As a landscaper, your services play an important role in improving the curb appeal and resale value of your clients' homes. Moreover, the commercial outdoor spaces you design, develop, and maintain will increase the attractiveness of businesses to customers. However, how can you properly manage the various exposures and risks you face day-to-day to maintain profitability? Landscaping insurance in CT is a proven risk management and loss prevention tool for your business. Read on to learn more.
Consider getting these insurance policies to protect your landscaping business:
GL insurance can cover the cost of liability claims against your landscaping company. These costs can include settlements and your legal defense fees. Common liabilities covered include:
A business owner's policy (BOP) gives you general liability and property coverages in one package. It's usually cheaper than purchasing each coverage separately. If your annual revenue is below $5 million and employees are fewer than 100, this insurance package is structured for a landscaping business like yours.
Besides liability protection, a BOP may include the following coverages:
Property damage: It covers the cost of replacing or repairing your business building /office space and the belongings housed inside. Covered events/losses include theft and damage due to fire, storm, etc.
Expensive landscaping equipment: You may need supplemental insurance (opt-in riders) to cover high-cost tools like mowers.
Business interruption: This BOP insurance component covers income losses and operating expenses if your firm suspends operations due to a covered event.
Equipment breakdown: The policy can cover downtime due to issues like mechanical defects or power surges.
You may customize your commercial insurance by adding riders or increasing your coverage limits. Discuss your unique needs with your insurance agents to maximize your liability and property damage protection.
To comply with Connecticut law, you must get workers' comp insurance for the workers in your landscaping company's payroll. This policy can cover medical costs for employees injured or taken ill due to on-the-job exposures/accidents.
You should purchase commercial auto insurance for company-owned and personal cars used to execute your business functions. The policy can cover third-party property damage and bodily injury claims.
Your insurance classification and coding are based on your type/scope of landscaping services. Work closely with your insurance agent to get a proper insurance classification for your landscaping business. Being classified based on your actual risk profile helps you avoid:
Typical insurance class codes for landscaping services include:
Would you like to learn more about choosing the right insurance for your landscaping business in CT? If so, contact our experts at C.V. Mason Insurance Agency today. We're happy to help you choose the most important coverages for your line of work.