To comprehend the costs associated with landscape insurance, keep in mind that we’re not talking about a single policy. The word “landscaping insurance” refers to a broad category of coverage. It’s a term that’s used to describe a variety of policies that you might need if you work in the landscaping and lawn care industry.
Each one is tailored to the various dangers you face as a landscaper or lawn care professional.
What landscaping services do you provide
Your insurance premium is influenced by the landscaping services you provide. If you do simple lawn care and yard upkeep, insurers consider your firm to be lower risk. As a result, you’ll pay less for a policy than, say, a major corporation that offers tree surgery and excavation.
Your business’s annual revenue
In general, the more money your company makes in a year, the more expensive your coverage will be. This is because insurers see you as having a higher risk of being sued.
The worth of your property/equipment
This one is very self-explanatory. The more valuable your equipment is, the more you’ll have to spend on insurance. However, resist the temptation to undervalue your tools. You need to know that if they are lost, stolen, or destroyed on the job, you can get them replaced like for like.
Whether you have workers or not
Workers’ compensation insurance is required in most states if you have even one employee. In addition, including that policy in your landscape insurance package will raise your overall cost of landscaping insurance.
The amount your insurance company will payout on a claim is determined by the policy limit you select. The higher your limit, the more expensive your insurance will be. You may want to consider expanding your coverage limits as your company expands.