Do you own one of the more than 23,000 landscaping businesses in Canada?
Even if you spend most of your day dealing with plants instead of people, you can’t overlook the human aspect of running your business. The truth is there are inherent risks in running any business — and a landscaping company is no exception.
How can landscaping insurance offer financial protection for your business? What type of business insurance do you need?
Keep reading to learn why landscaping businesses need insurance and how to find the best insurance policy for your company.
Why Landscaping Businesses Need Insurance
Your clients rely on your skills to give them beautiful outdoor spaces they love. Reaching that goal, however, requires a lot of hard work on your part.
Every day, your employees lift heavy loads, operate dangerous equipment, and handle hazardous chemicals. Thousands of injuries occur every year from a basic lawn mower, let alone riskier endeavours like pruning large trees or grading land.
In the winter months, you may switch your operations to snow removal, which presents a whole new set of risks. The increase in slip and fall claims during the winter can be drastic.
Often the landscape company is liable through the contract with the building owner, municipality, or whoever hired you for the job. This only makes sense, since you were the one commissioned to clear the snow, salt the walkways, and keep the community safe.
Imagine what would happen if you got served with a claim demanding a million dollars in damages from a slip-and-fall incident. Or imagine your client suing you because they got sick from a herbicide or insecticide you used on their property — even if it was considered “safe.”
These are real risks to any landscaping business, no matter how large or small your operation may be.
As insurance brokers, we’ve seen legal allegations that are both demanding and malicious. The claimant may say they’ll never be able to work again or take care of their children.
These claims are upsetting and frightening, mostly because you’re left wondering: Will my landscaping insurance cover this?
Understanding the Different Types of Business Insurance
To be clear, there’s no pre-set “landscaping insurance” policy available to business owners. Rather, it’s a combination of different types of commercial insurance customized to your specific needs.
Here’s a brief overview of the most relevant types of business insurance for landscaping companies.
General Liability Insurance
This coverage protects you in the event of a lawsuit against your company. Specifically, it protects you against claims of bodily injury or property damage.
Commercial Property Insurance
This policy protects your physical office location or place of operation, as well as all of your equipment. It will pay to repair or replace damaged property after a disaster, theft, or another disaster.
Business Owner’s Policy (BOP)
This policy combines the two types of insurance mentioned above. By bundling them, you can often get better coverage for a lower cost.
Workers’ Compensation Insurance
This policy protects your company in case one of your employees gets sick or injured on the job. It covers their medical expenses and lost wages and provides protection for you if they decide to sue.
Commercial Auto Insurance
Landscaping companies often provide company cars and large trucks for their employees to use. This coverage protects you financially if one of your employees is involved in an accident with a company vehicle.
Business Income Insurance
In the event of a disaster or major property damage, you may need to temporarily close your business. This insurance policy helps to cover loss of income until you can safely reopen.
Snowplough Operations Insurance
If you offer snow removal services in the winter months, it’s vital to carry coverage for snowplough operations. This protects you in the event of property damage or slip-and-fall accidents related to snow or ice.
Every type of insurance policy has a set liability limit. Umbrella coverage pays for any costs that exceed the pre-set policy limit.
Keep in mind that your business may not need every type of insurance listed above. This is merely an overview to help you get familiar with the types of coverage that are available.
Finding the Right Insurance Policy for You
So, then, what type of coverage does your landscaping company need?
That’s where an experienced insurance broker comes in. We take into account every detail of your business to determine what type of coverage you need. This includes:
- Your location
- The size of your payroll
- The specific services you offer (i.e., stump removal or grading and excavation)
- Any off-season work contracts (i.e., snow removal services)
We’re here to backstop your hardworking company and maintain the success and continued operation of your business. Keep in mind that a simple slip and fall claim can result in an average of $40,000 expenses between legal fees and an early settlement.
For as little as $1,000 a year, you can get landscaping insurance that provides the peace of mind your business needs to operate effectively.
Get Peace of Mind With Landscaping Insurance
When you consider the points we discussed above, it’s clear why landscaping businesses need insurance.
As the seasons change, so does our exposure to risk. Whether you have many employees and clients (or just a few), you can’t afford not to carry landscaping insurance.
Of course, not every landscaping company needs every type of business insurance. An experienced insurance broker can analyze your daily business operations and the associated risks. Then, using that information, they can put together the ideal insurance policy for your business needs.
James Inwood has been helping small business owners find the best insurance coverage for the past 10 years. We’re here to take the confusion out of the process and provide you with an affordable, easy-to-understand solution.
Email us directly at email@example.com or give us a call at 647-966-7093. We also have a convenient online form you can fill out to request a no-obligation quote.
James Inwood is a member of Canadian Insurance Brokers Inc. CIBI operates across Canada with more than 40 licensed brokers and is completely independent so our advice is always objective. Representing 14 insurance carriers on the personal side and over 20 insurance providers on the commercial side helps give my clients clear choice and competitive pricing.