As you are setting up your pool servicing business, you will need to find all the right things to get started. You will need to hire the right staff, get them the proper training, pick up all the correct equipment, and more. However, the one thing you maybe have not thought about is liability insurance.
While it has been at the back of your mind, you will need to ensure you have the right insurance before starting your first job. Here is how to find the right insurance for your business, so you are covered no matter what.
Finding the Right Liability Insurance
As a business owner, it’s important for you to find the right liability insurance for your needs. There are several things to consider before deciding on any one policy, so we thought it might be helpful to take a closer look here.
Here are some of the things to consider while looking for liability insurance.
Depending on where you are working, you will need to provide proof of insurance before you can even get to work. This is most often true of corporate clients, as they will need to be covered themselves when anyone comes onto their property. Many home clients will also ask you for it, though. Many are now looking for reliable contractors and asking for insurance proof is an excellent way to check that your business is legitimate.
Hazards of the Business
As home services go, pool servicing is more dangerous than you would think. After all, you and your staff are working with potentially hazardous chemicals every time you work on a pool. If your team is injured working with them, you need to be covered. Plus, there is the danger of the homeowner, their children, or pets getting into them. Do not forget that there is the danger of working with pool electronics, too. Things like lights and pumps are safe when worked on correctly, but accidents can happen, so you need to be covered.
Coverage for Accidents
Of course, you need insurance as accidents can happen, and you need to be prepared. Of course, you will train your staff, so they know just how to maintain a pool safely. Even when they work, they are most challenging, though, accidents can happen, and you need to be prepared. For example, they could be at risk of chemical burns, electric shocks, or slip and falls. If anyone is harmed while working on the pool, or even on the business premises, you will need coverage.
How to Find the Right Liability Insurance?
Now you know why you need that insurance; you will need to find the right one. There are many different aspects of insurance, so you’ll need to find the one that works for your business.
Here is how to pick out the right insurance for your business.
What Does the Policy Cover?
Every liability policy will offer differing levels of cover. Before deciding on any one liability insurance policy, it’s important to consider what type of coverage you need.
This is possibly the essential cover you will need. Swimming pools already pose a danger to you, your staff, and homeowners. When you are working on them, they can become even more dangerous. You need to be covered in the event anyone becomes injured as you are working on the pool. For example, you may leave tools by the side of the pool as you are working on it. If someone were to trip over them and injure themselves on the concrete edge of the pool, you could be liable. Your insurance will help pay for their loss of earnings.
Third-Party Property Damage
This is something else that can happen when working on a client’s pool. It is more common than you would think. Many pools are designed beautifully, and you could accidentally damage them. For example, you can accidentally drop something on the tiles surrounding the pool, cracking them. You could also cause damage to other parts of the home by accident. What if you reversed too far in your truck and hit the gate on the property? Your insurance should cover this, so it can payout if you need to pay for damages.
No matter what you need medical care for, you know that it gets expensive, fast. No matter who got injured during your work, you’ll be liable for those medical costs. They will climb faster than you would think, so you need to ensure you have a way to pay them should you need to. Ensure the policy you buy has medical coverage, so you can be sure that you will not have to deal with those bills.
Legal Defense Costs
Any business owner can tell you that businesses get sued. It is just a fact of life. Because of this, you want to ensure that you have cover should this ever happen to you. Legal costs will rise quickly, and the longer you are dealing with legal issues, the more you will need to pay. With legal defense costs covered in your policy, then you will not have to worry about them.
The Costs of Liability Insurance
Once you have considered what you need from your insurance policy, you will need to budget for it. How much should your policy cost?
The cost of your policy will depend on many different things. For example, it will need to cover everyone on your staff. The more people you have on staff, the more the policy will cost.
There are also coverage limits to be considered. You need to choose enough to cover your costs should you need the policy to payout. A higher limit will cost you more every month. Finally, there are add-ons to your policy that will help you out but will cost more. For example, if you add hot tub services to your business, you can add that coverage to your policy.
Now you have all the facts when it comes to choosing liability coverage for your pool servicing business. Use these tips to decide what you need from your insurance. You should never go into business without it, so pick the right policy for you and ensure that you are covered.