Locksmith Insurance: Cost & Quotes From $11/mo

As a locksmith,you are the go-to professional when homeowners and business owners mistakenly lock their keys in their properties.  Locksmith services don’t go as always planned, and instead of your client breathing a sigh of relief, they might shift the blame for their mistakes to you. 

Consider purchasing tailored locksmith insurance coverage when managing or starting a car locksmith or home locksmith business. This  policy protects your business from financial losses resulting from lawsuits that clients file against your company due to damaged property and bodily injuries. 

Locksmith Liability Insurance

Businesses are exposed to many risks. Locksmith liability insurance is a critical business insurance policy, regardless of industry. This business insurance policy protects your locksmith service business from third-party risks, such as a client tripping over your toolbox and dislocating their wrist. 

 Most insurance carriers offer general liability coverage to protect locksmiths from the following risks:

  • Third-party bodily injury – Should you unintentionally injure your client or another person, they might hold you responsible for their injury and medical bills
  • Third-party property damage – As a locksmith, you work on clients’ premises. If you damage the lock or the door hinges from the frequent tweaking of the mechanism,  they could demand that you pay for the repair or replacement costs

 

You can add optional policies so that general liability insurance provides more comprehensive protection.  These optional policies are:

  • Advertising injury coverage
  • Rented premises liability coverage
  • Products and completed operations coverage

 

The locksmith service you completed might have caused personal injuries or property damage. Products and completed operations coverage takes care of this eventuality. In a nutshell, you can use this insurance to pay for defense costs and settlements if ever a past client sues for personal injuries and property damage. 

 

Locksmith Public Liability Insurance vs Locksmith General Liability Insurance 

 

General liability insurance and professional liability insurance don’t differ a lot in terms of what’s covered. Both will take care of personal injury claims and property damage claims against your business.  

But the difference lies in comprehensiveness. Of the two, general liability is the more comprehensive; public liability, the least comprehensive. Remember that general liability insurance can be added with optional policies for added protection. This is a feature that public liability insurance doesn’t have.

 

Besides general liability coverage, the following are other insurance policies that locksmiths should have.

 

Commercial Property Insurance

Keeping track of your business’s tangible assets is essential – your business building, equipment and tools, computer systems, and other valuables. And so, aside from liability policies, you should also invest in commercial property insurance. 

 If fire or extreme weather destroys your business’s commercial space, commercial property insurance covers reconstruction expenses.  Commercial property insurance doesn’t only take care of your locksmith business’s building. 

Workers’ Compensation Insurance

Most states require locksmith businesses with employees to have workers’ compensation insurance. If a member of your team gets injured while on the job, workers’ compensation insurance covers their emergency treatment, hospitalization, and rehabilitation.  

Furthermore, if the injury incapacitates them from returning to work right away, the insurance provides employee benefits to cover lost income. 

 

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 Contractor’s Equipment and Tools Insurance

Equipment and tools coverage covers your locksmith equipment that incurred damage on-site or off-site. 

The coverage pays for the replacement and repairs of your work tools if they get damaged or stolen. It also offers reimbursement for rental equipment as you await the settlement of your insurance claim. 

 

Locksmith Insurance Cost

Locksmith insurance coverage costs vary from business to business. But expect to pay $63 per month or $756 per year for professional indemnity insurance. Your premium depends on the provider you choose, as well as other variables that include:

  • Business location
  • Crew size
  • Your chosen coverage limit and deductible
  • Business assets and equipment 
  • Types of insurance policies you purchase
  • Business income
  • Term duration

Rank and Review Insurance Companies

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Best Locksmith Insurance Companies 

 

CoverWallet 

 CoverWallet locksmith insurance coverage comes in four types – general liability only, general liability and commercial property insurance, business owner’s policy with workers compensation insurance, and a custom plan.

Use CoverWallet’s online quotes comparison platform to look at the offers of other companies that cover locksmiths. you can pay premiums, manage policies, and get a certificate of insurance online. 

Average cost: $60.87 per month

Our rating: 10/10

Pros

  • Cancel a policy anytime
  • A partner of reputable insurance companies
  • Get general liability insurance having products and completed operations coverage
  • Decide yourself what insurance to get through a custom plan

Cons

  • Not an insurance company but an insurance broker

 

 

Thimble

Thimble is an online insurance broker founded in 2015 and headquartered in New York. 

Thimble provides a wide range of locksmith insurance coverage policies, including general liability, commercial property insurance, E&O, BOP, workers’ compensation, and inland marine insurance.

Average cost: $64.12 per month

Our rating: 8/10 

Pros

  • Free and fast online insurance quotes
  • Provides hourly, daily, or monthly coverage
  • Free insurance certificates

Cons

  • Clients can only get file a claim and contact customer support online

 

USAA Lock Smith Insurance

For those working in the military and their families, USAA offers them reasonable insurance cost. However, USAA does not advertise or promote locksmith insurance coverage as a part of their offerings as well.

 

Pros

  • USAA members do enjoy some competitive rates.
  • The customer care is superb.
  • There are fewer complaints registered.

Cons

  • The membership enrollment is rigid.
  • There are fewer options available when compared to other market competitors.

Rating; 7/10

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Progressive Locksmith Insurance

Though Progressive is popular in writing commercial insurance that can cover locksmith services, they do not offer locksmith insurance as such.

Pros 

  • There are specific lines of insurance that come at a discounted rate.
  • There are various types of discounts available.
  • A M Best has rated them as A+ for their financial strength.

Cons:

  • Customer service is mediocre and can use some work.
  • There are few renters and homeowners insurance options to choose from.

Rating; 8/10

 

Allstate Locksmith Insurance

Allstate provides a wide range of insurance services but does not seem to specialize in a locksmith insurance. However, a locksmith company can always buy one of the available Commercial insurance options.

Pros:

  • Home insurance costs are cheaper than the average cost of the country.
  • Great savings for those who have multiple policies through one insurer.
  • Few complaints with insurers in regard to home insurance.

Cons:

  • Full coverage for car insurance is rather costly.
  • The average customer ratings with regards to satisfaction are a bit lower than expected.

Rating: 3.9 out of 5

Geico Locksmith Insurance

Geico is more known for providing personal auto insurance although there are some commercial options as well. However, particular locksmith insurance products seem not to be presented much.

Pros:

  • Reasonably priced premiums for teenage drivers.
  • Various options for discounts.
  • A++ rating in financial strength by AM Best.

Cons:

  • Additional coverages are limited in what can be chosen.
  • Customer service rating is lower than the average and closer to poor than good.

Rating: 3.7 out of 5.

 

 

 

 

 

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