Unplug the benchtop drill to prevent accidental activation while changing the bit.
Insert the nub on the chuck key into one of the holes under the serrated collar on the chuck, aligning the teeth on the chuck key with the serrated teeth on the collar.
Turn the chuck key counterclockwise to open the chuck jaws and release the drill bit. Remove the drill bit.
Insert the smooth end of the replacement drill bit into the chuck jaws. Hold the drill bit in the center of the jaws.
Turn the chuck key clockwise until the drill bit is firmly held in the chuck jaws. Turn the chuck another 1/4 turn clockwise. Plug the benchtop drill back in.