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Locksmith Insurance
Keep your locksmith business safe with customized protection
This coverage provided and serviced by affiliated and third-party insurers.. Read more
Tailored small business insurance for locksmiths
Locksmiths are key to keeping people and property safe, and that responsibility deserves the right protection. Locksmith insurance supports your business and customers, so you can work with confidence. It also helps you keep doing what you do best: getting people back inside, back on track, and back to feeling secure.
At Progressive Commercial, we have policies tailored to meet the unique needs of locksmith professionals. Call us or start an online quote today to learn how we can help you lock in the coverage you need.
What is locksmith insurance?
Locksmith insurance is business insurance built to defend against the most common risks locksmiths face. Depending on your needs and the type of work you do, your personalized policy could cover workplace injuries, accidental damage to client property, equipment theft, and even lawsuits resulting from services you've provided.
Why insurance for locksmiths is important
No matter how careful you are, mistakes and accidents happen. And when customers count on you for their security, being prepared shows that you're a professional who's committed to their protection. That's why it's so important for locksmiths to carry insurance.
Having locksmiths insurance helps minimize the financial cost of mistakes and accidents, protecting both you and your customers. For example, imagine you're helping someone who's locked out of their house. While getting the lock open, you accidentally damage the door. Insurance could help pay for repairs, so you don't have to cover the cost alone.
Likewise, if a customer experiences a theft and believes a lock you installed might not have worked correctly, the right coverage can help you address the claim and pay to defend yourself and your reputation.
Locksmith insurance can also help you grow your business. Many contracts, especially for large clients, require you to carry insurance as a condition of hire. With a certificate of insurance (COI), you can show that you have the coverage you need to make a bid or accept work.
Who needs locksmith insurance?
Locksmith insurance coverage can be a good fit for a variety of businesses and professionals, such as:
- Residential and commercial locksmiths
- Automotive locksmiths
- Emergency lockout services
- Mobile locksmith services
- Security system installers
- Safe and vault professionals
- Keycard systems companies
- Hardware stores with key services
Whether your business is set up as an LLC, a sole proprietorship, or a startup, locksmith insurance is an important investment. Our in-house agents can help you get the coverage you need no matter how you're structured.
Types of insurance for locksmiths
Because every job is different, locksmiths often carry a mix of insurance coverages to stay protected. These are some of the most common types of insurance for locksmiths.
General liability (GL)
Protects you when accidents affect others
General liability (GL)
Protects you when accidents affect others
General liability insurance can pay for harm you cause others. It covers both medical bills and property damage after an accident you're responsible for. It also guards against claims of slander, libel, and copyright infringement. Learn about other benefits of GL and how much general liability insurance costs.
Example: A customer slips in your shop, or you damage a doorframe while installing hardware for a new lock. Locksmith liability insurance can pay for medical bills from a slip-and-fall injury or pay to repair the customer's door.
Business owners policy (BOP)
Streamlined liability and property coverage for businesses
Business owners policy (BOP)
Streamlined liability and property coverage for businesses
A business owners policy combines liability and commercial property coverage into one flexible policy. With a BOP, you get protection for your business assets along with coverage for common liability risks.
Example: A building fire damages your store's inventory. Commercial property coverage can pay to repair your business premises and replace your materials and supplies, such as computers, furniture, rekeying and pinning kits, keys, deadbolts, and more.
Commercial auto
Protection for the vehicles your company counts on
Commercial auto
Protection for the vehicles your company counts on
Locksmiths often travel to install, repair, or change locks at homes and businesses. If you use a company vehicle to get around, you'll probably need commercial auto insurance. State requirements for auto coverage vary, but many businesses select additional commercial auto coverages for extra protection that better fits their needs.
Example: You're headed to a job when you get into a car accident. Your standard auto liability insurance would pay for damage to the other vehicle, while optional coverages like collision could help pay to repair your own.
Workers' compensation
Legally required coverage for employees
Workers' compensation
Legally required coverage for employees
Workers' compensation insurance is required by law for most businesses with employees. It can help pay medical bills, lost wages, and other expenses if an employee gets injured on the job. The cost of workers' comp depends on the size of your staff, the type of work they do, and where you're located. See your state's requirements for workers' comp.
Example: You operate a large locksmith company with many locations and a central warehouse for inventory. One of your warehouse employees is injured by falling boxes. Workers' compensation insurance could help pay for their medical bills and lost wages.
Professional liability
Protection against lawsuits for professionals
Professional liability
Protection against lawsuits for professionals
Professional liability insurance is a specialized insurance for businesses that perform services or give advice. It protects you when a customer claims you made a mistake or were negligent in your work.
Example: You provide a master key system for an apartment complex, but a clerical mistake causes delays in getting units rekeyed. The apartment complex claims this mistake lost them time and money. Professional liability insurance could cover legal fees, court costs, settlements, and other related expenses.
Cyber
Insurance for digital risks
Cyber
Insurance for digital risks
Cyber insurance is a good idea for companies that regularly process or store sensitive information, like customer credit cards and addresses. This coverage protects you against costs associated with data breaches and other cyber attacks.
Example: Your credit card processing system is hacked, compromising your customers' data. Cyber insurance can help pay for data recovery, investigation into the attack, and other services related to securing your customers' information and restoring trust.
Tools and equipment coverage for locksmiths
Commercial property insurance only protects your tools and equipment when they're at your place of business. When you work on-site, you need tools and equipment insurance to replace or repair gear that gets lost, damaged, or stolen. You can add this coverage to your BOP.
How much does locksmith insurance cost?
The cost of business insurance is unique to each profession and the risks it faces. When you get a new policy, your provider will determine your premium based on factors like:
- Years in business
- Revenue and payroll
- Number of employees
- Equipment value
- Location
- Claims history
- Coverage choices
- Insurance limits
If you need commercial auto insurance, that rate is calculated separately. You may be able to lower your commercial auto cost with discounts, including a multi-product discount if you carry a BOP or general liability policy along with Progressive Commercial auto coverage.
Keep in mind, the easiest way to understand what you'll pay is to get a personalized quote. That way, you can see your exact rate before you buy.
Locksmith insurance through Progressive Commercial
We've been insuring small businesses like yours for over 50 years. Our knowledgeable agents and flexible coverages make it easy to customize a policy that aligns with your priorities.
And if you need to make a claim, our team of experts makes the process quick and easy so you can get back to unlocking solutions for your customers.
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