Immaterial of how long you have been in the lawn care business, or how much care you take while doing your job and training your staff, mishaps can always happen. Accidents can cause property damage, client injury, employee injury, damage to equipment, and many other such hindrances to your business. Therefore you must have the right kind of business insurance from a reputed company such as Nextinsurance.com to cover you in case of such mishaps. The company has specific insurance offerings for lawn care professionals and companies.
General liability insurance is usually the first insurance you must get for your lawn care business. General liability protects you in case a lawsuit is filed against your business. In such cases, the insurer provided coverage for the medical bills, damage repairs, or replacement of property.
General liability insurance does not provide coverage in case one or more of your employees get hurt, or fall ill due to their work. In case you have a certain number of employees in your lawn care business, you would be required to have workers’ compensation insurance.
Always consider a reputed lawn care insurance provider when you wish to purchase insurance. A good insurance advisor will be able to guide you on the kinds of insurance you must purchase, and how much coverage you would need, based on your nature of jobs, the scale of business and number of employees. The standard policies in the lawn care industry are:
As we discussed before, general liability insurance covers you in case you injure a client or cause damage to a client’s or their neighbor’s property. General liability insurance also covers your legal expenses and pays for damages in case a lawsuit is filed against you due to the aforementioned accidents.
Commercial property insurance provides coverage for any kind of tools and pieces of equipment that you own and is necessary to enable you to run your business. The insurance pays for repairs or replacement in case any of your tools or equipment gets damaged or stolen while it has been stored at your premises or a customer’s.
However, this policy does not cover any damages to your tools and equipment, or in case they are lost in transit. To avail coverage for loss or damage during transportation, you would need to purchase contractor’s tools and equipment insurance, also known as Inland Marine insurance.
A business owner’s policy is a bundle of general liability insurance and commercial property insurance. The advantage of this policy is that it usually has a lower premium than the combined premium of the two insurance policies if they are purchased separately. Your eligibility for a business owner’s insurance will depend on a few factors such as your annual revenue, number of staff working in your company, and the amount of risk involved in the kind of jobs you take up.
In most states, you are legally obligated to have workers’ compensation insurance. The insurance provides coverage in case one of your employees gets injured or contracts a disease due to their job. Such an inquiry or illness can prove quite expensive in terms of medical bills, loss of pay, and legal fees. Workers’ compensation not only safeguards your business, or also safeguards your employees.
Since you have to constantly move around for your job all the time, you would probably have at least one, or a fleet of vehicles. Personal auto policies would not cover your company vehicles since they run a higher risk of getting damaged. Commercial auto insurance can cover you for damages to your vehicle as well as any physical injuries caused by an accident.
Umbrella insurance extends the limit of your coverage in case the actual bills of a claim exceeds your coverage limit. Having umbrella insurance ensures that expensive claims do not eat into your business assets.
Immaterial of the types of insurance policies you wish to purchase, you must not compromise on the coverage just to save premium costs. Choose the policies carefully based on the amount of protection they offer so that you don’t find yourself stuck in a quicksand of expensive claims and lawsuits.
Give your policy a thorough reading, especially the fine prints before you sign it. A lot of major information is in the fine prints, like limitations and exceptions. You must ensure that the policy does not limit your exact requirements. Do not hesitate to ask your advisor in case you have any doubts about the policy, and ensure that clarifications are backed by written words in your policy.