It is important to know the necessary insurance coverages a landscape company needs to keep the business and assets protected. A business owner’s policy is the standard option combining property and liability coverages for any bodily injury you are responsible for. It is important to purchase an insurance package that fully protects all operations of the business.
While not all will apply to each landscaping company, here is a list of some key coverages:
· Property: This pertains to any building, equipment, or miscellaneous tools you have. The business personal property is specific to one building/location. You will want to be sure your limits match with the value of each and be sure to schedule items of higher value (typically will contain serial numbers).
· Liability: The general liability limit is very important to cover any bodily injury or property damage for which the business is responsible. If working as a subcontractor, there may be required minimum limits to work under the general contractor. Herbicide and pesticide applicators liability may apply depending on the services offered.
· Automobile: If using a vehicle to transport work supplies, a commercial auto policy will be needed. Any vehicle titled to the business will need to be added to the policy as well as any utility trailer. Hired & non-owned coverage will extend coverage to employee’s vehicles being used to drive to job sites, etc.
· Workers Compensation: Protects employees who get injured or ill due to a work-related cause. This covers reasonable medical expenses and potentially lost wages.
· Business Income: Helps keep the business running when a covered loss results in loss revenue. It can take a while to rebuild or move to another location and this coverage provides economic sustainability in the event of a severe loss.
· Umbrella: This will extend over the liability limits of underlying policies. Consider purchasing additional liability protection with a commercial umbrella for more protection.
While these are most applicable landscape companies, there are many additional coverages to consider. It is important to work with a risk advisor to properly assess a plan that match the needs of the landscape company.
Paroubek Insurance has the expertise and insurance carriers to find your best option. We partner with our clients to provide more than just the policy. Our goal is to educate clients on present risks and guide them through the decision-making process.
Let our risk advisors assist in properly insuring your landscape company with various risk management tools and resources. Reach out to Paroubek Insurance to get started.
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