These higher risk companies typically include those who use more powerful clean-ing chemicals or who work in aging buildings where wiring and fire control standards may fall short of today’s requirements. ■ General liability Cleaning companies need to be covered not just for risks at their own facilities, but for potential damages their services could cause at clients’ premises. Damages are wide-ranging and need not be significant to make you glad to have had coverage, including stolen items — you can obtain coverage for “mysterious disappear-ances” — broken personal effects or furni-ture, fire, disturbed landscaping and soiled carpeting. It’s an intimidating thing to sit down and think about all of the risks your company faces, but there are some very basic steps you can take to make sure those risks don’t get in the way of your success. Study Insurance Costs Before you purchase insurance, investigate the methods by which you can reduce the costs of your coverage. Be sure to cover the following points: ■ Decide what perils to insure against and how much loss you might suffer from each ■ Cover your largest loss exposure first ■ Use as high a deductible as you can afford ■ Avoid duplication of insurance ■ Buy in as large a unit as possible ■ Review your insurance program peri-odically to ensure that your coverage is adequate and your premiums are as low as possible. ■ If an employer or partner is going to be responsible for your insurance pro-gram, be sure he or she understands the responsibility ■ Do everything possible to prevent loss-es and to keep those that do occur as low as possible ■ Don’t withhold important information about your business and its exposure to loss from your insurance agent ■ Don’t try to save money by underinsur-ing or by not covering some perils that could cause loss, even though you think the probability of that loss occur-ring is very small ■ Have your property appraised periodi-cally by independent appraisers, which informs you of your exposures and allows you to prove more conclusively what your actual losses are if any occur. You know that no one can predict the future. This can be exciting, as your company’s next big customer could walk through your doors in the next five minutes. But, the future can also be terrifying, as you are one lawyer’s phone call away from losing everything you’ve worked so hard to build. That is, unless you’ve taken steps to pro-tect yourself. The above steps will help you on the way to the right protection, and a number of other business insurance resources are available all over the Internet. Once armed with the proper knowledge — remember that, if the risk is small, the premiums also will be small — insurance buyers should ensure as broad a possible range of coverage options by working with an independent business insurance agent whose interests can be more aligned with yours as a business owner. CM Ted Devine is the chief executive officer (CEO) of insureon, an online insurance agent for small and microbusinesses. Coupling an innovative online quoting system with best-in-class service, insureon agents provide multiple quotes from the nation’s top insurers in a fraction of the time as traditional agen-cies. Visit www.insureon.com to learn more. Have A Risk Management Plan To manage your insurance program for the best possible coverage at the lowest pos-sible cost, you will need a definite plan that undergirds the objectives of your business. Here are some suggestions for good risk and insurance management: ■ Write down a clear statement of what you expect insurance to do for your business ■ Select only one agent to handle your insurance, as having more than one may weaken responsibility and lead to coverage gaps www.ultrachemlabs.com Product Information no. 207 on page 32 www.cmmonline.com 31
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