Personal Concierge Insurance Policy Information
Personal Concierge Insurance. As a personal concierge, the duties you'd be required to perform on the job could be so varied and extensive that it's hard to predict how most things will go.
Whether you're a business owner who runs a personal concierge business to service a variety of clients or a single-service assistant looking to get covered, then you'd be glad to know that there's no shortage of personal concierge insurance options available to suit your specific needs.
In general, when you run a business it is wise not to overlook the importance of protecting yourself from the financial risks you're exposed to in the usual operations.
Even more so, as a personal assistant or concierge business since your job description is not always clear-cut and you may find yourself performing tasks that make you vulnerable to damage or fraud claims among others.
Personal concierge insurance protects your service from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked personal concierge insurance questions:
- What Is Personal Concierge Insurance?
- How Much Does Personal Concierge Insurance Cost?
- What Kind Insurance Do Personal Concierge Services Need??
- What Common Risks Do Personal Concierge Businesses Face?
- What Does Personal Concierge Insurance Cover & Pay For?
What Is Personal Concierge Insurance?
Personal concierge insurance is a type of insurance coverage that provides policyholders with a range of personal and professional services, such as travel planning, event coordination, and home maintenance.
This insurance is designed to help people manage their busy schedules, reduce their stress levels, and improve their overall quality of life. Personal concierge insurance may be purchased as a standalone policy or as an add-on to a traditional insurance policy. The services offered may vary depending on the insurance company and the policyholder's individual needs.
How Much Does Personal Concierge Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small personal concierge businesses ranges from $27 to $59 per month based on location, size, payroll, sales and experience.
Some people may not see the need to purchase personal concierge insurance before beginning their business operations, but it is particularly important here because of the central and dynamic role of a personal concierge.
What Kind Insurance Do Personal Concierge Services Need?
The good news is that once you decide to get personal concierge insurance, then you can ask about premiums, deductibles and the lengthiness of the claim process to figure out which coverage you need. Some coverage options that may be available depending on your exact location or states of operation include:
- Professional Liability Insurance
- General Liability Insurance
- Commercial Automobile Insurance (for cars, trucks or vans used in your business operations)
- Property Insurance
- Employment Practice Liability Insurance
- Workers Compensation
- Surety Bonds
- Cyber Liability
After reviewing your business activities and the coverage you may need, you can apply for multiple services offered by your personal concierge business. It is important to compare provider costs to ensure you're not paying more than you have to.
Also, that your personal concierge insurance covers all the primary roles you execute as a personal assistant or concierge.
Additionally, some other alternatives exist to those on the market for personal concierge insurance. As a business owner offering personal assistant services you could opt for any of the following types of coverage:
- Personal Concierge Insurance
- Personal Assistant Insurance
- Individual Policies
- Entity Policies
- Fidelity Bond Protection
- Business Owners' Policies
What Common Risks Do Personal Concierge Businesses Face?
Still wondering what the possible risks are that require you to secure personal concierge insurance for your business? Here are some of the common liabilities of personal concierge businesses that could be potential claims:
- Failure to complete assigned tasks on time leading to losses
- Causing bodily harm or injury to a third party while on the job
- Causing accidental damage to a client's home or property
- Accidentally taking action that leads to significant financial losses for a client
- Loss of valuable property, money or asset while in your custody
- Overall mishandling of
- Automobile crash/accident during transport
Why Own A Personal Concierge Business?
If you thrive on variety, enjoy providing assistance to others and generally have a schedule that is flexible enough to allow you be "on-call", then you may be right in considering starting up a personal concierge business.
What's also great about this small business idea is that it has much room for growth, through expansion and combining services, as well as word-of-mouth referrals from satisfied clients or low-cost marketing strategies.
There is also longevity in partnering with well-paying, reliable clients, as most people do not want to change assistants often. Your business could also start of large, if you are able to pitch your personal concierge services directly to a local company or organization that is seeking to offer employees personal assistants as an included benefit.
Services Provided By Personal Concierges
Again, personal concierge businesses engage in a variety of tasks that can depend on each client's needs and but some of the services include:
- General assistance in tasks (both office & home)
- Running of errands
- Personal shopping (possibly grocery shopping)
- Scheduling of appointments
- Drop off/pick up of items (including laundry/dry-cleaning)
- Organization of bills, receipts, documents
- Notary services
How To Buy Personal Concierge Insurance
Following this three-step process, you can ensure that you procure insurance or get bonded the right way:
- Create a list that details the services your personal concierge business provides to all the clients you have signed on (or plan to). Making sure that your list is complete will help the insurance carrier or bonding company determine accurate coverage plans and reasonable premiums. This same list will also ensure that when you have a claim, the insurance or bond company has your back and pays.
- With your list in hand, and a market survey of what others are getting charged in mind, you can now contact independent insurance agents that offer commercial insurance to businesses like yours. Most basic coverage for personal concierge businesses will include general liability insurance, surety bonds and auto insurance. However, you should be able to tailor their package to suit your potential needs. Discuss your needs with as many insurance agents representing different companies as possible, so you can get a wider range of costs to compare.
- Ask about the specifics of their liability insurance for your personal concierge business. This is particularly important since the duties on the job may vary from client to client. This way you can ensure you have the coverage you need.
What Does Personal Concierge Insurance Cover & Pay For?
Personal concierges can be sued for various reasons, such as negligence, breach of contract, theft, or injury to a client. Insurance can protect them by providing financial coverage for legal defense and potential damages. Below are some examples of situations where a personal concierge might be sued and how insurance can help.
Negligence: A personal concierge may be sued for negligence if they fail to perform their duties with due care, resulting in harm to a client. For example, if a concierge fails to make a critical reservation for a client, causing them to miss an important business meeting and suffer financial losses.
Insurance solution: Professional liability insurance can help cover the legal defense costs and any damages awarded to the client.
Breach of contract: If a personal concierge fails to fulfill the terms of their contract with a client, they may be sued for breach of contract. For example, if they agree to provide specific services for a set fee but fail to deliver those services as agreed upon.
Insurance solution: Errors and omissions (E&O) insurance can help cover the legal defense costs and any damages awarded to the client for the breach of contract.
Theft: A personal concierge may be sued if they are accused of stealing a client's property or funds. For example, if they have access to a client's home and are accused of stealing valuable items.
Insurance solution: A fidelity bond or employee dishonesty coverage can help pay for the legal defense costs and any damages awarded to the client due to theft.
Injury to a client: If a client is injured as a result of a personal concierge's actions, the concierge may be sued for personal injury. For example, if a concierge accidentally spills hot coffee on a client, causing severe burns.
Insurance solution: General liability insurance can help cover the legal defense costs and any damages awarded to the client for their injuries.
Damage to client's property: A personal concierge may be sued if they accidentally damage a client's property while performing their duties. For example, if they accidentally break an expensive vase while cleaning a client's home.
Insurance solution: General liability insurance can help cover the legal defense costs and any damages awarded to the client for the property damage.
In each of these examples, having the appropriate insurance coverage can protect a personal concierge from potentially devastating financial consequences resulting from a lawsuit. Insurance can help pay for the legal defense costs and any damages awarded to the client, allowing the concierge to continue providing services without significant financial strain.
Commercial Insurance And Business Industry Classification
- SIC CODE: 7299 Miscellaneous Personal Services, Not Elsewhere Classified
- NAICS CODE: 812990 All Other Personal Services
- Suggested Workers Compensation Code(s): 8810 Clerical Office Employees NOC
Description for 7299: Miscellaneous Personal Services, Not Elsewhere Classified
Division I: Services | Major Group 72: Personal Services | Industry Group 729: Miscellaneous Personal Services
7299 Miscellaneous Personal Services, Not Elsewhere Classified: Establishments primarily engaged in providing personal services, not elsewhere classified.
- Babysitting bureaus
- Bartering services for individuals
- Birth certificate agencies
- Blood pressure testing, coin-operated
- Buyers' clubs
- Car title and tag service
- Checkroom concessions or services
- Clothing rental, except industrial launderers and linen supply
- Coin-operated service machine operation: scales, shoeshine, lockers,
- College clearinghouses
- Comfort station operation
- Computer photography or portraits
- Consumer buying service
- Costume rental
- Dating service
- Debt counseling or adjustment service to individuals
- Depilatory salons
- Diet workshops
- Dress suit rental
- Electrolysis (hair removal)
- Escort service
- Genealogical investigation service
- Hair removal (electrolysis)
- Hair weaving or replacement service
- Locker rental, except cold storage
- Marriage bureaus
- Massage parlors
- Porter service
- Quilting for individuals
- Rest room operation
- Scalp treatment service
- Shopping service for individuals
- Steam baths
- Tanning salons
- Tattoo parlors
- Turkish baths
- Tuxedo rental
- Valet parking
- Wardrobe service, except theatrical
- Wedding chapels, privately operated
Personal Concierge Insurance - The Bottom Line
If you think personal concierge insurance is expensive, and think you can get by without it, then you are making a large mistake. Something you are doing to try to save yourself some money could end up ultimately costing you far more money.
Additional Resources For Miscellaneous Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Control of Well
- Electric Utilities
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Waste Disposal Landfill
- Wedding Planner
- Specialty Accident And Sickness / AD&D
- Specialty Amusement Parks And Rides
- Specialty Auctions And Farmers Markets
- Specialty Business Risks
- Specialty Communication
- Specialty Design
- Specialty Drugs And Alcohol
- Specialty Employee Protection
- Specialty Energy
- Specialty Environmental Risks
- Specialty Firearm And Shooting
- Specialty Hazardous Materials
- Specialty Health Risks
- Specialty Machinery And Tools
- Specialty Merchandise
- Specialty Mobile And Modular Homes
- Specialty Motorcycle Risks
- Specialty Natural Disasters
- Specialty Oil And Chemical
- Specialty Prize Indemnification
- Specialty Programs
- Specialty Railroad
- Specialty Security Risks And Equipment
- Specialty Substandard Risks
- Specialty Travel
- Specialty Weather Related
Businesses need insurance for several reasons. Firstly, insurance protects businesses from potential financial losses that may result from unexpected events, such as accidents, natural disasters, or lawsuits. This financial protection can help businesses recover from unexpected events and continue to operate.
Secondly, business insurance can provide businesses with liability protection. This means that if a business is sued for damages or injuries that occurred on their property or as a result of their products or services, the insurance company will cover the legal costs and damages. Without insurance, businesses may have to pay these costs out of pocket, which can be financially devastating.
Thirdly, commercial insurance can also provide businesses with peace of mind. When businesses have insurance, they can focus on running and growing their business without constantly worrying about potential financial losses or legal issues.
Finally, business insurance can also be a requirement for certain businesses. For example, many businesses that work with the government or large corporations may be required to have certain types of insurance in order to do business with them.
In conclusion, businesses need insurance for financial protection, liability protection, peace of mind, and to meet certain requirements. It is an important aspect of running a successful business and can help ensure the long-term stability and growth of the company.