When it comes to buying insurance for your local lawn care business, whether you’re just starting out or already a pro, it can be hard to know how much to pay. As the business owner, you know your lawn care service has risk, but with so many providers–and so many prices for each policy–it can be hard to get an accurate picture of how much good coverage actually costs.
Luckily, there are a few things you can do to determine what the average cost of lawn care insurance for your small business will be–like knowing the type of insurance you need and figuring out if anything about your business will influence its price. Let’s start by looking at your business and choosing the particular coverage you require.
KNOW THE INSURANCE YOU NEED
The first step in determining the average cost of lawn care insurance for your business is to know what kind of coverage you need. There are a lot of accidents that can occur in lawn care–from bodily injuries and property damage to automotive collisions with company vehicles.
Insurance can protect your business in the case of an accident, but the kind of coverage you want will depend on the particular needs of your business. Not all insurance covers the same kinds of accidents, after all. Here are a few of the most common types of insurance you should consider as you research the average cost of lawn care insurance for your business.
General Liability
Designed to protect businesses from bodily injury and property damage claims, general liability insurance can mitigate financial responsibility in the case of someone getting hurt or property getting damaged either during or as a result of your business operations. Bodily injury and property damage claims are pretty common in today’s litigious society, so it’s vitally important to have general liability coverage of some sort.
Learn more about General Liability Insurance
Commercial Auto+
Similar to general liability, commercial auto insurance can protect your company from paying hefty legal, medical or repair fees that come from accidents involving a company vehicle. It can also cover vehicle damage caused by weather, theft, and vandalism. If you have a company vehicle, you may want to consider commercial auto insurance.
Learn more about Commercial Auto Insurance
Workers’ Compensation
Regulated at a state level, workers’ compensation can cover any medical cost or loss of wages for employees who were injured either at work or as a result of your business operation. If you have any employees under your hire, your state may legally require you to have workers’ compensation insurance.
Learn more about Workers’ Compensation Insurance
Whether or not you need some of these types of insurance wholly depends on your company. While general liability is highly recommended for all lawn care businesses, if you don’t have employees you probably shouldn’t worry about workers’ compensation. Similarly, if you don’t have a company vehicle, you may not need commercial auto insurance.
Knowing the kind of coverage your business needs is essential to learning the average cost of lawn care insurance for your business. Once you have a good idea of what you need, you will need to look into how much each policy will cost for your particular business.
CALCULATING THE AVERAGE COST OF LAWN CARE INSURANCE
Once you have a good idea of what kind of insurance your business needs, you can begin to research how much it will cost. Each insurance company you look at will have its own prices for the coverage it provides, so it’s important to consider how much coverage you will get for what you are paying.
Some things to look for in a policy are its yearly aggregate–the maximum amount the insurance will cover in a year–the occurrence limit–the maximum amount the insurance covers per claim–and any other limits the policy might have.
At Insurance Canopy, for example, the average cost of lawn care insurance is $465 per year for a $2 million yearly aggregate. It has a $1 million occurrence limit per claim that includes any personal and advertising injury against your company. It also covers medical expenses and damages to rented properties up to $5,000 and $300,000 respectively.
There are some variables that can alter the price of your insurance as well. To continue the example with Insurance Canopy, the base price of insurance covers up to three employees (including the owner), but if you have more than three employees, the average cost of lawn care insurance will be increased to $608 a year for four employees and $740 a year for five employees.
GET COVERED TODAY
It can be hard to know how much you should pay for insurance. As a business owner, you know you need coverage, but you also don’t want to spend more than you need. Insurance Canopy offers great lawn care insurance that beats the average cost of lawn care insurance, so you can get the protection your small business needs without breaking the bank.
In just ten minutes, you can get an accurate quote according to your business’ needs and provide yourself with peace of mind knowing you can get the help you need when you need it most.
