Floor Waxing Insurance

If you're in the floor waxing business, chances are that you really know how to bring the average dull-looking floor back to life and make it shine again. However, it only takes one slip for an employee to get an injury or to damage the client's floor permanently.

Whatever the case may be, the chances of incurring financial losses are high. And what better way to protect yourself than getting a comprehensive insurance policy cover that protects your company no matter what happens at the workplace.

But before we take a look at the typical insurance policies your floor waxing business needs to take out, let's take a look at why you need insurance in the first place.

One of the main reasons that floor waxers need insurance is because they are often working in high-risk environments. There is a lot of potential for injury when waxing floors, and without insurance, the floor waxer would be liable for any costs associated with an injury.

Insurance also protects the floor waxer against any damages that may occur while they are working. This can include damage to the property or equipment that they are using.

In some cases, depending on the state that the company operates with, floor waxing companies don't have a choice and they need to take out certain policies in order to be able to trade.

Floor waxers can benefit from various types of insurance coverage. The level of cover you need to take out will depend on the size of the business, the state you work in, if you are a one-man company or if you have employees, the number of company vehicles you own, the value of your tools and equipment, and more.

For a more detailed overview of the recommended insurance policies for your industry, please take a look below.

The cost of floor waxing insurance varies depending on the type of coverage that is purchased. The most basic type of coverage, general liability insurance, is usually the cheapest - at around $45 per month or just under $550 per year.

The cost of insurance to cover damages and to protect the floor waxer from being sued can be a bit more expensive, but it is still relatively affordable.

Now, if you're a company that specializes in floor waxing that wants to add commercial auto insurance and workers' compensation coverage to the policy, then you can expect to pay around $3,000 extra per year.

It is important to note that the cost of insurance can vary from one company to another, so it is important to shop around for the best deal.

The biggest risk that your floor waxing business will be exposed to is damage to the customer's property or the floor that you're working on.

And while you can get away with paying a little bit of money in compensation in case you damage a cheap floor while working on it, there are clients out there who have paid a lot of money for the floor they have in their home.

Damage to real wood can cost you hundreds if not thousands depending on the severity of the damages.

This is why you must have a general liability insurance policy in place. It is affordable and can save you a lot of money in the long run.

Bigger floor waxing companies also tend to make claims if a staff member falls sick or gets an injury at the workplace. To protect yourself financially and help out your employee as much as possible, workers' compensation insurance is recommended.

Businesses that operate in the commercial space often carry tools and materials in their business vehicles. Sometimes, accidents happen, and commercial auto insurance claims are made.