The world we live in today is highly competitive and people sue at the drop of a hat. Many businesses now understand that in order to survive in this world, risk management is a must. Your landscaping business should have adequate protection in order to protect both personal and business assets. While having to obtain insurance, or having to file a claim, can be frustrating and take time, you will have to do it if you want your business to be successful.
About the Insurance
All businesses, no matter the type, should have adequate coverage in order to protect assets. BOLT Insurance has specialty insurance aimed at meeting the specific and unique needs of the landscaping industry. Most landscaping companies are able to obtain commercial insurance through their home and/or auto company; it is usually better to obtain the specialty insurance. This is because the companies that provide landscaping insurance better understand the risks associated with this industry and are thus able to price your policy more accurately. If the company you are gaining your insurance from does not understand your industry, they will charge you higher rate because they want to be protected from any unknown circumstance that may come up.
What Types of Coverage is available?
Like all businesses, there are several different types of insurance coverage available for the landscaping industry. This is so that all of the different needs can be met, and you can keep your company running successfully. General liability insurance is a type of coverage that is designed to protect you from an action that may or may not have been your fault, but occurred on the job. Because you have the responsibility to do your work competently and safely, simply leaving a gardening tool out while running to the bathroom can cause you to be liable for medical bills if someone is injured. You could also be held liable if you mix chemicals and the lawn dies. General liability coverage protects you from these types of liability situations and helps ensure that you will not have a financial loss that could end your business.
Worker’s compensation is not usually something landscaping contractors or business owners are required to have. However, if you hire employees, you may be required to have this type of insurance for your employees. Even if you are not required to do so, it is a good idea. This type of insurance will help cover any costs associated with medical bills due to an injury obtained at work. It also helps you because your employee waives the right to sue you when worker’s compensations is provided.
Insurance coverage varies in types and what they will protect you from. If property is damaged in a natural disaster, you could have a policy that covers the damages and helps get you back up and running again. There are also different policies that protect against loss of inventory, theft on the job, equipment malfunction, and protects your vehicles while they are being used for work purposes. It’s better to be safe than sorry, and having insurance can save you money in the long run.