How Much Does Commercial Cleaning Insurance Cost?
Commercial Cleaning General Liability Insurance Prices
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You probably donít think of commercial cleaning as a risky business. But, when youíre constantly responsible for the care of someone elseís property it can be. Thatís why general liability insurance is a must have.
Accidents and mistakes can and do happen from time to time. General liability insurance protects your companyís assets if you are sued for personal injury or property damage. Commercial cleaners are sued more often than you might think.
General liability insurance is available for everything from self-employed cleaners to cleaning companies with dozens of employees. Itís available for domestic cleaning companies, gutter cleaners, carpet cleaners, and school and office cleaners, to name just a few.
What General Liability Insurance Covers
General liability insurance for commercial cleaners covers all of the following - and more:
- Damage to the property being cleaned
- Failure to secure a customerís property
- Treatment risks
- Loss of a customerís personal property, including keys or valuables
- Misuse of a customerís property
If you are sued, general liability insurance will cover the cost of the damages or settlement, including attorney fees, up to the maximum of your policy limit. If you buy a $1 million policy, the insurance company will cover up to $1 million of the costs.
If the damages exceed your policy limit, youíre on the hook for the balance. Thatís why itís important to err on the safe side when it comes to coverage limits. You can also purchase whatís known as an umbrella policy to cover any remaining fees or damages that are not covered by your general liability insurance.
Commercial Cleaners Insurance Average Costs
The rate you pay will be influenced by a number of factors - the type of work you do, the size of your company, your companyís track record with accidents, etc. In determining your rate, the insurance company will want to know things like whether you do window cleaning or floor waxing to assess how much coverage you need.
Most general liability insurance policies cost $1,000 or less for a year of coverage. A $1 million policy usually costs $300 to $1,000 per year, while $2 million worth of coverage runs in the $500 to $1,300 range. Youíll most like be asked to make an initial ďpremiumĒ payment of a few hundred dollars. The rest of the payments will be spread out over nine or ten months.
Rates can also be influenced by your geographic location. Courts in some states have a history of awarding higher damages in personal injury and property damage cases. Your insurance company will consider that in assessing risk. For more specific information on general liability insurance in your state contact your state insurance department.