Most businesses are required to have insurance coverage, and companies in the pressure washer industry are no exception. In fact, business insurance is especially important for companies in this field, as there’s always a chance of property damage, personal injury, defamation, and other common issues.
So, as you make your business budget for your pressure washer company, it’s important to budget for insurance. Here’s how to do that, starting with what type of coverage you’ll need and what you’ll pay for it.
The Importance of General Liability Insurance
Pressure washer insurance policies can include a wide variety of coverage types. You don’t necessarily need them all, but the more you opt for, the more protected your business will be. No matter what, though, you should start with pressure washer general liability insurance, as this is the minimum coverage you’ll need.
Why is general liability so important? One reason is that it covers property damage, meaning it will pay for the costs of repair or replacement when you accidentally damage a customer’s property while pressure washing their home or business.
It also covers bodily injury, as it will pay for medical expenses if a customer or passer-by is injured as you use your pressure washing tools on the job.
This is critical, because if a customer simply trips on your hose and breaks a bone, you’ll be responsible for paying the medical costs and any missed wages—unless you have insurance to cover that.
But that’s not all general liability insurance covers. It also pays for damage to the property you’re renting. So, if your employee damages the floor of your office while dragging pressure washing equipment out of the building, general liability can pay to repair or replace the flooring.
This coverage will even pay your legal defence costs if you’re accused of wrongdoing when it comes to advertising, such as slander or defamation as you market your business.
Additionally, this coverage will kick in if a customer claims your pressure washer services caused property damage or bodily harm even months after you completed the job. Clearly, general liability provides a lot of coverage for pressure washer businesses, which is why it’s often the minimum required coverage.
Additional Pressure Washer Insurance Coverage Options
General liability is just the beginning when it comes to business insurance. You should also look into other types of coverage for your business if you want full protection. In fact, depending on where your business is located, other coverage types may be required.
For instance, many areas require businesses to have workers’ comp coverage. This pays for hospital bills and long-term care expenses when an employee gets sick or injured while on the job. It can also pay for missed wages, as well as funeral expenses if an employee is killed while working.
This kind of coverage provides peace of mind for employees and their families, as they know they’ll be compensated if an injury or illness keeps them from working.
Another coverage to consider for your pressure washer business is commercial auto. After all, the average personal car insurance policy doesn’t apply if someone is in an accident while driving for work, such as when driving to and from jobsites where they will carry out pressure washer services.
But when you have commercial auto coverage for all employees, you can rest assured that the policy will cover bodily injury and property damage.
Tools coverage is another option to look into as part of your pressure washer insurance policy. This will pay to replace your tools or equipment if they’re ever lost or stolen.
This applies to the tools you own and those you rent, giving you complete peace of mind that you’ll be able to quickly replace any lost or stolen tools so you can keep doing your job without interruption.
Budgeting for Pressure Washer Insurance
Now that you have some idea of the most common coverage options for your business insurance policy, it’s time to decide which ones fit into your budget. If you’re worried about expenses as you’re just starting out, you can always get the minimum coverage now and add more as you start making a profit.
Note that the average pressure washer business spends between £365 and £1100 per year (about $500 to $1,500 USD) to get general liability coverage. The amount you’ll pay depends on your location, the amount of coverage you need, your deductible, and the number of employees you have.
If you want to add more coverage, plan to spend about £730 ($1000 USD) per year for worker’s comp, and £875 ($1200 USD) per year for commercial auto. Tools coverage often costs about £150 ($200 USD) per year. But these are just estimates to keep in mind. To get a better idea of these costs, you should get a quote for business insurance from your local agency as you budget for your business.
