From lawn mowing to trimming trees, your landscaping business is often exposed to significant risks. These risks may include third-party injuries and property damage claims.
Luckily, you can mitigate these risks with the right insurance for your business. Landscaping insurance can protect your business against the financial impact of covering these risks out-of-pocket.
In this article, we’ll highlight the importance of landscaping insurance and the coverage along with the potential costs.
Landscaping insurance is commercial liability coverage that protects landscapers against property damage and bodily injury.
A general liability policy protects against third-party claims regarding a client's property or personal injury. It also uses various insurance policies to cover specific risks to the business itself. For example, workers compensation insurance, a requirement by most states, is included to cover workplace injury costs. Extra coverage, such as property insurance to protect your business premises and auto insurance for business vehicles, form part of a comprehensive landscape insurance policy.
Secondly, your credibility improves by having landscaping insurance. Clients prefer insured landscapers to shield themselves from unexpected costs.
Independent contractors and landscaping companies offering services such as lawn care, tree pruning, trimming, lawn gardening, and incidental hardscape services need landscaping insurance. By combining various types of insurance, business owners safeguard their business from financial losses from claims related to third-party injuries, property damage, and employee injury.
Clients are more likely to work with you if you are insured because they’re protected financially from a loss. Also, being insured raises your reputation, showing you adhere to a high standard of business practices.
Landscaping insurance protects your business from the following risks:
Your landscaping company needs different types of insurance to mitigate operational risks. Some types of landscaping insurance policies include:
In some instances, the landscaping insurance policies may exclude some losses from compensation. Intentional damage is an example that falls under an exclusion clause. If you damage client property maliciously or intentionally, the insurer will not pay.
Your landscaping insurance costs will vary based on the amount of protection you need. Covering third-party risks alone will be cheaper but expose your business to other risks.
Generally, the cost is determined by the location, number of staff, coverage limit, nature of the job, and coverage period.
On average, general insurance for landscapers costs $500 per year. However, the costs can increase or decrease as you include or exclude other types of coverage for your business. For landscaping, general liability limits are $1M per occurrence and $2M on aggregate per policy term.
A certificate of insurance is a document that outlines the crucial details of an insurance policy, such as the legal name and address of the insured, the insurer's name, the type of policy, the insurance amount, coverage details, and policy effective dates.
A certificate of insurance shows appropriate protection against potential risks. Most clients will request it before contracting you for high-risk assignments where financial losses can occur.
Insurers brokers are responsible for providing the certificate of insurance on request. In most cases, a certificate is issued together with your policy. You can get your proof of insurance upon request within a few business days.
Landscaping insurance can help cover the cost of claims made against your business. Contact a licensed insurance agent and ask them to get you a Pathpoint quote today.