Lost key (and lock) coverage for cleaning businesses

Lost key and lock coverage for cleaning service business

Lost key insurance

Every lost your keys? Of course, we all have and when you lose your clients keys, it's a big deal and a bigger hassle than you might first think. You may not just lose one clients keys but all of your clients keys, if they are all on one key chain. HINT:Do not do that! 

For every key you lose you will have to replace at least one and maybe multiple locks. It adds up. A typical claim for replacing a whole set of keys (on one chain) and the associated locks is $3,500!

Yes, you should have this coverage. What if the one key you lost is the master key for the whole building? You may have to replace dozens of locks – ouch!

This a potential reputation disaster, especially in the age of social media. You do not want this reputation killer to happen to you. Breath easy with lost key and lock coverage. 

Even a digital locking system can be expensive to have reprogrammed. These security systems are super high tech and specialized these days, the business owner will have to pay the security company to reprogram the locks.

Even for a micro cleaning business, losing one client due to a mishap can be a painful financial adjustment.


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Lost key & lock coverage

What is usually covered under lost key coverage?

  • Contractor in charge of keys / code
  • Replacement of key and associated locks.


What does it NOT cover?

Anything stolen while the building was left unlocked. That may be covered under other general coverage though. You need to make sure you have theft coverage as well, typically it is a part of standard coverage.

The client may the coverage themselves, but you should always have it yourself just to make sure. Their insurance may not cover a contractor on premise. It can be difficult to remember to discuss such a specific detail and often it gets overlooked by both parties in the hustle and bustle of the workday.

Lost key coverage would be added on top of general coverage. Typically you would get coverage for up to $25,000 but it greatly depends on the scale of commercial cleaning you are doing and the type of properties you have the responsibility for.


Sources:

Insurance quote for cleaning services

All about key coverage - Insureon

Janitorial Service Risks

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