Locksmith Insurance

Locksmith Insurance

Secure your locksmith business against liability risks with customized business insurance for locksmiths.

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Insurance for locksmiths

Locksmiths help keep our properties secure. From lock installations, repairs and maintenance to emergency lockout services, rekeying, security consultations and installing complex security systems, these skilled professionals provide a broad range of locks and general security services.

Like all skilled trades, Canadian locksmiths face many liability risks that call for a comprehensive locksmith insurance policy to protect their assets and reputations.

Insurance for locksmiths is a tailored policy containing multiple coverages encompassing their liability risks. 

From key duplication errors, third-party bodily injury and property damage claims, and errors to contractual disputes and the risk of customer data breaches, a locksmith insurance policy can help locksmiths recover from damage, loss, and legal threats.

A comprehensive locksmith insurance policy typically includes the following coverages:

  • Commercial General Liability (CGL) Insurance: GCL, or general liability insurance, covers locksmiths for third-party bodily injury or property damage claims that may arise from your daily operations. For example, if a customer accuses you of damaging their property after installing new door locks or a CCTV security system, CGL may pay for those damages and provide you with funds to defend yourself in court if you’re sued.
  • Commercial Property Insurance: Commercial property insurance is designed to protect your business property, its contents and inventory if damaged by water, fire, a natural disaster, theft, or vandalism. This type of coverage usually includes business interruption insurance to cover your operating expenses and lost income if you’re forced to temporarily close your business for repairs following an insurable loss, like a fire. You can add it to your policy if it’s not automatically included.
  • Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, professional liability insurance protects you from professional negligence claims. Allegations of giving poor advice, misconduct, failing to deliver a service as promised, and making errors in your work that cause a customer financial harm can potentially lead to a lawsuit. Professional liability insurance can help cover your legal expenses and a customer’s economic damages.
  • Tools and Equipment Insurance: The tools and equipment locksmiths use are essential (and expensive). Tools and equipment insurance may pay to repair or replace them if damaged by fire or water, lost, stolen, or vandalized. It’s wise to include a tool floater endorsement to your policy to cover the tools you use while mobile.
  • Cyber Liability Insurance: No independent locksmith or small business is immune from cybercrime. Cyber-attacks and data breaches that compromise your and your customers’ confidential information can happen at anytime without warning. You can be held liable if your customers’ data is compromised or stolen through a ransomware or phishing attack. Cyber liability insurance is designed to help locksmiths recover from such events. It provides coverage to restore system and software damage, legal advice, notification and credit monitoring expenses, and losses sustained to a system outage following a cyber-attack.
  • Commercial Auto Insurance: The business vehicle or utility van you use to travel to customers’ locations requires commercial auto insurance. Private-passenger car insurance is unlikely to cover damages to vehicles that transport people, tools and equipment, and materials for business purposes.

Insurance providers determine the cost of a locksmith insurance policy based on a range of details about your company or profession, including:

  • Your location
  • The services you provide and to whom (residential, commercial, industrial)
  • Your years of experience, certifications, and training
  • How many employees you have (if applicable)
  • The value of your tools and equipment
  • The type of vehicle you own and how many kilometres you drive annually
  • Your annual and gross revenue
  • Your insurance claim history

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Common claims scenarios

Duplicate Key

Problem: You make a mistake duplicating a key for a customer that doesn’t work or causes damage to a lock. The customer demands you cover the cost of rectifying the error and any related damages.

Outcome: Your professional liability insurance may pay for the damages and replacement keys and locks.

Locksmith working at clients home

Problem: While working at a customer’s property, a passerby trips on your tools, falls and is injured, requiring medical attention.

Outcome: Your CGL insurance may cover the medical expenses incurred by the customer

Locksmith installing alarm

Problem: A burglary occurs at a customer’s property because you failed to install an alarm system correctly. The property owner threatens legal action seeking compensation for their losses.

Outcome: Your errors and omissions insurance may cover the damage costs and provide you with funds for your legal defence if sued.

Frequently asked questions

If I hire a subcontractor for a job, are they covered by my locksmith insurance policy?

It depends on your policy. Some policies automatically include coverage for subcontractors, while others do not. It’s recommended you only hire subcontractors who have their own insurance.

Does locksmith insurance cover completed operations or jobs?

Yes. Locksmith insurance covers claims arising after completing a job, like a lock installation or repair, should a customer allege your work led to property damage or was inadequate.

Does locksmith liability insurance cover any advertising-related claims against me?

Yes. A locksmith insurance policy that includes professional liability insurance can cover you for claims related to your advertising, such as allegations of false advertising, defamation, or copyright infringement.

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Lock up your financial and reputational security with a customized locksmith insurance policy from Zensurance.

Fill out our online application for a free quote and explore your options. Our friendly, experienced brokers will shop our partner network of over 50 Canadian insurance providers to get the low-cost policy you need and tailor it to suit your risks and budget.