lock a bit too large, and the door ends up being unusable.

Naturally, your customer may be upset. At the very least, they may ask you to cover the cost of the incident. Then they may take it a step further and sue you for damages to the door, as well as the setback you may have caused the project.

Without insurance, these costs could come out of your pocket. Even if the damages are minimal, that’s money you’d rather have for your employees, marketing, or business savings. If you get sued, you’ll also be looking at legal fees.

If you found yourself in this scenario and you had locksmith liability insurance, things could be easier. The average customer injury or damage claim is a whopping $30,000, but your policy could cover the costs of damages or legal fees up to your policy limit.

Rather than worrying about what could happen if you make a small slip, you can cover your business and gain peace of mind.

To recap, here’s what general liability insurance usually can cover:

  • Bodily injury to another person
  • Third-party property damage
  • Personal and advertising injury
  • Medical expenses
  • And more

Now check out what general liability insurance usually doesn’t cover:

  • Damage to your own property
  • Professional services
  • Workers compensation or injury to your employees
  • Damage to your work
  • Motor vehicles while in business use
  • Expected or intentional injury or damage
  • And more

Workers Compensation Insurance

If you’ve grown your business to a point where you need employees, congratulations! Building a locksmith business is no small feat. With extra team members comes additional responsibility, though. While not every state requires you to carry general liability insurance, most states require workers compensation insurance if you have employees.

If you’re not sure whether you’ll need coverage for your employees, you can check your state’s laws here. Or simply complete the free quote process to get personalized recommendations to consider based on your location.

How can workers comp protect your locksmith business? This type of policy can cover costs associated with an employee’s injury or illness while they’re working for you. The average work injury cost is $41,000, which means that having coverage could save you a considerable amount in case of an accident.

To review, workers compensation insurance can cover:

  • Medical payments
  • Lost wages
  • Rehabilitation expenses
  • Death benefits

A locksmith uses a drill to install a lock

Why Should I Get Locksmith Insurance?

Nobody plans on facing an accident or injury, and some companies may never encounter a lawsuit. However, for the 43% of small business owners polled who reported being threatened with or involved in a civil lawsuit, a single accident could potentially be career-ending.

How much cash do you have set aside to pay for damages? If you’re not willing to fork over thousands of dollars and many hours resolving a lawsuit, it’s much easier to get insured. Just take a look at the most common incidents that can befall small business owners, including how much they cost on average:

  • Reputational Harm — $50,000
  • Client Injury or Damage — $30,000
  • Client Slip and Fall — $20,000

To err is human, though, and accidents can happen to anyone, but you shouldn’t have to face potentially closing your business because of one slip. Having locksmith liability insurance could keep you afloat if you find yourself in the middle of a damages claim. By making a small financial commitment each month with your policy premium, you buy yourself peace of mind that you’ll have someone on your side on the tough days.

The importance of business insurance isn’t all about the “doom and gloom,” though. When you get covered with Simply Business, you can request a certificate of insurance (COI). This proof of coverage can help you rent office space or earn the trust of potential customers and employees.

When it comes to protecting what you’ve built, a small amount of effort can pay off tenfold. Here at Simply Business, we make getting insured easy so that you can have a serious impact on your business, without putting in a great amount of work.

Question marks

Locksmith Insurance FAQs

  • Each state sets its own laws about business insurance, including locksmith liability coverage. This means that you may or may not need to carry a policy to operate in your state. However, we always recommend general liability insurance. Additionally, some landlords may require insurance coverage if you want to rent business space.

    States also set workers comp laws, so in most cases, you will need coverage if you have employees. You don’t have to worry about the details of your state laws, since our quote process automatically considers your location when calculating your insurance options.

  • Are you looking for a tax break from your proactive business measures? The good news is that, generally, you can typically deduct business insurance premiums from your income tax filings. We always recommend talking to an accountant if you have questions about your specific business expenses.

  • We don’t believe in one-size-fits-all insurance, so each locksmith insurance policy is customized for you. The amount of coverage your business needs depends on:

    • The size of your business
    • Your business location
    • Your annual revenue and payroll
    • And more

    If you’re not sure what you need, our quote form recommends insurance plans for you, based on your answers.

    If you have additional questions, our licensed insurance agents are available and will be happy to assist you!

  • Getting and comparing quotes is free, so you’ll be able to compare policies until you find one you’re comfortable with. If you’re ready to receive your free quotes, you can speed up the process by having the following info:

    • Annual revenue estimates
    • Payroll estimates
    • Information on any previous claims
  • Yes, business insurance requirements vary between states. You may or may not be legally required to have locksmith insurance, but we recommend considering it. In most cases, your state will require workers comp coverage when you have part-time or full-time employees.

    Luckily, you don’t necessarily need to read up on your state’s laws to get started. Our quote process was created to recommend the coverage you need based on answers and where you’re located.

    If you still have questions about insurance in your state, our licensed insurance agents are happy to help.

  • The scenarios your business is covered in depend on the type of policies you choose. If you select a locksmith insurance bundle that includes general liability and workers comp, it could cover:

    • Bodily injury
    • Accidents and damages
    • Employee injuries
    • Negligence or alleged negligence
    • And more
  • It’s understandable that business owners want to know what costs they can expect for insurance. We can’t give an exact price here, though, since your locksmith insurance policy is tailored to your needs. Generally, your insurance premiums are based on:

    • Payroll and revenue estimates
    • The location of your business
    • The specific services you offer
    • And more

    Want to see how much your locksmith insurance may cost? Just click here to get free quotes from some of the top insurers in the country.

A locksmith opens a car door

Why Choose Simply Business?

Your work with locks helps your customers keep what’s important to them safe. Now, you can let Simply Business offer that same helping hand. Something as important as your business deserves to be protected so that you can keep growing your company.

We understand that considering locksmith insurance can be overwhelming. After all, you’re faced with a bunch of choices — not to mention the unknowns about what insurance can cover or what it will cost. Your time is valuable, so we make the quote process as quick and easy as possible.

Simply Business is an online insurance platform that helps small business owners like you protect what you’ve created. We’re also one of the fastest-growing online providers of small business insurance, with thousands of customers trusting us to protect their growing businesses.

So why choose Simply Business?

  • We’re fast and affordable. Your family and customers need your attention, so we try to keep the insurance process quick. It’s easy to find and compare plans that are customized to your business — all in under 10 minutes.

  • We’re flexible with coverage. We’re here to help as your business needs evolve. From your first certificate of insurance to a new employee and beyond, we can help you find the level of coverage you need.

  • We get your business. You deserve better than cookie-cutter insurance plans. We help you find personalized locksmith insurance that fits your business.

Protecting your business before you have an accident is key to weatherproofing your company. That’s why we offer the best coverage to protect your business.

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This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business, Inc. is a licensed insurance producer in all U.S. States and the District of Columbia. Simply Business has its registered office at Simply Business, 1 Beacon Street, 15th Floor, Boston, MA, 02108. In the state of California, we operate under the name Simply Business Insurance Agency, Inc., License #0M20593. In the state of New York we operate under the name Simply Business Insurance Agency. In the state of Texas we operate under the name, U.S. Simply Business, Inc. For more information, please refer to our Privacy Policy and Terms & Conditions.