Protect your Business with the Right Coverage
The cleaning business may not be among the most glamorous of occupations to get into. But if done right, owners can create a very profitable career for themselves and for their employees.
Look around. How many offices, businesses, restaurants, and homes do you drive by every day? All of these need cleaned. Whether you clean homes or corporate offices, the potential is huge. But there are also risks involved, and protecting yourself and your business from potential financial harm is crucial.
Cleaning business should consider is obtaining insurance and a business services surety bond. Although not always required, insurance and bonds protect both the business and clientele.
Depending on your type of business and how you operate, being properly protected can include obtaining these types of insurance:
- Automobile insurance is necessary if you have company vehicles
- General liability covers bodily injury and damage to others’ properties
- Real Property insurance if you operate your business from an office
- Surety Bond to guarantee the work will get completed as contracted (for state, federal or municipality contracts)
- Workers compensation for work-related injuries or illness
- Dishonesty Fidelity Bond protects your business from dishonest acts by employees such as employee fraud, embezzlement, forgery, and computer fraud
- Business Services Fidelity Bond to protect your business against financial liability due to acts of misconduct by your employees while on a client’s premises
Business Services Fidelity Bonds
Employee theft causes one out of every five businesses to fail.
In the cleaning business, employees are on the client’s property where there could be confidential documents lying around, or there may be valuables such as jewelry or money that are easily accessible. If an employee steals from a client, the business owner could be liable and the business put in jeopardy.
A business services fidelity bond protects the employer from dishonest acts by employees while they are on a client’s premises. The coverage is from $2,500 to $100,000. Some states require an indictment or conviction of the employee before a bond will pay out.
Besides protecting your business, being bonded is a great marketing tool that could give you a competitive edge. It brings extra credibility to your business because clients know they are protected when a business is bonded, and some clients will only write contracts with bonded companies.
How Do I Get Bonded?
SuretyGroup.com – Your Online Bond Provider.
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