Vacant pieces of land may seem like a good investment, but every investment also comes with different types of risk. This is why it is vital to protect your investment with insurance that will minimize your liability. So insuring land that you own would be an important decision.
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Business insurance protects your company and your assets against natural disasters, claims of property damage and bodily injury and more.
Regardless of industry, every small business should consider buying two basic forms of insurance: General liability insurance and business property insurance.
Most insurance providers bundle general liability and business property insurance under a business owner’s policy, or BOP. Many add business interruption insurance and other popular supplemental forms of insurance.
Insurance and bond rates for cleaning businesses vary based on factors such as the size and scope of a company. Some insurance providers offer cleaning business insurance policies from $45 per month for general liability coverage only. A janitorial service bond can cost as little as $8 per month, depending on the bond amount you purchase.
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A fidelity bond protects your customer if an employee commits property theft while servicing your client’s home. A janitorial service bond, which is a type of fidelity bond called a business service bond or an employee dishonesty bond, pays your client directly in the event of a theft or property loss, up to the maximum amount purchased.
All cleaning businesses should consider purchasing a bond to avoid having to compensate customer losses out of pocket.
As an added bonus, being bonded and insured offers a measure of credibility with potential clients who might otherwise be concerned about having strangers enter personal property.
The business insurance policies you need are highly dependent on the size of your business, the regions you serve and how many workers you employ.
Here are some common policy types that protect janitorial service companies:
Insurance type: | Insurance payout goes to: |
|---|---|
Clients, vendors and other third parties who suffer property damage or bodily injury from your company’s employees or possessions. | |
Repairs or replacements for your business building, equipment and other assets after a fire and smoke, certain natural disasters or burglary. | |
Business interruption insurance | Replace employee wages, lost revenue and other bills associated with being unable to operate your business for reasons covered under the policy, such as a fire. |
Medical bills for employees who get injured or get sick while on the job. Business owners in many states are required to have workers’ comp for employees, and some may also need to provide coverage for contractors. | |
Pay for property repairs or replacement, as well as medical expenses when company vehicles are involved in a road accident. | |
Clients who claim they have suffered harm as a result of your business service, advice or product. | |
Janitorial services bond | Repay clients for property loss as a result of employee theft or negligence. |
Business insurance offers you protection from a wide range of accidents and business risks, from a customer slipping on a wet floor you just mopped to being accused of damaging property or theft.
Having the right types of insurance for your cleaning business means that you don’t have to pay entirely out of pocket after an accident or to defend your business.
Cleaning liability insurance can help cover costs if a client accuses you of damaging an expensive carpet or not following safety instructions and causing an injury.
We combine two types of liability insurance in our business insurance packages:
General liability is the insurance coverage that most cleaning business owners buy first because it covers some of the most common accidents when you work with clients — property damage and injuries to non-employees.
You’ll have financial help if someone trips over your bucket and gets hurt or you accidentally shatter an expensive vase.
Errors and omissions insurance (also known as professional liability), provides financial protection if your client claims you didn’t do a good job or if you’re accused of making a mistake that causes someone to lose money. Accurate or not, you could have to pay to defend your business if they take legal action. Professional liability coverage will cover legal expenses or to amend the mistake.
Cleaning companies face certain risks including, but not limited to:
Employees getting hurt or sick on the job.
Accidentally breaking or damaging client possessions.
Company vehicles getting involved in traffic accidents
Claims of poor service or negligence.
Fortunately, all of these risks can be mitigated with the right insurance policy. Some insurance providers offer customized insurance packages for cleaning businesses, or you can build your own. You can often bundle multiple policies at a discounted rate.
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.
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