Like any other business insurance, the main reasons for ensuring your Equipment Repair and Maintenance Service is to protect you and the business itself. This field specializes in maintaining heavy and precision equipment.
It involves highly technical employees that are skilled in repairing and providing quality service to these types of equipment. Your clients have invested in these assets that they seek your professional services to maintain the upkeep of these machines.
Dentists or diagnostic clinics rely on their imaging equipment to serve their clients, so when it bogs down they don’t just replace it right away. Because it’s too expensive, they’d first want to consult if it can be fixed. Additionally, they pay good money to keep them in running condition.
So what’s so important about being insured? Apart from being mandated by many states, there are other motivations why you should be insured. Your employees and their special set of skills are one of the reasons why having insurance is important. Secondly, you will be directly working with machines and with clients in an environment that won’t always be under your control.
There are a lot of things that could go wrong with that scenario. That is why whether you’re working alone or have a team, it’s important to ensure that your business is protected from accidents and claims.
Here’s why you need insurance for this business?
1. Protection from injuries
Since you will be working with machines, there will be a higher risk of getting injured in your workplace. If you’re going to carry the costs to these accidents, it will potentially drain your accounts and will leave you bankrupt. If you’re working as a single contractor, you’re likely to have your savings tied to your business. Heavy costs will not only affect your business but also your personal funds with which you and your family rely on.
2. Protection from Lawsuits
If a disgruntled or an unsatisfied client will sue you alleging shoddy repair, then the business will face the risk of legal costs. If you pay the legal fees alone, it will deplete your savings as long as the case is still in progress. Having insurance to pay for legal assistance will not only save you money but will also save you headaches in navigating the legal process.
3. Coverage for Employees
This is very important since you will be relying on the expertise of your team in your business. You will likely have highly-skilled employees do the repairs and maintenance of specialty machines. So one way of protecting them and attracting qualified manpower is to provide insurance. It’s not your legal obligation, but it also shows that you value your people and those around you that help you grow your business.
This insurance will give you peace of mind that you will be guaranteed payment if there are complications at work. This will help you focus on the important things like making your business grow and improve on your current process. With really no way to know what the future brings, your insurance will make sure that your business will continue even when hard times hit you.