Maintenance Technician Insurance – Cost and Coverage

Whenever you budget the expenses of your business, Maintenance Technician insurance must be near the top of the list because you can’t always know exactly what can happen in the future.

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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Maintenance Technician enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Maintenance Technician

If your Maintenance Technician business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a final wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions. 

In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Maintenance Technician business?

What this means, for any Maintenance Technician business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Maintenance Technician business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a court can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sort.

When you are running your Maintenance Technician operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.

What does Maintenance Technician insurance protect you from?

For your Maintenance Technician business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Maintenance Technician business owner should consider when negotiating the insurance needed.

The main types of insurance for your Maintenance Technician businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Maintenance Technician business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be ruined.

In such a case, they can sue you for compensation.

General liability insurance policy for your Maintenance Technician business protects you against claims coming from injury to clients or damage to their property.

It protects your Maintenance Technician business from the claims themselves and as well to any associated court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.

The usual level of general liability insurance for your Maintenance Technician business would be with a boundary of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Maintenance Technician insurance operations.

Professional liability insurance for your Maintenance Technician business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Maintenance Technician business for them, you can quickly have to fight a monetary claim.

Even if the case against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Every small Maintenance Technician business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Maintenance Technician insurance section below for average prices of professional liability insurance for your Maintenance Technician operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that the results didn’t meet your description of function, or that your guidance was basically incorrect.

You need to know the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held culpable for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Maintenance Technician

Only you can know exactly how much insurance you must have.

Best advice is to talk to experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Maintenance Technician business

Take care! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The necessary value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Maintenance Technician business needs specific and costly equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Maintenance Technician business running.

It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Maintenance Technician business’ equipment.

Commercial Property insurance

Any Maintenance Technician business that owns or rents space in a building needs a commercial property insurance policy.

If you own the space, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.

Any physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Maintenance Technician business deals in areas of high risk, like Florida or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of Maintenance Technician business premises, there is a need for more additional cover than in warmer climes.

Although the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Maintenance Technician insurance section below to give some indication of the average prices per million dollars of property insurance for your Maintenance Technician business.

Temporary insurance by month, week or day for your Maintenance Technician business

Is your Maintenance Technician business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Maintenance Technician – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having reduced premiums but still having adequate risk cover.

The important feature of short-term insurance is that you purchase the cover for a defined period – a specific date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of larger business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Maintenance Technician business

You have the chance to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Maintenance Technician businesses, such as yours.

There are a few limits that will determine whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle risks.

Also, the size of your business will determine whether you are permitted to take out BOP cover.

The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual sales.

Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Maintenance Technician business employees

In most states, it is mandatory to have workers compensation insurance when your Maintenance Technician business has one or more employees.

Workers compensation insurance covers the enterprise against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you may not obtain your workers compensation obligations from private insurance providers.

Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must consult the relevant authorities in your state.

Average costs of these types of insurance

Although every Maintenance Technician insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with a broker what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Maintenance Technician businesses needs.

Types of insurance Price range
Equipment insurance $425 – $1425
Product liability insurance $260 – $565
General liability insurance $765 – $1035
Commercial vehicle insurance $1545 – $3465
Public liability insurance $375 – $650
Commercial insurance $850 – $2470

Cost of insurance for your Maintenance Technician operations depends on many different factors.

We have calculated these figures for small freelance Maintenance Technician businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they will be about 20%-30% cheaper.

The location and size and type of your Maintenance Technician business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

Also you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Maintenance Technician operations?

This is a wide term used to describe standard insurance policies designed to protect Maintenance Technician business owners from risks like bodily injury, property damage, claims of negligence.

Does my Maintenance Technician business have to have insurance?

Some of the kinds of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Maintenance Technician business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for Maintenance Technician insurance.

How much will Maintenance Technician business insurance cost?

On top of the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Maintenance Technician, in the search box below, and follow the relevant links.

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