Running your own pool maintenance business presents many different activities to keep track of every day. There are many moving pieces to consider each time the pool cleaning season ramps into full gear. Responsibilities range from taking customer calls to maintaining your equipment. And this season you may want to take some time to consider your company’s insurance policies. Ask yourself if you have enough coverage to take care of accidents and claims that people may file against you. Discover why a pool maintenance company owner may want to consider getting business insurance.
Accidents Happen
It’s an undeniable fact that accidents do happen from time to time. What if your crew ends up in a vehicle accident? And what if there is a mishap at a job site? You’ll probably have to deal with this reality at some point or another. And insurance is there when you need it.
Get a Cushion
It is nearly impossible to calculate when and where an accident might happen. And, these events can be quite serious. You need a buffer in place to protect yourself, your employees, and your company assets. Also, this gives you peace of mind on any job.
What’s at Stake
Depending on the severity of an on-the-job accident, you could be responsible for claims. And these claims can be from your employee(s) and homeowners who own the property where the accident occurred. Also, if there are medical claims and missed time from work involved, the costs from an accident can add up quickly. Workers’ compensation can cover your employees to a point. But there could be other issues that arise later.
Bearing Responsibility
Should your accident go to court, you could be held legally responsible for a sum that’s much greater than what you can cover out of pocket. Your assets and business – your entire livelihood – could be at risk following a severe enough accident. That’s why you need insurance plans to cover your pool maintenance business. The risks of operating a pool maintenance business are unique. And the protection that you need is also a bit unique as to cover the expenses that may arise from on-the-job accidents.
Insuring Your New Jersey Pool Maintenance Business
When you consider your insurance needs, there are two main categories that you must prioritize: your customers and your assets.
Customer Coverage
You perform work on other people’s property. This means you need to have certain coverage in place. Insurance helps protect homeowners from injury and loss caused by employees or products from your company.
Bodily Injury Coverage
This is a part of your general liability coverage. Bodily injury coverage provides protection for your business and your customers. If a client is injured while you perform a job on the property, your bodily injury plan kicks in. The insurance will cover expenses related to medical and legal costs.
Property Damage Coverage
If a worksite accident causes damage to a homeowner’s property, you are liable for the costs. And this may include fixing that damage and making the property like new again. Furthermore, a property damage plan gives you the coverage that you need to pay for repairs on homeowners’ properties.
Products Coverage
Sometimes the products that you offer to a customer or use to complete a project on their pool can cause harm. Also, issues can arise long after you wrap up a job. As a result, some injury or loss could be traceable back to the products or job that your crew completed. Your products and completed operations coverage take care of the expenses associated with the harm caused by a faulty product or application. Additionally, your products and completed operation coverage will cover the cost of installing a new, properly functioning part or completing a similar repair to the pool. And this type of coverage is for when an issue arises much later.
Asset Coverage
Caring for the property that you use to operate your business keeps your company moving forward. And you need to be covered if a natural disaster or some other peril that interrupts or halts services.
Damages to Rental Premises
If you rent a warehouse, storage unit or other building, you need coverage to protect you. Plus, insurance kicks if something happens to the rental premises where your store your equipment. And often this coverage is a part of your business insurance policy and doesn’t require special purchase. Also, you should always verify that you have this coverage option available.
Medical Expense Limit
A policy to cover medical expense limits puts a cap on the amount of money your insurance policy pays out to someone who claims injury as a result of a workplace accident or product malfunction. Also, often the insurance payout happens whether or not you are directly responsible for the damage. And these costs can add up over time. To prevent recurring medical expenses from draining your company’s funds and risking your assets, consider adding a medical expense limit to your general business insurance policy.
In conclusion, consult with your NJ insurance agent to verify you have the right business insurance before heading out to maintain pools this summer.
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