As a computer repair business, you and your technicians are under constant pressure to know how to repair computer and electronics made by different manufacturers involving ever-changing products and technologies from clients who need the repairs done and their devices back yesterday. Even without the pressure, mistakes happen to the best of us and mistakes involving sensitive data and expensive equipment can be costly. There’s also the risk that you or the technicians in your computer repair business accidentally cause property damage while on a repair call. With the right computer repair business insurance coverage, you can rest a little easier knowing that an accident or natural disaster won’t crash your business.
Computer Repair Business Insurance – The Basics
As a service business, the repairs you perform are relied upon by your clients, often for them to use their laptops and other devices in their own work. This puts you on the hook for any losses in productivity or damages that a single mistake can cause. If any of those losses cause a client to pursue legal action against you, the costs just to defend the lawsuit can pile up quickly.
Which is why insurance for computer repair businesses will include Professional Liability / Errors and Omissions Insurance. It can cover the losses sustained by a client and also provide coverage for legal fees including:
- Lawyer’s fees and defence costs
- Lost revenues your computer repair business could suffer while you are in court
- Costs to settle a lawsuit
- Money awarded by the court as part of a judgement against you
Remember that lawsuits don’t have to be proven against you or have any merit for them to cost you and your computer repair business money and headaches. Business insurance protects you and your business in case of mistakes, both real and imagined.
Professional liability is just one aspect of the risks to your computer repair business faces. More information on other sources of potential losses and protection from them is in the next section.
Other Coverages That Can be Added to Your Computer Repair Business Insurance Plan
Running any type of business means financial risks and potential liabilities. These are some of the coverages that can be included in your business insurance plan to help protect your business from risks. Coverages, and the package itself, can be customized to meet the specific needs of your unique shop.
Commercial General Liability Insurance This is standard coverage for all businesses and provides your computer repair business with coverage for legal costs in case of lawsuits claiming personal injury or property damage either at your place of business or while you are on-site completing repairs at a client’s residence or office. It also provides coverage for legal claims of libel and false advertising.
Product Liability Insurance If your computer repair business also sells electronics and accessories you may want to include this coverage in case the products you sell end up causing harm to consumers or their customers property. This coverage can also apply to parts installed in the devices you’ve repaired.
Property Insurance Think of the losses you would be responsible for if your computer repair business fell victim to fire, flooding, break-in or sewage backup. Not only does your computer repair business contain high-priced inventory and equipment, but you also likely have care and control of your clients’ devices on your property as well. Property insurance can protect the building and contents of your computer repair business. It may also be needed if you run your computer repair business from home.
Cyber Liability & Privacy Insurance For computer and electronics repair businesses, this is an important coverage. Cyber liability cover can protect against the costs of a breach including third-party losses, costs to repair systems and data and notification costs.
Crime Insurance / Fidelity Insurance This coverage can protect your computer repair business from employee theft, fraud and dishonesty which is important given the access your employees have to valuable products and information.
Commercial Auto Insurance / Commercial Vehicle Insurance Your personal auto insurance may not cover vehicles used in the course of business.
Get ALIGNED With Comprehensive Computer Repair Business Insurance Brokered by A Commercial Insurance Specialist
Let the commercial insurance specialists ALIGNED be your advocate to get you exactly the coverage you need at rates you can afford. Contact an ALIGNED advocate to discuss insurance for your computer repair business or use our online tool to get a quote in minutes.
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