My sister and I had a small cleaning service for a few years. Mostly we cleaned people's houses at first, but once word of mouth began getting around we were offered a few cleaning jobs at local stores. Then one of the local banks needed someone to clean its offices in the evenings, so the manager offered us a contract to do the job.
Before we could get the contract, the bank manager said we had to get insurance so that if anything happened to the bank's property then the insurance would pay to replace or repair what was damaged. We had been working without insurance up to that point.
Anyway, we found an affordable insurance policy. It was the cheapest insurance we could find that would satisfy the bank manager. I didn't read the fine print as they say. I was mostly concerned with getting the cheapest policy possible, so we could get the bank job and start making money.
After we had been cleaning the bank for three or four months, the bank manager asked us to start shampooing the carpets as part of the contract. We agreed to do the carpets even though neither one of us had any experience doing this.
We put too much water on the carpet and didn't get in sucked back out, and the carpet molded. The insurance company refused to pay for the damage because it was not included in the original policy, and we didn't update the policy before we cleaned the carpet. We got no insurance reimbursement. The bank manager got in trouble, and we loss the contract.