How to Insure Your Landscaping Business
Landscaping businesses and landscaping contractors can face different on-the-job risks like lawsuits, accidents, theft, and vandalism. You’ll need a customized landscapers’ insurance package to protect you on the job.
A key part of your landscaping insurance package is liability insurance, which provides financial protection for lawsuits, such as third-party bodily injuries and third-party property damage usually involving clients or suppliers.
Western Financial Group, a 100% Canadian company, can help you navigate your business, car, home, and boat insurance during this period of economic uncertainty.
What is landscaping insurance?
Landscaping insurance protects you in the event of an unexpected event, such as accidentally damaging a client’s property, a lawsuit being filed against you, or stolen tools. It helps protects you financially.
Who should get landscaping insurance?
- Landscapers
- Gardeners
- Arborists
- Tree removal professionals
- Lawn care professionals
- Groundskeepers
- Irrigation technicians
How much does it cost?
That will depend on where you are located, services you provide, number of employees, annual revenue, and your experience. Any past claims will also be considered.
Liability insurance is a key part of your landscapers’ insurance package. Here are the liability coverages that you need to help protect your landscaping business from lawsuits.
Commercial general liability (CGL) insurance
This is necessary liability insurance for landscapers and landscaping contractors. Without CGL insurance, you will pay costs related to third-party (customer/supplier) injuries or damage to their property out of your own pocket. Can you afford that?
If you were sued, commercial general liability insurance would cover the legal costs to defend the claim against your landscaping business in court, as well as costs to cover damages to compensate third parties whether you win or lose your case.
What kind of risks does commercial general liability insurance cover?
- Injury to a third party who is not your employee
- Damage to someone’s property
- Damage to rented property
- Medical bills if someone is injured
- Legal costs and settlement costs of liability lawsuits filed against you
- Liability lawsuits related to slander and libel
It would not be unusual to have $2 million or more in CGL coverage, depending on the size of your landscaping business.
Remember to check: Your CGL coverage limit may only apply to your full-time landscaping employees. Ask your Western Financial Group business insurance expert.
Contractors’ errors and omissions insurance
Errors and omissions insurance protects landscapers from damages related to alleged errors or omissions in the performance of your professional duties or failure to provide professional services. It help protect you from third-party claims of faulty workmanship or the use of defective materials.
Cyber insurance
Do you store your customers’ names, addresses, and credit card numbers in your landscaping business’s computer system, this information could be stolen by cybercriminals.
Without cyber insurance, you will have to pay for the cost of restoring your computer system on your own.
You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform customers affected by a breach.
Pollution liability insurance
Your landscaping business may use products that could be harmful to the environment or people. This type of insurance protects your landscaping business from third-party bodily injury and property damage claims and environmental liabilities associated with exposure to those products. It also helps cover any cleanup costs.
What other insurance coverages should landscapers have?
Equipment and tools insurance
It replaces or repairs damaged, stolen, or lost equipment and tools, accessories, or other property that you use in your landscaping business.
Anything valued at less than $1,500 is considered a tool and anything above that limit is considered equipment.
Commercial property insurance
It can help keep your business office or workshop protected from property losses, such as theft or vandalism. You can also add earthquake insurance, sewer backup, or flood coverage extensions.
Property you may need to insure:
- Building
- Furniture, equipment, supplies
- Inventory and computers
- Documents such as payroll, accounts receivable
Business interruption insurance
If there is an insured loss at your business that’s severe enough to prevent it from being open, the expenses associated with getting your business running again will be covered.
Business Interruption insurance usually covers vandalism, fire, wind, flooding, and other risks. It’s important to make sure to understand what this policy covers. This type of insurance will help compensate you for lost income and expenses that you will need to continue paying even when your business is unable to operate.
Be ready for the new season and financially protected with landscapers’ insurance.
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