An annual audit is conducted to verify actual payroll figures and adjustments are made for under- or over-payment of premiums. These audits are usually done by mail, but may be done by a pre-scheduled personal visit by an insurance company auditor. Umbrella Insurance: You shall maintain a commercial umbrella liability insurance policy with a limit of at least $1,000,000 per occurrence and aggregate shall list the commercial general liability, automobile liability and workers’ compensation/employers’ liability policies as scheduled underlying policies. Automobile Insurance You shall maintain insurance with a combined single limit, CSL, of $1,000,000 for bodily injury and property damage for all owned or leased vehicles and include a hired and non-owned endorsement. Additionally, uninsured motorist and under-insured motorist coverage will be equal to the CSL. The insurance coverage must not have a deductible or self-insured retention greater than $5,000. There are several favorable factors that will help to lower your premiums. Make your agent aware that: You hire mature people who take their job seriously and are responsible. The majority of your employees are women who statistically are proven to be better drivers. There is an assigned driver for each car - not just any employee can drive any car. There is an employment agreement that explains the responsibilities of the employee while in possession of the car and a violation jeopardizes their job. You (the business owner) inspect cars weekly - when HSPs don’t expect it. You have a maintenance program on all cars. You have safety restrictions - no one else drives the car (no husbands, boyfriends, etc.). The cars are only used Monday through Friday, between 8:00 a.m. and 5:00 p.m. and only driven between customers’ homes. The cars are left at the office (according to your company policy). The cars typically go to 4 houses per day and spend most of their time parked. The cars are rarely parked on the street. The value of the car will have a determining factor in the cost of insurance. Cars should be basic: automatic transmission, air conditioning, and a radio. Different deductible amounts for comprehensive and collision coverage will affect the cost of premiums. Wh n comparing auto insurance quotes make sure that the Property Damage and Bodily Injury coverage and deductibles are consistent from quote to quote.
MOLLY MAID Right Start Transfer Manual Copyright 2015, Molly Maid, Inc.
Page 12
Proprietary and Confidential Information
Made with FlippingBook - Online magazine maker