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Comprehensive Locksmith Insurance to protect you from lawsuits, property damage, worker injuries, & much more.
As a locksmith, your clients trust you to help pick locks if they get locked out, or to repair damaged locks. However, if your locksmith work ends up damaging their property, clients can demand expensive compensation from you. Locksmith injuries while travelling to and from worksites are also common.
With Provide, you can get a comprehensive business insurance policy to protect your locksmith business. Get covered online right now, in just minutes.
What does Locksmith Insurance cover?
|Coverage||Explanation||Importance for locksmiths|
|Professional Indemnity Insurance||Protects you from lawsuits related to locksmithing advice||Critical|
|Commercial Property Insurance||Protects your business premises (e.g. locksmithing shop) against property damage, e.g. fire, explosions, certain types of water damage, etc.||Critical if you have a shop space|
|Public Liability Insurance|
Protects you against liability to third-parties for property damage or injuries.
E.g. you accidentally injuring someone while breaking open a door for a client.
|Good to have|
|Work Injury Compensation Insurance (WICA Insurance)||Protects your employees if they suffer work-related injuries/sickness.||Legally required for all manual workers (e.g. locksmiths), or workers who earn <$2,600/month|
|Business Interruption Insurance||Provides cash benefit if you cannot operate your locksmith business due to covered reasons, e.g. fire at your office.||Good to have|
What are some claims examples for locksmiths?
You injure someone else while breaking open a lock: While trying to break open a lock, you accidentally injure your client who was standing next to you. Your client suffers a deep gash to his head. He files a personal injury claim against your company, claiming his injury was caused by your negligence. You have a Public Liability Insurance policy, so the insurance company covers the costs of this legal claim. The lawsuit is settled for $25,000, and this cost is borne by the insurer.
Employee injured at work: One of your employees was crafting a new key for a customer. While using the key cutting machine, your employee suffered a large cut. He had to admit himself to the A&E (Accident & Emergency) department in a hospital. His medical bill wound up being $7,000. Under Singapore’s WICA laws, you are legally obligated to compensate your employee for his medical bills and lost wages while on medical leave. If you don’t do this, you can be jailed and/or fined. Since you have WICA Insurance, the insurance company will protect you by paying for your worker’s medical costs and his lost wages.
How much does Locksmith Insurance cost?
|Coverage||Coverage amount (example)||Premium|
|Professional Indemnity Insurance||$100,000||From $42/month|
|Commercial Property Insurance||$100,000||From $19/month, for a comprehensive Locksmith Insurance Package deal|
|Public Liability Insurance||$500,000|
|Work Injury Compensation Insurance (WICA Insurance)|
$10 million common law annual limit
$45,000 medical expenses cover per worker
|Business Interruption Insurance||$10,000|
How much coverage do I need for my locksmith business?
Professional Indemnity Insurance: At least $1 million coverage.
Commercial Property Insurance: Your coverage amount should be sufficient to cover the costs of restoring your entire office premises, if it were to be destroyed. Combine the costs of all your renovations, equipment, and belongings stored there. It’s advisable to consider a bare minimum of $100,000.
Public Liability Insurance: Consider a minimum of $250,000 coverage.
Work Injury Compensation Insurance: You should insure 100% of your workforce. MOM requires a minimum of $45,000 medical expenses cover, per worker.
Why use Provide for Locksmith Insurance?
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