If you want to be part of a growing industry, the pressure washer field is a great one to get into. After all, the global pressure washer market is predicted to grow from $2.5 billion in 2021 to about $3 billion by 2026, which is slightly faster than average growth. If you plan to start looking into opening a pressure washer business, make sure you’re aware of what it requires, with good insurance coverage being just one necessity. In particular, you need at least general liability coverage for your pressure washer company. Before you start looking for quotes for this type of business insurance, here are some questions to get answered.
What Does General Liability Insurance Cover?
First, you should know what general liability would cover for your pressure washer business. The following are some of the most important types of coverage you get with this insurance:
Bodily injury: This coverage applies when someone—such as a customer or passerby—gets hurt at your business property or jobsite. So if a customer trips over your power cord or hose while you’re pressure washing a property, bodily injury coverage would pay for his or her hospital bills.
Property damage: If you or an employee damages a customer’s property—such as a house or car—during the pressure washing process, the property damage portion of your general liability insurance policy would kick in. This means it would pay for the repairs or any necessary replacements. Considering that property damage can cost thousands of dollars, you’ll be glad to have this coverage if you accidentally damage someone’s belongings.
Personal and advertising injury: If someone claims that you or an employee has slandered them or infringed on a copyright, general liability will pay for you to defend yourself in court. It will also pay the settlement if you’re found to be in the wrong in the court of law.
Products and completed operations: It’s possible a customer will accuse you of not doing the job properly or causing damage during the job, even after they’ve already paid for your services. In this case, general liability will pay for any monetary losses stemming from such an accusation, whether it’s a refund or legal bills.
Damage to premises rented to you: If you’re renting a warehouse or office for your pressure washing business, there’s always a possibility that it will be damaged somehow. Whether it’s from an accidental fire or damage to the floors over time, this portion of your general liability coverage will pay for the repairs or legal bills for your company if you fight the accusation in court.
Why Do You Need It?
As you can see from the coverage listed above, pressure washer general liability insurance can pay for your expenses in a variety of situations. No matter how careful you are and how highly trained your employees are, there’s always the chance that an accident will occur that causes damage to someone else’s property, or injuries to other people. In those cases, you’ll be relieved to have business insurance that will pay for the resulting bills, which can total anywhere from thousands to millions of dollars.
The same goes for legal bills. No matter how prepared you are, you can’t control whether someone else brings an allegation against you. Even being innocent of the charges won’t always save you from having to pay to defend yourself in the court of law. And legal costs can add up fast, especially if you have to pay a settlement at the end of the case. So unless you have millions of dollars available to pay for legal, medical, or repair expenses, you need pressure washer liability insurance. Otherwise, one mistake can result in your business going bankrupt.
How Much Coverage Do You Need?
Now that you know you need general liability insurance, it’s time to consider how much coverage you should get. The answer varies depending on several factors, including your location, business size, and the specific risks you face in this industry.
But on average, you typically need at least $1 million of coverage available for each claim, with a $2 million aggregate limit, which is the maximum limit for the whole policy. Expect to pay about $300 to $1,000 per year for your insurance, depending on the amount of coverage you get and the deductible you decide on.
To learn more about the type and amount of coverage you need, contact a business insurance agency in your area for a quote today.