Articles

More Than Your Average Policy

Categories: Business Management

“What am I missing?” This is the most common question we receive when reviewing the current insurance portfolio for a residential or commercial cleaning company. The risks associated with cleaning businesses are varied and often exceed the coverage a standard policy provides. We have been answering coverage questions and providing quality insurance products for over 25 years.

Navigating the insurance marketplace can be a daunting task, so choosing the right insurance agent will save you time and hidden costs involved in managing your coverage. No two insurance policies are alike, and having been focused on your industry, we have assisted in reviewing, writing, and comparing coverage forms. These forms can vary significantly, while some may even include undesirable terms and conditions.

Essential coverage

Residential and commercial cleaning companies have unique exposures that are often excluded from standard insurance policies. At a minimum, businesses should carry the following essential coverages:

• Property damage—Protection for damage to property due to workmanship that must be restored, repaired, or replaced.
• Care, custody, or control—Protection for damage to your customer’s property while that property is in your care, custody, or control.
• Lost key coverage—Protection for the customer’s key being lost and the cost of changing their locks.
• Third-party employee dishonesty coverage—Provides coverage for loss of money or property resulting from theft by an employee.
• Hired and non-owned auto liability—All employees are required to carry their own insurance coverage, are responsible for their own vehicles, and damage that they cause. In the event that the employee does not have enough coverage or any coverage, and is driving on an employer’s behalf, the business owner can be held liable for the actions of the employee.
• Employment practices liability—Protects your business against liability for claims brought by employees who allege employment-related wrongful acts such as gender, race, age, discrimination, harassment, wrongful termination, and retaliation.

Protect your business

Your cleaning business needs more than the average policy or the average agent. Your agent is your advocate and partner to help you protect your business. Whether you’re a new start-up or well established, insurance is an integral part of your business plan and often one of your largest expenses. The quoting process may seem intimidating or overwhelming, but you’ll be glad you took your time to understand and secure the best insurance coverage to weather any storms ahead.

Moody has been insuring the cleaning industry for well over two decades and would welcome the opportunity to protect your business, your assets, and your future. Please reach out if you would like an expert in your corner. Visit our website at www.moodycleaninsurance.com or call us at 800-966-0001.

Membership Pays for Itself!

Moody Insurance Worldwide is just one of ISSA’s many partners that provide benefits and services to members at discounted rates. Be sure to visit ARCSI’s Partner Page at arcsi.org/discounts for more details about Moody Insurance Worldwide.

About the Author.

Laura Bianchini Pritchett, CISR, CIC, CAWC is an account executive with Moody Insurance Worldwide, a long-time member with ISSA. To talk with Laura about your insurance needs, contact her at [email protected].