02 Oct The Wrong Insurance Will Cost You Plenty
Whether you’re trimming a single tree, or doing a massive cleanup after a storm, you face unique risks. You use dangerous equipment and face dangerous challenges, so it is very important you have the right insurance to protect you. Otherwise, it will cost you plenty.
Business Owner’s Policy (BOP)
A Business Owner’s Policy is a common form of coverage for a tree trimming business, because it offers two major advantages: savings and convenience.
By combining Business Liability, Business Property and sometimes Business Income insurance under a single policy, the insurer spends less on administrative costs. They pass the savings on to you, and you pay one premium and deal with one insurance company.
Liability insurance is so important today, because a lawsuit can occur at any time and often when you least expect it. If you find yourself in court, the legal fees can be staggering, even if the courts rule in your favor.
When the court finds you at-fault, the costs can be even more significant, especially if someone was injured. Your company may need to pay a hefty settlement, medical bills, and more.
Business Property Coverage
Whether you own or rent your place of business, you have equipment you need to earn revenue. If someone robs or vandalizes your premises or it burns to the ground after a lightning strike, could you still run your business?
Without computers, furniture and the tools of your trade, your business would probably be in serious jeopardy, unless you have ample property coverage. Business property insurance cushions your business from the financial repercussions of covered perils so you can get back to work quickly.
Business Income Coverage
Some insurers offer Business Income, or Business Interruption insurance, as part of your BOP. It helps you meet your obligations after an unexpected event prevents you from operating your business.
This coverage ensures you can fulfill your financial obligations such as rent, utilities, and payroll for a prescribed time. It provides the leeway you need to stay in business while you repair, replace, or rebuild.
Other Insurance Options
Here are just a few additional coverages that could apply to your tree trimming business and how they can serve you.
Contractor’s Equipment Coverage
Your standard commercial property policy only covers property at your business location. However, operating a tree trimming business means you use “contractor equipment”. You move it from one job to another.
Contractor’s equipment coverage protects your equipment while you’re away from your premises. Some insurers include leased equipment in your care and may reimburse you for any rental fees you paid too.
Non-Owned Auto & Hired Car Liability Coverage
If you or an employee uses a company-owned car insured by your business and has an accident, your business auto insurance covers it. However, if they’re driving their own vehicle or a rented one while conducting business, this is often not the case.
Many personal auto insurance policies exclude coverage for business use and unless your company pays the car rental agency’s optional and often outrageously priced loss damage waiver (LDW) fees, you’re not properly covered either.
If you have Non-Owned Auto & Hired Car Liability Coverage, you don’t need to buy the insurance the rental agency tries to sell you. You’re also protected from the financial repercussions if an employee has an accident while picking up coffee for the crew or making deliveries while driving a non-owned vehicle.
An independent insurance agent or broker can tailor an insurance policy to your business needs. Buying a generic policy can lead to insurance gaps, plus you could pay for coverage you don’t need.
These insurance professionals work for you, not the insurance companies. Rely on their expertise to protect your tree trimming business affordably.