Although lawn mowing is one of the first part time jobs a young person embarks on, it has become a very popular small business for entrepreneurs. Depending on the services offered along with cutting grass, this business can grow very rapidly.
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A full-blown landscaping service can offer services that plants and maintains shrubbery, flowers, and stone décor. They may even offer gutter cleaning as well. The more services included in the business, the more insurance is likely needed. Click on the link to see what your state recommends.
Why do I need business insurance?
Liability is an expensive word that means you are responsible for damage that has occurred to someone else or their property. Most business people end up with some level of liability at some point in their careers. Mistakes happen, sometimes without warning. This is when the prospect of a liability is most eminent. In the case of a landscaping business, the liability can be to the property, a person, or the landscape itself.
Protection for equipment, time lost, as well as credit is needed to keep things running smoothly. There are so many things that can cost a business owner money that he or she did not expect to spend. These unexpected occurrences can bankrupt someone who may feel as though they already have enough put aside for a rainy day.
What types of coverage do I need for my lawn mowing business?
The cost of business insurance is usually worth the investment, as long as you have the appropriate coverage. Rather than purchase a policy that has several provisions for coverage that has nothing to do with lawn care, there are specialized insurance plans for lawn maintenance small businesses. There are several areas of the business to be considered and they are:
- General liability – Covers the client and their property
- Business interruption- Supplements income in the event of losses that affect work activity
- Surety bond – Covers the client in case the contractors default resulting in incompletion
- Workman’s compensation – If employees get hurt
Can I combine my business insurance with my home and auto insurance?
Although there may be an available discount as a result of combining coverage, if the company is not familiar with what is involved with running a lawn-mowing business, you may end up paying more. This could happen because the agent has not a clue about everything involved with a landscaping business.
A homeowners policy may cover equipment while it is located in the owner’s garage, but it will not cover equipment while on the job away from home. Business insurance with an inclusion for business equipment will cover expenses for replacement should something happen to it. It could be stolen, damaged, or lost, and it would be replaced.
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How much is lawn mowing business insurance?
Insurance for this type of business may cost around $350 per year just to purchase a surety bond for a commercial lawn mowing business. For an individual who just wants to maintain residential lawns, a quote is going to depend on several factors:
- The liability involved
- The services offered
- Credit worthiness of the applicant
- The location of the business
Unless chemicals are being used on the lawn, residential businesses may want to waive the surety bond.
Where can I find lawn mowing business insurance?
Inquirers can start with a competitive quote from local insurance carriers. An agent from a carrier will be happy to offer information on the different options a business owner has. Then the business owner can detail a policy to suit his or her needs. If the business owner wants to compare, there are two ways to perform the comparison. They can contact a broker who will give them information on several carriers that they represent, or they can go to the internet and search some of the comparison sites.
Comparison tools like the free one on this page start by asking one piece of information. They need your zip code to determine where the business will be located before offering a group of selections. Once the selection is made then the owner will be connected with a representative for a more detailed quote. If the business is licensed, personal credit may not have an impact on acquiring insurance. Most business credit stands on its own.
It may be better for the entrepreneur to seek a local company. Several carriers have licenses to do business in several states in a particular region. That way if a claim is filed and an adjuster has to come to a site, not only will it save time, but local regulation protects the policyholder.
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