Anyone running a professional landscaping business must also have good landscaping insurance. With landscaping insurance, you can deal effectively with any third-party claim of a bodily injury and damage to property arising from what you do or do not do in your landscaping business. Depending on the extent of the policy you take, it could also cover your equipment and employees. How much you spend on the insurance policy varies depending on factors like how big of an outfit you have, what kind of work you do, where you do most of your work, etc. Do not shy away from requesting a free quote from a couple of brokers just for information purposes before you settle on one you can work with.
How it works
Landscaping insurance is actually not a type of insurance. However, there are some kinds of coverage that any landscaping business must have. For instance, a contractor taking care of a small lawn will still need to have some general liability coverage. There are lots of other types of coverages that will come in handy for a landscaping business. For example, commercial property insurance might be important if the company has invested in some expensive equipment.
The majority of landscaping businesses that are insured have done so by purchasing the business owners policy. This policy is a combination of general liability and commercial property insurance. The reason for bundling the two together is because purchasing them as two independent policies would be more expensive. Most small businesses will, therefore, go for this bundled package in order to keep their operational costs as low as possible.
The following are the different types of landscaping insurance covers with a brief description of what each of them entails.
- Commercial general liability – this covers the non-employees or third parties that might bring a property or personal injury claim.
- Commercial property insurance – this policy covers business assets. These may include the business premises, landscaping equipment, and any inventory
- Professional liability insurance – this is a must have for growing landscaping businesses. It covers any damages that might result from your staff’s mistakes. The policy also covers professional negligence.
- Inland marine insurance – this policy covers tools, equipment, and supplies that are often transported from one job to the next. It could also cover you when delivering supplies to a customer
- Commercial vehicle insurance – this covers any personal injury or property damage resulting from an accident involving one of your company vehicles.
- Workers compensation – this covers any injuries that staff might sustain in the course of their work. It also covers wage replacement related costs that you might incur as a business owner.
- Commercial umbrella – this covers any claim that might be above and beyond the liability coverage.
A landscaping business is easy to start because you can begin as a single contractor and watch it your business grow. But, as much as you don’t want to overspend on startup costs, do not make the rookie mistake of not taking landscaping insurance. This could be the make or break decision for your business.