Why Insurance May Be Essential for Landscaping Businesses
It's estimated that you can start a lawn care business for $1,000 dollars. This fascinating career path is attracting more people every day.
Landscaping businesses are getting a lot of attention, because many people are interested in converting their personal space and want to hire a professional to do the job.
Even though this is great for making a profit, the business world is full of unexpected challenges and obstacles. Therefore, it can be crucial that you prepare yourself for disasters that could arise.
That means landscaping insurance should be at the top of your priority list. Here's why protecting your business is important in helping to ensure that your company could survive for years to come.
Why Insurance Is Important
Landscaping businesses are about transforming homes. It's your job to give clients a transformative service that can improve their lives and make their homes beautiful.
However, running a successful landscaping business is about juggling numbers, meeting deadlines, and answering customers questions. It could also mean making sure you have landscape business insurance.
This type of job means that you are constantly putting yourself at risk. Your employees are handling sharp tools that can lead to accidents that damage the property of a third-party or injure your clients.
So, you should consider obtaining insurance that could cover your landscaping business if an accident occurs.
In addition to protecting your business against third-party claims, you may rely on your landscaping equipment in order to operate your business. If your tools become damaged or stolen, you would have to pay to repair or replace these items without insurance.
The Types of Coverages for Landscaping Businesses
Having insurance can help to protect yourself and your business. Therefore, you should know about three main types of insurance coverage. Let's take a closer look.
1. General Liability
General liability is a common type of business insurance for landscaping. Clients might ask if you have this type of coverage as it can cover things like third-party bodily injuries and third-party property damage.
However, it can also protect you against advertising injuries as well. If you don't have general liability, you most likely will have to cover the costs of injuries out of your own bank account.
As a landscaping business, the last thing you want to do is have to front money for mistakes that were out of your control. Getting your company insured can give you a sense of security when you take on a new project.
2. Business Property
Do you have expensive equipment that you use on-site? Then, you may want to get it insured. If you lose a tool or something goes missing, insurance can give you protection.
If you have insurance for your business equipment, it could allow you to rest easy knowing that if something breaks or goes missing you may not have to buy a whole new set of tools.
3. Cyber
Getting started with a landscaping business doesn't only center around physical spaces in gardens and parks. There could be a virtual space that you use to manage your communication and invoicing.
The majority of landscaping businesses collect and store client information on their computers nowadays. The days of printing documents and organizing a filing system for your clients are in the past.
We live in a fast-paced, data-sharing world where you should consider cyber insurance in case virtual information is lost or client details are hacked. This type of insurance can be essential for landscaping businesses.
These three coverages for landscapers come under the term BOP (Business Owners Policy). Purchasing a BOP can save you time from getting separate coverages as general liability, business property, and cyber protection are included in this single insurance package from PolicySweet®
Benefits of Landscape Business Insurance
There's no denying that having your business insured could be very important if you want to succeed in the future. Starting a company is uncertain enough, you don't need the added stress of sudden costs hitting your bank account.
Your clients might prefer to hire a landscaper that looks professional. Besides the equipment you use and how you present yourself, having insurance is a great way to show that you likely take your work seriously.
Plus, people might not want to risk their own money on a business that isn't insured. That means you could lose out on a job opportunity without this kind of protection.
Another reason to get business insurance as a landscaper is that you could be protecting your employees. You may want to take out Workers' Compensation coverage for extra security.
Helping to protect their health and giving them the security of insurance can help motivate employees to stay with your business for longer. It can also give your business a better reputation for new landscapers looking for work.
Be Prepared With Business Insurance
When there is increasing competition every day from people starting landscaping businesses, you should give your business the best protection.
You might not want to end up in legal trouble because you overlooked insurance for landscaping businesses when you first established your company. Instead, you should get protected and focus on landing clients.
Luckily, we might be able to help you. We can provide you with a free quote for BOP and Workers’ Compensation insurance if you get in touch with us and tell us more about your business. Find out how much you could pay for business insurance today!