What is the right type of insurance needed for starting a landscaping business?
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Asked September 9, 2013
Landscapers face a wide range of risks on a daily basis, and need the right kind of insurance to fully protect them. Some insurance companies off Landscaping insurance, but it is not a traditional policy. Instead, landscaping insurance is a package of commercial insurance coverage that combines to provide the best protection for landscaping companies.
The risks faced by landscapers include the potential to damage a client's property, injuries for your employees or someone in the vicinity of work being performed, lawsuits, or financial loss if your company is not able to produce work for a period of time. To meet these needs, your company would need General Liability, Workers' Comp., commercial vehicle insurance, and Business Income Insurance. To simplify the process of insuring your landscaping company, most insurers offer a Business Owners Policy which combines the coverage you need into a single premium.
Once the ACA goes into effect, businesses with more than 2 employees will be required to make health insurance available. This portion of the law was scheduled to go into effect in late 2013, but has been delayed for one year, extending the deadline for companies to the end of 2014. While this law is still being challenged, business owners need to be aware of how the law could affect them in the near future.
Every company is different, and will have to fill its own specific needs. For example, it might be a good idea to add life insurance for yourself or any key employees, or purchase an additional umbrella liability insurance policy to increase the amount of liability coverage you have. Remember, liability covers legal and civil actions taken against the company as well as injuries or damages.
Answered September 9, 2013 by Anonymous