For a cleaning or maintenance service company, it only takes one messy situation to leave a mark on your balance sheet. Damages to a client’s property, damages to your own commercial property, and injuries are, at times, unavoidable risks that can wipe your business out financially. When a claim is made against your business, having even the most basic insurance can help you avoid financial loss.
Below are four fundamental insurance policies – general liability, property, commercial vehicle, and workers’ comp – that help protect cleaning or maintenance service businesses.
1. General Liability (GL) Insurance
This coverage protects your business from property damage, bodily injury, and personal or advertising injury claims. If your employee is cleaning a floor and a client slips on it, for example, you’re covered. GL insurance by itself, however, is not enough to keep your business out of financial harm.
2. Property Insurance
If you own commercial cleaning equipment or operate your business in a commercial space, property insurance may benefit you. This coverage is there to back you up financially when a fire, vandalism, theft, or certain other unexpected situations cause commercial property loss or damage (e.g., your expensive cleaning equipment is stolen).
3. Commercial Vehicle Insurance
You could be liable if an employee causes an auto accident while driving to the next job. The cost of damages from a crash or fender bender makes commercial vehicle insurance important for businesses with traveling employees.
4. Workers’ Comp Insurance
This insurance is the protector of your most important asset – your employees. Even with safety procedures in place, frequent exposure to cleaning chemicals, wet floors, cleaning equipment, heavy lifting, and other daily tasks can still result in an employee injury. When this happens, workers’ comp is there to pay the resulting medical costs, legal fees, and other related costs.
Although there are other insurance policies your business may need, these four are important to consider. Maintaining a clean claims history can help lower insurance costs, so it’s recommended to standardize and follow safety procedures specific to the risks of your business. With insurance and effective risk management, your business is set up to avoid a financial mess.
Looking to clean up your balance sheet? Check out NIP Group’s MaintenancePro insurance program that includes general liability, property, auto liability, workers’ comp, and other insurance policies custom-tailored to your cleaning or maintenance service business need.
Please note: All coverages are subject to conditions, coverage limits, limits of liability, limitations, and exclusions as contained in the policy.