Landscaping Business Insurance Types, Costs, and Value

Running a business is not without risk, which is why landscaping business insurance is an essential part of your company plan. Your business insurance policy protects you from financial risk associated with physical and liability issues, keeping your money where it belongs – with your company.

As a leading landscaping software developer, Arborgold works with field-based companies across North America. We understand better than most the unique risks associated with landscaping.

Within your landscaping business software, you are protected in various ways, including:

Business Structure

The structure of your business, including your main office, nurseries, and any other property maintained by the company is covered under the umbrella of your business insurance in the event of:

• Fire
• Wind
• Hail
• Lightning
• Explosion
• Theft
• Vandalism

Your policy protects you by ensuring costs for damage repair or replacement are covered up to the point of your deductible.

Tools and Equipment

In landscaping, we all know it isn’t the office building you are most worried about, but the equipment and tools you use to get work done. Landscaping equipment costs thousands of dollars and protecting them is crucial to the success of your company.

Landscaping business insurance covers equipment like:

• Company vehicles
• Plant inventory
• Mowers
• Excavators
• Trailers
• Multi-terrain loaders
• Backhoes

Like your building insurance, equipment insurance protects against damage like fire, theft, and explosion. Your policy may also extend to provide alternative equipment to use while yours is under repair.

Income

Income protection is a huge asset for a field-based business like landscaping. It protects you if damage to your company results in your inability to operate as usual. This may also apply to inclement weather which prevents you from performing regular landscaping duties.

If you lose income because you are waiting for equipment to be repaired, or because of weather stated in your policy, your landscaping business insurance guarantees you a portion of your income up until the specified point in your contract. This covers things like the mortgage or rent on your business location, equipment costs, and more.

Liability

As with all businesses, liability is an issue worth covering. Liability problems may arise at your business site if a visiting client slips and falls, or if a piece of your company equipment injures a passerby at a work site.

Liability covers costs associated with damage to property, injury to others and legal fees which may come of liability issues.

In landscaping business insurance, liability coverage may also extend to protect your company from future problems which arise from your work. For example, if you build a retaining wall for a client, and 3-months later, the wall crumbles and ruins an expensive water feature below it. Liability insurance protects you from being held financially responsible for workplace mistakes.

Digital Security

The world has gone digital, and with it the need for better online security protocols has increased. Landscaping business insurance not only protects you in the real world but online as well. When you work with partners and clients, you take in a lot of personal information. This information, including financial data, is stored in an online system.

Digital security coverage through your insurance policy helps you pay for legal fees if information is leaked, and for security upgrades and data retrieval if it is lost.

Commercial Auto

Many landscaping companies have a fleet of vehicles travelling all over the city daily. Like your average vehicle, commercial automobiles must be insured to be on the road. With business vehicles, you may have the ability to cover your fleet under a blanket policy.

Commercial auto coverage for landscaping business insurance provides protection like:

• Collision – If you are in an accident with another driver, your collision insurance pays for repairs to your vehicle, medical costs, emergency costs, and towing fees.
• Liability – If your vehicle hits another person, vehicle, or someone’s property, liability insurance pays for damage repairs, medical fees, and legal fees.
• Uninsured – While it is illegal to drive without auto insurance in most places, there are some drivers who break this law. If one of your commercial vehicles is in an accident with an uninsured driver, uninsured driver protection ensures that your insurance company still pays to repair your vehicle no matter who is at fault.
• Direct Compensation – Direct compensation coverage is there to get your fleet back up and running even if you are not at fault. Waiting for a third-party insurance company to process your claim can be timely, direct compensation allows your insurer to pay for your damage repairs and medical bills even while other insurers are processing.

Work vehicles tend to be at higher risk than the car you use to get to the office each morning. This means your premiums may be higher.

The Cost of Landscaping Business Insurance

Protecting your business is essential, but at what cost? The cost of landscaping business insurance varies by type and coverage amount. You can increase the amount of protection you have, which will increase your premiums. Some of the most common premiums for landscaping businesses include:

• Equipment – The cost of landscaping business insurance premiums for equipment is about $14-$16 a month on average. Most insurance companies have a maximum claim amount, however. This might be around $5,000.
• Commercial Auto – Commercial vehicle insurance is dependent upon the type of vehicle, use of vehicle, and previous claims and accident records. On average, landscaping businesses can expect to pay around $240-$250 a month for these premiums.
• Liability – A general liability policy premium depends on the risk involved in your company. For landscaping firms, you can expect to pay around $40-$50 a month.
• Digital Security – Digital liability insurance changes based on the intensity and relevancy of your software. Having up-to-date software with the proper encryption and passwords helps reduce these costs. On average, landscaping businesses may pay up to $140 a month.

For a more in-depth look at the costs and values of landscaping business insurance, we recommend speaking with an experienced broker.

Take a Tour with Arborgold

Interested in learning more about Arborgold landscaping business software and how business insurance can protect your landscaping assets? Our specialized software is here to help. Take a tour and discover the benefits of Arborgold today.