Locksmiths

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Running a locksmith business involves much more than simply unlocking doors and making replacement keys. Your real specialization is in security, and you're tasked with remaining focused on meeting each home and business owner’s unique needs. Your line of work is very distinctive, and the types of risks you may be exposed to on a regular basis can be wide-ranging. With bespoke locksmith insurance solutions through AmTrust, you could be positioned to handle the challenges you face in your line of work while maintaining business protection.


Insurance for Locksmiths

Since you operate your unique locksmith business your own specific way, your insurance needs might be slightly different than another locksmith's needs. Generally, locksmiths rely on the following coverage:


Workers’ Compensation for Locksmiths

Workers' compensation is a no-fault insurance policy that can provide coverage for employee-related workplace accidents, illnesses and injuries. Most states require all business owners who have employees to carry this coverage. Even if you live in a state that doesn't require you to carry the policy, obtaining coverage may be well worth your consideration. If an incident occurs, workers' comp could help to pay for the costs of hospitalization, partial lost wages, medical bills, pharmaceutical drug prescriptions and more, instead of paying for all the expenses completely out-of-pocket. In addition to helping cover costs, a workers’ comp policy may also prohibit an employee from suing your business for damages.


What Does a Businessowners Policy Cover?

A businessowners policy (BOP) can cover your locksmith business in multiple ways. This type of policy combines the features of:
  • General Liability Insurance: With general liability coverage, you can get protection from third-party claims of property damage, bodily injury, advertising injury and more. For example, if you're installing a new electronic safe for a customer and accidentally cause damage to his or her property in the process, you could receive help paying for legal fees, judgements, or settlements.
  • Commercial Property Insurance: If your business' property or inventory becomes damaged because of fire, vandalism, theft or another covered unexpected event, commercial property insurance could help you cover the costs of repairs or replacements.
  • Loss of Income Insurance: You may not be able to prepare yourself for a sudden disaster. If you're forced to temporarily close your business due to extensive property damage or a data breach, loss of income insurance could help you regain some of your money.


Do I Need Commercial Auto Insurance for my Locksmith Business?

Most states require locksmiths who own, lease or operate vehicles to carry commercial auto insurance. If your locksmith business is relatively small and you use your personal vehicle at times for work-related purposes, you might not be covered by your standard auto insurance policy if an accident happens. A commercial auto policy can help you pay for medical expenses, property damage and legal fees related to liability claims if you're involved in a collision.


Cyber Liability for Locksmiths

Any time you conduct a business transaction online, the potential for a hacker to steal you or your customers' information is always present. Since your business as a locksmith is centered on ensuring your customers' security and safety, you can't afford to deal with the aftermath of a cyberattack or data breach. Cyber liability insurance can help you recover financially if your business is breached or if a customer’s credit card information is stolen.

How To Get Locksmith Insurance

At AmTrust, our goal is to help you secure your business and meet your high standards. With the bespoke locksmith insurance solutions we produce, you can have confidence you're protected financially if a problem develops. To learn more about workers' compensation coverage for locksmiths and other top-rated insurance products that are available through AmTrust, contact us today.
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