Appliance Installation Insurance

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From damaging the customer's property to having tools stolen from your company van, unfortunate events do happen, which can financially impact your appliance installation business.

This is why it's important for you to know the risks and take out the necessary insurance policies. Appliance installation insurance can financially cover your business against theft, property damage, bodily injuries, and more.

Why Do Appliance Installation Contractors Need Insurance?

Appliance installation contractors need insurance because they face a lot of risks while on the job. For example, they could accidentally damage someone's property or appliance during installation, which the customer can complain about and seek compensation.

In more unfortunate events, either the contractor or the client can get injured during the installation process, which can result in claims that often lead to legal complications.

In rare cases, appliance installation contractors could get into a road accident on the way to their client, which is an event that would be a whole lot simpler to solve if there is appropriate insurance in place.

In other instances, certain insurance policies are required by law depending on the state that you operate in. Aside from that, many clients will turn away appliance installation contractors who don't have the right insurance policies in place.

Either way, though appliance installation is quite a straightforward job for an experienced contractor, it's important to be protected all steps of the way as accidents do happen.

What Types of Insurance Do Appliance Installation Contractors Need?

There are several types of insurance that appliance installation contractors may need, but this can vary based on your location, business attributes, and goals. Please take a minute to review the recommended insurance coverage for your industry below.

How Much Does Appliance Installation Contractor Insurance Cost?

The cost of appliance installation contractor insurance varies according to the type of insurance that is being purchased. The more coverage, the higher the premium.

For example, an appliance installation contractor that needs tool and equipment protection is likely to pay a higher premium compared to one that just needs general liability insurance for their tools only.

On average:

  • General liability insurance costs under $600 a year
  • Contractor's tools and equipment costs between $100 and $200 dollars per year
  • Worker's compensation can vary between $800 and $2,000 depending on the level of coverage and number of employees
  • Commercial auto insurance is around $1,000 a year depending on the number of company cars insured
  • Professional fee insurance can range from just a few hundred to a few thousand dollars depending on the level of cover you opt-in for

Typical Appliance Installation Contractor Insurance Claims

The average appliance installation contractor makes insurance claims due to damage to the property or to the appliance that is being installed. In other cases, accidents involving staff or the client themselves happen, which also need taking care of.

In rare cases, contractors can enter disputes with clients, which in many cases revolves around money.

Whatever the case might be, it's important that your business is protected on all levels so that you don't need to go through the headaches and the financial struggles of resolving any sudden issue.

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