Insurance is one thing we never hope to need but are glad to have when the need arises. This goes for business insurance, especially. Depending on the situation, one seemingly small mishap could ripple out to the point where suddenly you’re shutting down your business and wondering what happened.
Not only is having the right types of insurance a legal requirement, having it also sends a message to your clients that they are working with professionals who are in it for the long haul. It communicates you want to protect their business as much as yours and that you have the means to do so.
In addition to your commitment to your customers, there is also your commitment to your employees to consider. Are they protected as well? Employers who show they care about their workers will hold on to those workers longer and get better performance.
So on multiple fronts, your cleaning business having a comprehensive insurance plan is an absolute must.
What Types of Business Insurance Should You Get?
Different businesses have different needs. As a cleaning business, these are some of the business insurance plans essential to have on hand.
General Liability Insurance
General liability insurance protects your business from someone who files a claim stating they have suffered an injury due to your business. It also covers you if your business is inadvertently responsible for any property damage.
In addition, a general liability insurance policy pays for damages associated with bodily injury and property damage, up to the limits set in your policy, should you be found to be legally liable. This insurance should also cover legal fees and medical bills for the individual injured as a result of your business.
Commercial Auto Insurance
Commercial auto insurance takes care of your trucks, vans, and other vehicles used to get the job done. If you or an employee get into an accident while on the job, you’re covered up to your policy’s limits.
Workers’ Compensation Insurance
Finally, workers’ compensation insurance helps cover medical costs and a portion of lost wages to an employee injured on the job.
Thinking About The Costs
Of course, you want to find a balance between the expense of the insurance and the protection that it provides you and your business. Here are some things to remember.
Deductibles
Consider how much you can afford to pay out of pocket if you file a claim.
Policies with higher deductibles may have lower premiums but can lead to financial stress while filing a claim. Plans with lower deductibles charge higher premiums and require a smaller payment should you file a claim.
Play It Safe
It’s going to be tempting to settle for the minimum insurance coverage to save money. While it may cost more upfront, it’s always better to have the right amount of coverage in place. Without it, you’re opening yourself up to tremendous risk.
Feel free to ask questions
Insurance is supposed to work for the customer, not the other way around. Your cleaning or office equipment maintenance business is no exception. Take the time to work with your insurance agent to get the best deal you can, and in terms you plainly understand.
You’ll be glad you did.