Power Wash Business: Insurance Types to Consider

As you might already know, there are several risks inherent in starting and running a small power wash business. When starting a business, you can easily get lost in the details. Many business owners focus mainly on hiring their team or advertising their business. While these are undoubtedly important steps to take, you also need to be sure your company is protected once it gets off the ground. One of the most important factors you must focus on is making sure that you are prepared for unexpected setbacks. There are a number of crucial insurance types you should know about before you schedule your first job. Here are 5 of the most important insurance policies you may need for your power wash business.

Insurance for Small Power Wash Businesses

The best way to prepare for any setback is to make sure you have the right types of insurance. While every business is different, there are some coverages you should be sure to discuss with your insurance provider to better understand your business needs.

1. Property Insurance

Regardless of whether you own your space or are leasing, you will need to invest in property insurance. This type of policy covers damage to your equipment, building, inventory, furniture, and other parts. You will need this coverage to protect you from accidents such as theft, fire or other accidents. If your location or storage area is in an area prone to earthquakes or floods, you may need a seperate policy as those accidents are typically excluded from property insurance policies.

2. Worker’s Compensation

In most states, employers are required to have worker’s compensation depending on the number of employees. Worker’s comp protects and covers employees who are injured while on the job. It covers the costs of medical care and helps pay for lost wages. Worker’s compensation covers the employee regardless of who is at fault for the injury and came help keep your business from being sued.

3. Life Insurance

Life insurance may not be everyone’s favorite topic, but it is important. As a small power wash business owner,  chances are you started your business to support your family. Did you take out any business loans? Are you the main source of income? Do you have young children? If you answered yes to any of these, you would benefit from a life insurance policy. This coverage will be there to help your family replace your income should you pass away unexpectedly.

You might also choose to consider key person insurance as well. This covers your business should an important employee pass away.

4. Care Custody & Control

Care custody and control is by far one of the most necessary coverages a power wash business can have. Accidents happen and it’s important to protect yourself. This coverage protects you for damages to a customer’s property that you are working on. Care Custody & Control, or faulty workmanship coverage, protects you from damages you or an employee cause. Although this is the most common type of claim we get at Joseph D. Walters, coverage is often hard to obtain. However, all of our policies include CC&C coverage, so you’ll never have to worry if you cause damage, you’ll be covered.

5. Business Interruption Insurance

No matter what industry you are in, all businesses should consider business interruption insurance. There are many different events that could prevent your business from operating normally. What if a natural disaster knocks out your power for an extended period of time? Or if your supplier’s building goes up in flames? This could halt the operation of your company. The time you would lose could total thousands in lost revenue. Business interruption insurance would compensate you for your lost profits.

Protect Your Power Wash Business

One of the keys to growing your business is preparing for the unexpected. You can’t control every aspect of your business, but you can make sure your business is protected from almost anything. Business insurance is a necessity if you want to succeed as a small business owner. While it may be confusing, you aren’t alone. Just call us at 1-800-878-3808 today. We have worked exclusively with mobile cleaning contractors for 40 years. As the industry leader in power wash insurance, we can walk you through every step of the process to get you exactly what you need at the best rate possible.

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