If you run or are thinking about starting a pressure washing business, you may be wondering about pressure washing insurance cost.
There are a number of variables that can impact the cost of a policy. Sometimes its advantageous to buy too much insurance.
Here’s what you need to know.
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What is Pressure Washing Insurance
Pressure washing insurance is insurance that covers your business against liability and negligence. This insurance is commonly referred to commercial property insurance and provides general liability coverage and workers compensation insurance.
Pressure washing insurance cover:
- Pressure washing equipment (equipment insurance)
- Third party property damage (professional liability)
- Pressure washing contractors (workers compensation)
- Anyone who becomes injured (pressure washing liability insurance / general liability coverage that covers medical bills and legal fees)
- Property that gets damaged as a result of the power washing business
Why You Need Commercial Property Insurance for Your Pressure Washing Business
If you own a business, you will also need commercial property insurance. This policy will cover your vehicles and other real estate you own. You may also need rented equipment that will need to be insured. This type of coverage can save you money.
Pressure washing insurance will cost approximately $150 per month for a one-year policy.
For additional coverage, you may also need a commercial umbrella policy for your business. This shouldn’t cost significantly more that the commercial property insurance policy.
Obtaining insurance for a pressure washing business is crucial for many reasons.
- In most cases, a commercial property insurance policy will cover the damages and injuries caused by your business.
- Protects your company from liability if a customer gets hurt by your equipment.
- Brings peace of mind to shareholders (investors like want less risk).
- Opens up business opportunities (Businesses are more likely to do business with you when they find out you are completely covered by insurance. Some require insurance.)
- High-risk businesses like pressure washing may require a high-risk policy in some localities.
NOTE: You may need general liability insurance for your vehicle and your pressure washing equipment.
This type of coverage is very important and can protect your company. It will also protect your company if a customer gets hurt by your equipment.
You will need to pay a premium each year, which will protect your business. It is a good idea to get a commercial property insurance policy for your pressure washing business.
How Much Money Does Pressure Washing Insurance Cost?
At Lakeland Pressure Washing we get often asked, “How much does pressure washing insurance cost?” The cost of insurance for a pressure washing business will vary depending on the amount of work performed.
The cost depends on many factors, including the number of employees and the type of equipment a business has.
If a company has a small number of employees, they may need to purchase a specialized liability policy for their business. The costs will vary by state, but the average cost of a liability policy is around $1,500 per year for a one million dollar policy.
How to Save Money on Commercial Property Insurance
Pressure washing insurance cost, like most other insurance cost, is related to the size of the company and the size of the team.
A pressure washing business may have a high risk of accidents. Moreover, the cost of a liability policy can be substantial, so it is important to get a policy that fully protects your business and covers accidents, liabilities, and negligence. Its also understandable to want to save money at the same time.
A pressure washing business insurance policy will cost around $100 per month.
While you can purchase coverage for a limited time to pay less up front, you will pay a yearly premium.
To save money on commercial property insurance buy it for a whole year in advance. This will save you paying the expensive premium, saving you money.
How To Get More Insurance Coverage and Save Money
A little-known secret to saving money on commercial property insurance is to get more than the right insurance coverage and be able to make money with your certificate of insurance.
How it works:
It is usually more advantageous to pay more for a large business owners policy than just being properly insured. The reason being you’ll get more jobs because you have more insurance coverage.
For example, a factory will hire your pressure washing company to get more insurance coverage for itself, giving them greater financial protection.
What you make in profit winning this job will pay for your insurance policy many times over.
PRO TIP: Offer to add the company onto your insurance policy. It only takes a phone call to add them and when the job is complete another phone call to take them off the policy. It costs almost nothing extra to add most businesses to your policy.
Here’s how to save money on pressure washing insurance:
- Contact an insurance company
- Ask about the type of insurance they sell
- Get a free quote (most companies offer a free quote, but be careful of reviews)
- Contact another licensed insurance agent (repeating this process)
- Shop around for a business owner’s policy that covers the pressure washing industry and specifically pressure washing services
- Purchase small business insurance that covers employee injury, lost wages, workers compensation, commercial auto insurance, property insurance, medical expenses (medical payments), legal defense, equipment coverage, property damage, bodily injury, business interruption, basically all the coverage found in a general liability insurance policy that would cover power washing contractors that will protect your business completely.
- Purchase a high-coverage policy, for example purchase a $2 million dollar policy when $1 million is the average insurance for pressure washers in your area.
- Place bids for commercial pressure washer jobs after reviewing the job site
- Advertise the fact your pressure washing business carries a $2 million dollar general liability insurance policy that covers liability insurance coverage, workers comp insurance coverage, lost wages, bodily injury, property damage, equipment insurance coverage, medical expenses, commercial auto insurance coverage, and overall general liability insurance
- Explain to the company how when they hire your company they’re also protected under your general liability insurance policy (you must differentiate your pressure washing company from its competitors)
QUICK SIDE NOTE: Your pressure washing business is more likely to win the bid because it offers more general liability insurance. The more general liability insurance your business has the more likely it is to win higher paying pressure washing jobs.
Larger jobs more than cover the pressure washing insurance cost charged by the insurance companies. This is how a pressure washing businesses can profit from being over insured.
A pressure washing business must be insured in order to avoid financial losses. It is important to take into account the costs of damage to equipment. If your equipment is damaged or destroyed, you will need a liability policy to replace it.
A general liability insurance policy will also cover the cost of accidents, negligence, and repairs to property. This coverage will protect you and your customers and is not very expensive.
Sometimes having too much general liability insurance along with workers compensation insurance is more beneficial to your business than having standard coverage. This is because it shields your business and your customers’ businesses with general liability, workers comp, and commercial auto, which covers property and protects your business and theirs.
Too much insurance can actually pay for itself the moment you are face-to-face in a bidding war with a competitor. Businesses want to know that they’re fully protected under your pressure washing insurance policy. For this reason, they’ll choose your company over your competitor, because you have more comprehensive coverage, meaning less risk to them.
Frequently Asked Questions
What’s the best type of insurance for a pressure washing business?
The best type of insurance for a pressure washer is commercial property insurance and general liability insurance. This type of insurance will protect against accidents, injuries, liability, and negligence. It will also cover property damage and the pressure washer.
Who can get pressure washing insurance?
Typically, small business owners that need to protect their equipment from damage caused by the weather, dirt, or other outside forces.
What is the average cost of pressure washing insurance?
The cost of pressure washing insurance depends on the size of the business and how much coverage they want.
How long does it take to get pressure washing insurance?
It can take a few minutes to a few days to get pressure washing insurance, depending on the insurer.
What is the average cost of pressure washing insurance?
The average cost of pressure washing insurance is $150 per month. You may pay more if you’re seeking higher coverage amounts.
What are the requirements for homeowners to have pressure washing insurance?
To be covered for pressure washing, homeowners should have liability insurance which is not included in standard homeowner’s insurance policies.
What are the benefits of pressure washing insurance?
The benefits of pressure washing insurance include protection from accidents or injuries that may occur when pressure washers are in use. Pressure washing insurance also covers damage to property caused by the use of a pressure washer.