Insurance Archives - Alexander Insurance Agency | St. Charles Insurance Brokerage

31Jul

Sweep Away Worries: The Benefits of Insurance for Cleaning Entrepreneurs

Cleaning businesses are a very lucrative and in-demand means of excellent self-employment. Just like so many other ventures one would embark on, you will find that insurance is there to protect you against many different types of liabilities. This type of business calls for strong chemicals that can affect employees and customers, and someone could inadvertently get injured on a job site. As many savvy individuals right here in Missouri are thinking about starting up a cleaning business, they naturally have questions for us here at the Alexander Insurance Agency of Saint Charles.

How Much Can I Expect to Pay for Cleaning Company Insurance?

The average cost of business insurance for a cleaning company ranges from around $92 to $110 per month, based on gleaned data from Insureon. The expense your company can expect to pay for insurance can depend on many different factors. The type of coverage best for you, the types of cleaning you offer, and your coverage limits all affect how much you’ll ultimately pay for your premium.

General Liability Insurance is a common form of cleaning business insurance that will help cover costs if your cleaning business is found liable to a third party for unfortunate body injury, personal injury, advertising mishap, or substantial property damage. Following are some of the factors that will influence your policy cost.

Industry: Policy issuers are in the practice of assigning your business that general liability class code. The class code depends on the type of work your business performs along with your physical location.
Physical Business Location: Business owners that operate out of a commercial property location will need to disclose the condition of the building, its size, and roughly how much foot traffic it sees on average. Larger buildings with greater amounts of foot traffic will generally cost more to insure. You could also see higher rates if an older structure that’s not up to code is where you are choosing to operate.
Services Rendered: the different types of cleaning services you provide can make your business incur higher risk, making sure to inquire about these offerings. Some of the nation’s largest insurance companies will want to know if you provide restoration work, if you’re working in a high-traffic property, or especially if you are conducting business in hospitals with hazardous materials and other elements.
Business Size: insurance companies will likely consider your business’s annual revenue as a general starting point. Larger revenue amounts usually will mean a larger operation that presents more opportunities for heightened risk. Insurers will also consider the number of employees you have, and amounts allocated each month for necessary payroll.
Amount of Experience You Have: More years under your belt of providing feeding services will be considered as you are shopping for a policy. With global issues at hand such as the recent pandemic, even just a few years of proven track record will help your credibility.
Claims History: insurers will want to look at your claim history to try and see what the future of your cleaning business will hold. Litigation and losses will be brought up as factors, and canceling for nonpayment could be an issue as well. Much like homeowners insurance or auto, the events that have already occurred dictate a “probability of sorts” for a prediction of how risky you are to an insurer.
Deductible Amount: Much like health insurance coverage, policy deductibles also affect your premiums. If you have a higher deductible, the lower your premium will be.
Limits: An entire business can be quite a challenge to replace, repair, or encounter liability from. The higher your limits are, the more you’ll expect to pay for coverage. Whether you have two employees or a teeming staff of twenty, limits are always an important issue to consider.

A Business Owner’s Policy combines general liability coverage with standard commercial property insurance. Commercial property insurance is the sensible choice for taking care of damage to a building you rent or own, and all the belongings inside of it. Incidents such as burglary, flooding, or fire.

Here are some of the factors that will influence how much it costs to secure commercial property coverage:

The Building’s Size: For larger cleaning business buildings, it will be more expensive to repair or replace if you undergo an event that results in total loss. A sizable structure allows your business to flourish, but you will always notice higher costs to insure them.
Your Property’s Value: the value of the business property within your building is a significant factor in your costs because your policy is there to help you cover losses and sudden damage.
Your Property’s Valuation Approach: Your covering insurer put together an offer to compensate you based on the actual cash value, the fair market value, or the replacement cost value of your business property. Replacement cost policies are known for having higher premiums because you will happily obtain a brand-new item. If you are holding an actual cash value policy, you are reimbursed for the depreciated cash value of the damaged or destroyed item.
Location: Your building’s location is a huge deciding factor regarding your insurance coverage rates. If you have set up shop in a structure that is prone to fires, extreme weather, or heightened crime, you could be considered high risk.
Deductible: The deductible you choose will affect how much you pay for your premium. The higher your deductible is, the lower your cost for a premium will be.

Worker’s Compensation: if your employees happen to encounter a work-related illness or get hurt, worker’s compensation helps to cover costs such as medical expenses and lost wages. Your cost for the coverage will depend on where your business is located, how many employees you currently have, the size of your payroll, your history of claims, and the specific type of cleaning you provide.

Which Type of Cleaning Business Insurance is Right for Me?

Various types of business insurance can be not only mandated, but an enormous weight off your back when it comes to thriving vs. surviving. General liability is most often considered the “bare minimum” to function with, protecting if legal situations arise from third parties and clients. Commercial property and auto coverage will be necessary if you are leasing or own a structure and have business vehicles to expedite your service. If you have official employees, a workers’ compensation policy is required to be compliant.

As the cleaning industry continues to evolve, having adequate insurance coverage will not only shield businesses from potential risks but also enable them to focus on what they do best. Delivering outstanding service and maintaining the highest standards of cleanliness are always going to be needed qualities. With the right cleaning insurance in place, your operation can confidently forge ahead, knowing you are well-protected against unpredictable challenges, and leveraged for a successful and thriving future. Contact us today at the Alexander Insurance Agency of St Charles and prepare to pack your vacuum cleaners and spray bottles for a journey of satisfaction and profitability!

20Aug

A Safety Net For Loved Ones: Choosing the Best Life Insurance Policy Duration

The loss of a family member or loved one can be a stressful and sobering time, and when unexpected, can provide an enormous strain and unforeseen burden. Having a sensible and substantial life insurance policy makes these times so much more bearable, as you can rely on the certainty that beneficiaries and dependents of all sorts will not be struggling to make ends meet. After finding a policy that will appropriately pay out, one of the most pertinent decisions is exactly how many years of coverage to obtain.

The length that you ultimately decide on will have a direct effect on the premium you’ll pay. One reason that term policies remain so popular is that their actual cost is much lower than holding a permanent policy for universal and whole life types. Term lengths range from 10 years to 30 years, and selecting the best one for you involves considering the cost of the coverage and the risk of seeing the policy discontinue when you require its protection.
The longer that a policy will run, the more your cost. Life insurers set their prices by the likelihood that they’ll have to pay a death benefit during the years you are still holding coverage. A healthy man in his 30s may pay around $2,000-3,000 more in premiums than during the first ten years of a 30-year policy as opposed to one that has just a 10-year duration.

If you do choose a policy that ends sooner and then decide you need coverage when the time is up, it will cost you more because you have since aged. If you happen to have undergone any surgeries or developed new medical issues during that time, you could be alleviated from coverage entirely depending on the condition’s severity. Here are some of the most important elements all of us here at Alexander Insurance Agency of St Charles suggest you consider while you are making the decision on what type of life insurance is right for you:

How Old You Are: If your loved ones are depending on your income, we can assist you with a life insurance policy that will last until you plan on retiring. At the very least, try to have enough in savings and various investments to be safe without a consistent income.

Your Children’s Age: Education for children and grandchildren can be paid for with life insurance policy proceeds, assuring that your most cherished individuals can better themselves later in life. Families just getting started that have young children will see a drastic improvement in the quality of their life with term insurance of 15 to 20 years or more.

Your Housing Expenses And Other Forms of Debt: When you are asking yourself how long your policy should last, it is wise for it to include the amount of time you will need to completely pay off your mortgage, loans, and debt accrued on credit cards. When tragedy strikes and it seems as if your entire existence is turned upside down, expenses such as credit cards still need their charges paid, and negative activity can result in judgments and a lowered credit score.

Looking With Expert Eyes at Term Length: When we sit down to talk with you here at Alexander Insurance and provide assistance for you and your family, there are a few very important things to consider. You can obtain “ladder” coverage for yourself that sees the installment of multiple policies. This can reduce your amount of risk by covering a variety of different scenarios via a heightened amount of spend on purchase.

A professional can always help you with all your in-depth financial and insurance issues, and we are standing by to assist you! Finding the ultimate way to secure your family’s future is our area of expertise. We are always looking to make the best of your golden years and to help pass on the joy of prosperity to your family!