Landscape companies are always busy. There are always improvements and remodeling projects that need to be done. Depending on where they’re located, they can work on jobs all year round.
Owning a landscape company can be exciting. You’re in charge of your own destiny. How well you do depends on the amount of business that you take on each year. You can continue to grow and expand your territory as much or as little as you want to, as long as you’re making enough profit to do so.
However, being an owner also has a lot of challenges. Hiring and retaining quality workers, buying equipment and vehicles and dealing with inclement weather are just some of the things that you’ll have to handle at different points in time. There will inevitably be good days and bad days, just like in any other kind of industry.
One important concern is insurance. Here are the top four types of insurance that you’ll need to purchase as a landscape business owner:
1. Workers’ compensation
You and your employees will constantly come into contact with potentially dangerous equipment and hazardous situations. It’s just part of the nature of the business. Injuries and accidents can happen at the worst possible times. Having workers’ comp insurance can help protect your company. It provides for medical treatment in case of accidents or injuries. It can also pay for lost time and wages, as well as any subsequent medical costs and legal or court costs that may arise due to an accident on the job. Workers’ comp insurance is usually required in most states.
2. Liability insurance
Landscaping has its own unique risks, both to people and property. An accident could damage a structure irreparably. It could also seriously injure or even kill a person. Landscaping liability insurance can cover damages, repair costs and any legal fees associated with such incidents. It can protect against the possible loss of your business due to faulty equipment or employee neglect. Liability insurance has been used against frivolous lawsuits at times.
3. Commercial auto insurance
Your personal auto insurance doesn’t cover any of your company-owned vehicles. If they are damaged while you’re on a job and they are not insured, you usually end up paying for the repairs out of your own pocket. Commercial automobile insurance covers all of the vehicles owned by your business, no matter if it’s a truck or two or an entire fleet of cars. They come in handy in times of weather damage, auto accidents and emergencies such as natural disasters. Some policies can also be used to supplement the existing auto insurance coverage for your employees if they are using their personal vehicles on the job.
4. Commercial umbrella insurance
Umbrella insurance is a kind of blanket coverage policy. It helps protect the assets that you need in order to do your job effectively. It also lets you cover any additional coverage amounts beyond what general liability policies cover. It’s a good way to provide extra peace of mind for you and your employees.
These are just some of the most important kinds of insurance coverage that landscape business owners should have. Types of policies that are available and coverage amounts typically vary by company and region. You may even qualify for a discount by having multiple policies with the same company. Insurance is something that you never hope to use, but it’s good to have when you need it. It can help you keep your business running smoothly, and allows you to concentrate on continuing to grow your business and increase profits year over year.