Have the quotes broken down sufficiently for you to use the worksheets found on the MOLLY MAID Team web site to compare rates. Remember that Molly Maid, Inc. must be listed as an additional insured. Ultimately, the agent must be able to convince the underwriter, who controls the terms and conditions of the quote. You can find a letter on the MOLLY MAID Team web site to use when you contact the insurance agents. There are six types of insurance that you will need to protect you, your business, your employees, your customers, and Molly Maid, Inc. Have the agency representative for the MOLLY MAID insurance program explain the additional benefits of the program in meeting/exceeding the minimum requirements that follow:
General Liability Insurance This insurance provides liability coverage for bodily injury and property damage. It is usually based upon a certain percentage of employee payroll. It should be higher if your
legal counsel recommends it. MOLLY MAID Requirements:
Coverage for “bodily injury,” “property damage,” and “personal and advertising injury”, with no exclusion or limitation applying to the products / completed operations liability coverage. Limits must be at least $2,000,000 general aggregate, $2,000,000 products and completed operations aggregate, $1,000,000 personal and advertising injury limit and $1,000,000 per occurrence limit. Contractual liability coverage including the assumed personal injury endorsement must be included to cover the indemnity provisions of the Franchise Agreement. The exclusion for employer’s liability shall not apply to claims for covered contractually assumed liability claims. Such policy shall contain a waiver of subrogation endorsement as to claims against Molly Maid, Inc. Molly Maid, Inc., shall be named as an additional insured on this policy on a primary and noncontributory basis, and with a Grantor of Franchise Form CG2029 or an insurer’s comparable form. The premiums are based on:
Coverage limits.
Deductible amounts.
Estimate of annual payroll (or sales). Use the figures from your financial projections. It is important to be as accurate as possible because this will have an impact on your cash flow. Classification(s) of work activities. Be sure you are quoted in the correct risk classification . Your New Business Manager can suggest categories and category numbers appropriate for the state in which you will operate.
Experience factor.
Imputed salary of owner (try to waive).
If you chose not to go with our national insurance program and obtain insurance locally, there are several important factors that you should make your agent aware of to reduce
MOLLY MAID Right Start Manual Copyright 2015, Molly Maid, Inc.
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