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By Michail Shterev

It is important to choose locksmiths who have special locksmith insurance, because of the obvious reason that your property can be damaged while they are performing their job, and repair work or replacement of the damaged parts may cost quite a lot, if there is no insurance coverage for them. 

Locksmith insurances usually include public liability insurance policies, which cover third party liabilities, including injury or damage of property which can occur during the performance of locksmith services.

Locks and Locksmith

Because locksmiths work with the property of private and business clients, and their work involves a risk of incurring damages to the property, the importance of being insured with a specialized locksmith insurance policy for them is crucial.  As well as the physical damage which can occur on the spot, there is also a security risk involved for any possible future break-ins in the property, which can also bring upon serious legal problems for the locksmith.  This is another reason for the licensed and reputable locksmiths to be insured for public liability claims, which will cover legal costs, and other related costs.  This is beneficial both to the customers and the locksmiths.

Locksmith company owners are legally required to have employer’s liability insurance as well.  Not only because of legal regulations are locksmiths advised to buy insurance to protect their property, their employees and their reputation as well.

A good idea, when looking for a trustworthy and qualified locksmith, is to do your own research in advance, ask for references and opinions of your friends and people you trust.  Also, check if the locksmith is licensed, insured and bonded.  This is crucial, in order to be sure that the job will be done properly, and that in case some damage occurs during the work done by the locksmith, the insurance policy will cover the costs for the damages done.

Locksmith

The types of locksmith insurance policies vary based on the specific work and level of risk involved, but some of the common ones include:

General liability

This is the basic locksmith insurance, which all people in the business should have.  It covers damages, resulting from the work performed and the products used, as well as injuries occurring during work, or any property damages which may occur while providing locksmith services.

Some general liability policies cover any losses incurred for extra work following the completion of the locksmith job. Also, they can cover for personal injury, including damage to the reputation and rights of the locksmith plus advertising damage, which can occur as a result of a slanderous ad by a competitor, for example.

Inland marine locksmith insurance

This type of insurance will cover any equipment and tools used by a locksmith, in case they are damaged while performing a job, lost or stolen while working or while being transported. This is a great coverage, which locksmiths, especially those working with very expensive tools should keep in mind.

Business property locksmith insurance

For commercial locksmiths who work at an office, it is important to get business property insurance coverage to pay for any damages which may occur resulting from unexpected event, including natural disasters, fire, vandalism, etc.

Car insurance

Most of the locksmiths rely on their vans or vehicles to get to the client and to carry their tools and equipment with them.  This is why getting the appropriate business car insurance policy is very important too.  It will cover the costs for any accidents, repair of the vehicle, replacement of any equipment damaged in it, theft, injuries or vandalism.

In many cases, the clients require to see proof of insurance when hiring a locksmith, especially when it comes to larger projects.  Either the private, the commercial client or the local government may have specific requirements for a proper insurance to be acquired or available before hiring a locksmith for a job.