Lawn care insurance or landscaping insurance is a group of policies that safeguard a landscaping business’s assets. The most usual lawn care business insurance policy is general liability. This pays for non-employees’ property and injuries damage. The cost of landscaping insurance begins at around $2,200 yearly. Yet, most landscapers need extra policies that expand the costs.
The policies you need and the cost of your lawn care insurance are based on various factors. This includes your business location, size, and the services you provide.
Understand Landscaping Insurance Costs
Landscaping insurance costs usually depend on the total policies chosen. Your main operations and the coverage choices selected. A sole proprietor might see a yearly cost of $500 while a bigger company provides stump removal. That might have costs of $1,000 for a Business property. A lot of companies can expect to pay $7,200- $17,900 in premiums per year. Once they are getting worker’s compensation, general liability, and commercial vehicle insurance.
Lawn care insurance costs depend on these factors:
- Your state and city rapidly affect all insurance policy premiums.
- Revenue receipts
- Insurance carriers use yearly receipts to identify the exposure for liability insurance purposes. The higher the company revenues are the greater the premium costs.
- Worker’s compensation coverage is directly associated with payroll costs. And increases based on the type of risks employees face and the amount they are reimbursed.
- Property value
- Business equipment and tools value determine the amount of property coverage needed. The more business property value, the greater the insurance premium will be.
- Vehicle type
- The model, make, and year of the van or truck used for your lawn care business affects directly the cost. Various vehicles have different ratings and safety features.
- Higher deductibles lessen the yearly premium yet make the business responsible for more charge expenses in a claim.
- Main landscape duties
- Landscapers who dig or move the earth are a greater risk category. Compared to those who have a lawn care or small garden maintenance business.