Common Risks for Computer Repair and Installation Professionals
To protect your business from the high cost of lawsuits, you first need to understand your risks. If your job primarily involves installing and repairing client computers, you could be responsible for:
- Damage to client property. Working on client computers is the basis for your entire business, so there's always the risk that you might break something. A General Liability Insurance policy can help pay for the damage if you do. If you frequently store client property at your office, you might also want to add "Bailee's Coverage" to your policy. That way if your office is robbed or damaged, your clients' property is covered. A Business Owner's Policy can protect your own business equipment.
- Technical issues. Okay, that's what clients pay you to fix, but what if something is simply beyond repair and they think it's your fault? Or the antivirus software you installed didn't work and you client loses all their data? If a client sues you over a perceived work mistake, Errors and Omissions Insurance (E&O) can help pick up the tab.
- Stolen data. Let's say your computers are hacked and your customers' credit card information is exposed. Cyber Liability Insurance can often cover the cleanup costs.
- An injured employee. Say an employee gets zapped while installing a computer at a client's office. Your business is responsible for their work injuries, and Workers' Compensation Insurance can help cover the costs. If the employee sues you over the injury, the Employer's Liability Insurance portion of the policy can help you out.
- Employee dispute. If you and your employee don't see eye to eye on their termination or wages, Employment Practices Liability Insurance can help out with the legal expenses. If that disagreement stems from a client claiming that your employee stole from them, a Fidelity Bond can help cover the financial fallout.
Resources to Help You Understand Computer Repair Business Insurance
We get it. You're focused on taking care of your clients' computers and running your business. You don't have time to brush up on the ins and outs of the business insurance that can keep your computer repair business safe.
That's why we offer easy-to-digest information so you can find answers fast. We've got an overview of business insurance, sample business insurance quotes, and even tips for nurturing client relationships. For even more pointers on running an IT business, check out our blog.