Many things fill up your plate as a business owner of a cleaning company when it comes to liability. Your business faces a considerable amount of significant risks, besides business liability. These risks include access to client’s properties, cleaning expensive items and exposure to hazardous chemicals.
No amount of training, experience and exceptional customer service will be enough to protect. Cleaners insurance protects from severe financial risks caused by property damage and lawsuits.
An insurance policy ensures a likelihood of a possibility that your bids might be not turned down by potential clients. It also allows your business to fund its legal costs, replace damaged equipment and pay medical expenses.
Choosing the perfect policy can be confusing and overwhelming and not as easy as taking candy from a baby.
Many questions will swirl in your head when choosing optimal cleaners insurance for your business. For example, whether to use the services of an insurance agent/broker or place your trust in your insurance provider. The next questions will pertain to the intricate details of the coverage such as which deductible amounts should be included? Are the policy limits adequate? What needs to be insured? Moreover, what can be excluded from coverage?
These questions will guide you towards an appropriate provider, policy and terms of insurance coverage. You may need to consider the following seven tips for finding a suitable insurance policy;
- Take note of your industry’s risks
Make an inventory of the risks encountered by your company both at the office and on the job. It should include accounting for your business assets, such as your cleaning equipment including non-owned property like your client’s valuables.
The most overlooked aspect of any business is if they have sufficient funds to compensate for damages. You should take into consideration the types of accidents or injuries your employees may face at work, for example, exposure to toxic chemicals and materials and repetitive motions injuries.
After examining the possible risks your company is likely to encounter, it makes it easier to search for a policy that protects your business against potentially costly situations.
Your insurance provider, after you apply for a policy, will conduct underwriting. It involves the insurance company determining the risks they are likely to take on by assessing the risks associated with your business, the amount of your coverage and premiums.
Assessing and prioritising your risks and coverage is essential as it goes a long way in ensuring your insurance policy addresses the most crucial concerns. Annually reassessing your risks as your business grows is a sensible task to do.
- Choose a top-rate insurance provider
A-rating refers to an insurance provider with a top rating because they offer quality products and reliable payouts. Such an insurance company is recognised nationally for their exceptional service.
Checking their rating makes it easier to differentiate between a legitimate offer from an over-inflated sales pitch. If they do not have a score, it is best to drop them like a hot potato. Working with an insurance broker can make it easier to find a trustworthy insurance provider. It can save you from a lot of time, confusion and stress.
- Focus on coverage over cost
When it comes to insurance, cost is an important consideration for small business owners. Cleaners insurance is an essential expense which can potentially prevent your business from going belly up in the event of a lawsuit.
It is tempting to opt for a much cheaper policy to save money. However, that could come with risks, such as limited coverage, slow payouts or inexpensive premiums that may drastically increase later.
When a claim is lodged, and your policy is inadequate, your business will be forced to pay more than they can afford. The best solution is choosing a plan that provides you with the amount of coverage your business requires in a crisis.
- Choose an insurance agent with experience in your industry
You would not hire a driver to repair electrical faults on your business premises. So, you do not want to leave your company insurance to a broker with no experience in your industry.
Using an insurance agent with enough knowledge of your sector can go along way to assuring that your business is adequately insured in the eventuality of financial turmoil.
Cleaning companies will have to consider having the following types of insurance;
- General liability insurance.
- Property insurance/business owner’s policy.
- Workers compensation insurance.
- Umbrella liability/excess liability insurance.
- Know your cleaners insurance policy
Just like fingerprints are not the same, it also applies to insurance policies. Every provider has their particular policy limits, premiums, deductibles and exclusions.
Insurance jargon may be more confusing than Mandrian. However, it is crucial to understand your policy’s terms to avoid surprises when filing a claim. It is sensible to inform your insurance agent should you not understand anything before you sign.
- Ponder on the deductible
Some policies come with a deductible, an amount that must be paid by before the coverage of your plan kicks in for a claim. You will need to consider an amount your company can afford to pay out of pocket when a claim arises.
A higher deductible can cause financial stress should you decide to claim, may come with lower premiums but can cause financial stress should you decide to claim. However, a policy that demands lower deductible comes with a higher premium, but you will be required to pay a lesser amount if you claim.
- Overestimate your insurance requirements
A litigation process can be a lengthy and expensive ordeal. It could involve hiring a lawyer, paying settlements and other court-related costs, which could put your business in financial difficulties.
To avoid exorbitant costs, you should overestimate coverage required as opposed to underestimating them.
Imar provides tailor-made comprehensive cleaners insurance that gives you peace of mind. Our specialist consultants will discuss your needs and match that to an offer policy covering your requirements and excluding what you do not need. Give us a call when you are ready to safeguard your business.