Cleaning businesses face numerous risks with the potential to harm their bottom line. Between property damage, employee injuries, car accidents, lawsuits, and customer claims, there are several unfortunate scenarios that can negatively affect profits. Insuring a business is an important step in protecting it and one that should not be overlooked.
Business owners need to consider many factors when choosing insurance coverage, such as company size and the clients it serves, whether residential, commercial, or industrial. There are many coverage options, varieties, classes, and carriers to choose from, making the process very confusing.
Additionally, specific risks vary from one business to another, which is why the quality of an insurance policy needs to be a priority over price. Business owners need to assess the risks inherit to their industry and be sure to choose policies that protect them against these specific risks.
Choose an Adviser Familiar with Your Business
Insurance advisers who are familiar with the industry can guide business owners to the policies they need. These knowledgeable advisers can help business owners understand their specific risks, make recommendations on policies and limits, and get quotes from multiple carriers for policy comparisons.
Although it is tempting to choose an insurance policy based primarily on cost, business owners who focus on policies that offer suitable coverage limits, steady premiums, quick payout practices, and thorough appraisals do a better job of covering their risks. Make sure to have an insurance policy that includes:
- General liability insurance, which covers defense and legal costs when your business is sued for third-party bodily injury, personal injury, advertising mistakes, and related claims
- Commercial auto insurance, which pays for the cost to repair a vehicle in the event of an accident
- Surety bonds,which may be a requirement for cleaners to guarantee that they complete their obligation to the client.
Pay Attention to the Fine Print
One step many insurance buyers often neglect—and end up regretting later—is reading and fully understanding the details of their insurance policies. Business owners must take note of the terms and understand what is covered, what is owed, and the turnaround time for claims. Most insurance policies with high deductibles have lower premiums, which means that a business owner pays less on a monthly or annual basis but owes more before a policy is enacted if a claim arises.
With the right insurance policies in place, business owners can focus on what matters most—customers, employees, and, of course, their company’s overall success.
