Owning a business comes with many responsibilities. One of the largest responsibilities is protecting your business from possible problems that could arise.
There are quite a few ways you can protect your business, one of the most important being the coverage provided by liability insurance.
You may wonder to yourself if you truly need liability insurance. After all, it is another expense you need to pay. And you’re sure the odds of a horrible instance occurring are slim to none. So why pay for it if you don’t need it?
The truth is, however, that there is always a risk when you own a company such as landscaping. Driving to and from job locations creates multiple opportunities for potential crashes. Without a policy such as bodily injury liability insurance (bil insurance), you could be stuck paying the resulting medical bills, which likely won’t be cheap.
Some 4.4 million people are injured each year in the United States from motor vehicle accidents. With those kinds of statistics, it would be a wise choice to have the right coverage for your company vehicles.
Protecting from possible accidents isn’t the only reason you need liability insurance. There are many more instances in which this coverage can come in handy for you and your business.
General Liability Insurance
The roots of any good liability coverage begin with general liability. When you own a business, there are many risks involved.
Issues such as third-party injuries, property damage, and slander against your business are all covered under the general liability policy.
Even if you do your best to be careful when working on other people’s property, there is always a risk for injury. Though you think you may be taking every precaution needed, a simple mistake or faulty equipment can quickly lead to a third-party injury on the job.
A third-party injury means someone at the location where you are working who isn’t yourself or one of your employees gets hurt. This is a scenario where you don’t want to be uninsured.
Anything from accidental flying debris to holes left in the yard without warning can lead to an injury. When you are covered by general liability, you can rest assured that medical bills will be covered, and you won’t be stuck paying the costs.
When you’re working on someone’s property, you may find yourself causing accidental damage. Faulty machinery, loose rocks, or just a simple human error can lead you to cause damage to the lawn or home of your client.
When this happens, you don’t want to be stuck footing the bill to repair whatever damage was caused. Replacing a broken window or fixing a damaged vehicle can add up to a high sum of money. With general liability, you will be covered and won’t have to worry about damage repair costs.
Slander or Reputational Harm
You may accidentally compare your company to another. Or you may choose a slogan too similar to a different lawn care business.
If they find out and decide to take legal action against you, general liability will be there to help you protect yourself and your business.
Of course, your hope is that issues will never arise, but the chance always exists that they may. General liability insurance provides you the base of protection you need so you can keep working without worry.
Professional Liability Insurance
Beyond general liability, professional liability insurance is a smart addition for any business owner. You may also see this policy be referred to as the errors and omissions (E&O) insurance.
You see, doing a service for others means that at some point in the road you will likely have an unsatisfied customer who claims you made a mistake. Their claims may be unwarranted, or perhaps they are warranted. Everyone is human, and errors can happen to anyone.
Having the coverage of professional liability insurance protects you from mistakes you or your employees may make as well as false claims made against you from an unhappy customer.
This policy can help protect and cover you for instances in the landscaping business.
Accidents or Misunderstandings
Perhaps a client misspoke about which tree they wanted you to cut down. Or you simply misheard them. Ultimately, the result is an extremely large tree being cut that wasn’t meant to be.
This kind of error can cost a large sum to replace. With a professional liability policy, the error will be covered and you won’t worry about covering the costs out of pocket.
Even if you do your due diligence in being sure you select good quality products for your clients, there is always the chance for a bad batch of sod or saplings with damage.
If this happens, you don’t want the cost of replacement to fall on you. That could be a large sum of money to replace all your product depending on the size of the job.
Professional liability insurance will provide you coverage in an instance where products were not up to standard and need to be replaced. This allows you to avoid paying the replacement cost out of your own pocket.
If your landscaping business has employees, you’ll want to have employer liability insurance. While general and professional liability insurance are both great to have, they won’t protect you or your employees should something happen to them.
When you work with machinery such as lawnmowers, there is always a risk of injury. You can never be sure what will happen on the job.
Having the coverage of employer liability insurance means you and your employees are covered for the risk.
This coverage can also protect you if you have an employee who chooses to sue over an injury. Your policy will help you with court costs so you can defend yourself and your business.
Lacking Liability Insurance: Not Worth the Risk
There are simply too many factors a liability insurance policy protects you from to go without it. In a field such as landscaping, you will always be wiser to have coverage.
Potential injuries, faulty products, and accidental damage are just some of the problems that could happen each time you go out on a project. Without the right coverage, you may find yourself footing the bills for these instances.
But with liability policies, you can work without worry, knowing you and your business are covered should anything happen.