My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
Residential landscaping work comes with various risks that can expose landscapers to lawsuits. Therefore, you should carry insurance coverages that will protect you and your business against liability and financially draining suits. With this in mind, here are three crucial types of insurance that you should take out for your new landscaping business.
Public Liability Insurance
Public liability insurance protects you if you or your worker causes property damage or injury to third parties. For example, if you accidentally break a sprinkler line and flood the lawn during landscaping work, your cover will compensate the homeowner for lawn damage. Similarly, if large tree branches fall on the roof and damage it during a tree cutting project, your insurance will pay for roof repairs.
When taking out a public liability policy, beware of limitations within the policy that may cause the insurer to deny your claim. For example, some standard policies have limits on tree height. Therefore, if your policy has a three-meter height limit for tree lopping, you will not be covered for damage caused by trees that are five meters tall. Read through the fine print and ask for the necessary adjustments to ensure full coverage.
Tools and Equipment Insurance
Landscapers use a variety of tools, equipment, and machinery to execute their duties. These tools and equipment are a significant investment; therefore, it's crucial to insure them against theft and damage. If you have smaller tools, you can take out a cheaper policy. However, large pieces of equipment, such as excavators, crawlers, and graders, require a more comprehensive cover. To get the most out of your policy, tailor it to cover machinery breakdowns and repairs as well. This way, you don't have to pay out of pocket for accidental malfunctions and damages to the equipment.
Professional Indemnity Insurance
If something goes wrong with your landscaping project, your client can sue you for the losses incurred. Also, if a client suffers losses after executing your advice, they may hold you liable. The following are some examples of negligence and mistakes during landscaping work:
Professional indemnity insurance covers you against any financial losses incurred due to negligence or inaccurate advice. For example, if your client's plants die because of your mistakes, your cover will pay for new plants and other damages resulting from the negligence.
Landscaping business insurance shields you from lawsuits resulting from property damage, personal injury, and negligence. Find a commercial insurance firm to find a custom policy to suit your individual needs.