When you have a small landscaping business, you will find that your business will require certain coverages to help safeguard you from claims that would otherwise hurt your business and bottom line. Some of the risks in this industry include potential lawsuits and property damage.
Some of the more common policies a landscaper should consider include general liability, commercial property insurance, business auto, and worker's compensation insurance. Many should also consider purchasing something known as a business owner's policy (BOP). This combines general liability and commercial property insurance into one manageable package.
Start with General Liability
Let's start at the beginning with general liability insurance for your landscaping business. This type of coverage protects against injuries to clients and damage to their property. If there are attorney fees, medical bills, or repairs to be made, this coverage helps pay for these things.
However, you should keep in mind that this coverage doesn't extend to injuries sustained by employees while on the job. To cover the people employed in your landscaping business, you need to have worker's compensation insurance.
This insurance protects the employer when an employee is injured on the job. It covers attorney fees, court costs, and settlements. Worker's Compensation also covers the employee's medical expenses related to the injury, ongoing medical costs and treatment, and lost wages while the employee is unable to work.
Most landscaping businesses also have vehicles they use to transport their equipment, including mowers, fertilizers, and other tools they use on the job. Commercial auto covers the vehicles used for your landscaping business.
Steps for Insuring Your Landscaping Business
To insure your landscaping business, there are steps you need to take to do just that.
Do Your Research
First, you need to do your research to determine the exact needs of your company. Learn everything you can about each type of insurance, and you will find that this knowledge can help save you both time and money.
Assess Your Needs
Next, assess your business. You need to find the insurance coverage that best fits the unique needs of your business. A comprehensive business owner's policy may be good if you want to find the best insurance coverage and bundle it into one package.
Once you have done your research and assessed your company's needs, it is time to gather quotes from different insurance companies so you can find the best rates and the best coverage. Once you have purchased insurance, you also want to read through your coverage limitations and reassess your coverage at renewal.
The coverage you chose last year may not be sufficient for the new year as you may have acquired additional vehicles, employees, or commercial property. If you have downsized, you want to make sure you are only paying for what you need. Remove any unnecessary coverage in this case.
For more information on how to secure the right commercial insurance coverage for your landscaping business, don't hesitate to contact the experts at Panorama today.
They will help assess the unique needs of your landscaping business to determine what the best course of coverage is to make sure you, your employees, and your clients are protected.