Why do I need Commercial Landscaping Insurance?
As a business owner of a landscaping business, you have so many responsibilities that consume your day. For one, you are in charge of the daily operations of a business and likely have piles of expensive equipment that need constant maintenance.
Furthermore, you're likely to have multiple contractual requirements such as Certification of Insurance. If you're in charge of a team of people to assist with your lawn care operations, you are legally required to protect them while working.
What does Commercial Landscaping Insurance cover?
The best and most important commercial landscaping insurance your business requires is general liability. This covers everyone, including damage to properties or health expenses due to death or injury from third parties, including customers and bystanders.
If you're planning to build a luxurious home, you'll need to have insurance to cover any potential gas line ruptures.
This protects your business from bankruptcy in the event of property damage, medical expenses for third parties, or legal expenses.
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How Much Does Insurance Cost for Landscaping Businesses?
There are a multitude of variables that contribute to the expenses related to commercial landscaping insurance. The largest include your type of business risks related to your work. Estimations of cost are sourced from numerous policies.
Landscaping businesses are required to pay an average premium of approximately $45 every month, totaling about $530 each year, to have general liability insurance. This provides protection from property damage, client injuries, and advertising injuries.
Use G&G Insurance to compare rates. For the best prices, get a quote or call us today.
How Does Business Insurance Protect Landscapers?
Landscapers and businesses are protected in many ways, including the following examples:
- Safety from risks you may not have considered
- Assurance for present and future liabilities
- Shielding in the event of a lawsuit
- Reputation as a landscaping professional
- Protects your finances in the case of disaster or emergency
More than anything, landscaping insurance provides you peace of mind in virtually any circumstance.
Landscaping is hard work, and operating heavy machinery opens the window for a floodgate of risks that can lead to accidents, or the loss of many of your most expensive assets. Incidents cost tens of thousands of dollars in potential losses.
Whether you are running a small or large operation, it's vital to have an instance to secure your financial and operational health while simultaneously providing for your workers.
What Other Types of Insurance Do Landscapers Need?
Commercial Auto Insurance
In addition to general liability insurance, many landscaping businesses invest in commercial auto insurance. Generally speaking, companies pay an average premium of approximately $150 each month, totaling $1,810 per year.
This covers medical bills resulting from accidents and third-party property damage along with vandalism, vehicle theft, and weather damage.
Businesses that have vehicles that are company-owned, such as lawn care pickups and tree trimming trucks, are required by law to have commercial auto insurance. In the event that any employees drive rented, leased, or personal vehicles, a business may instead be required to get non-owned and hired auto insurance.
Workers' Compensation Insurance
The majority of states mandate workers' compensation for landscaping businesses that have employees.
Even at times in which it is not required, it's a great idea to get this insurance as it covers medical expenses if an employee suffers an injury on the job. There are health insurance plans that will often deny claims for injuries related to work, which is the reason why sole proprietors should consider workers' compensation.
In addition to covering medical expenses, this policy offers wages during the period of recovery.
Contractor's Tools and Equipment Insurance
This type of policy aids in paying for replacements and repairs of a landscaper's damaged, lost, and stolen equipment. Cost varies depending on the overall value of the tools. The majority of landscaping businesses opt for the $5,000 limit.
Commercial Property Insurance
If you've invested substantial amounts of resources into the assets of your business via lawnmowers, excavation, tillers, nurseries, etc., you may require commercial property to store everything.
Any business equipment or property faces a number of risks, including fire, theft, and storm damage, to name several. If any of your properties are stolen or damaged, you'll need commercial property insurance to help replace them.
All physical assets of a building, be it the inventory or equipment, are covered under a commercial property policy.
Inland Marine Insurance
Contrary to what it sounds like, inland marine insurance is not related to boats or water. Rather, it relates to business equipment that is moved on land to a job site.
If your business's tools or equipment are damaged, stolen, or destroyed while in motion, inland marine insurance is designed to cover any potential losses.
Employment Practices Liability Coverage
Lawsuits filed by employees have risen substantially in recent years. One type of commercial insurance designed to protect your business from various lawsuits that may have been brought on by an employee includes employment practices liability insurance (EPLI). This also provides protection to employees under particular conditions, such as:
- Breach of contract
- Discrimination
- Drug testing
- Employee benefits mismanagement
- Invasion of privacy
- Mental and emotional damage
- Negligence
- Sexual harassment claims
- Slander
Any costs related to the need to defend your landscaping business and any involved employees are covered by EPLI. The issue is that even when you and the employees cannot possibly be blamed, the struggle to prove your innocence in such types of claims is incredibly expensive.
The average cost of out-of-court settlements is $75,000. However, the average award in a victorious court case is over $200,000. The truth of the matter is that most of these claims are an act of retaliation on behalf of an employee to get back at their boss.
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We’re more than happy to talk to you one-on-one concerning all your questions about business property insurance.
