I recently had a conversation with the guy who takes care of my lawn and, naturally, we started discussing money and finances. Why I have someone else take care of my lawn is a topic for another article…
As we chatted, the topic of insurance came up. It turns out that there are a variety of insurances available for lawn care businesses, and he was trying to determine which of these insurances (if any) he should invest in.
Now, personally, I believe that your insurance should be minimal. You should have enough coverage to protect you from financial stress, but not so much that you are paying out huge amounts of cash on a monthly basis.
That being said, when you own a business — particularly one where you handle large tools that can injure yourself, others, or property, you certainly want to be protected.
After all, what happens if my lawn guy flies around the corner of a house and runs right into a kid? Or if he falls while on a ladder and breaks his own arm? Or, if he accidentally cuts a branch that falls and breaks someone's window?
If your lawn care provider doesn't have their own insurance, you may want to share this article — as they are putting both themselves and their clients at risk of significant loss.
If you have an established lawn care business (or are thinking of starting one), then you should be adequately covered, so that you are protected against any accidents or legal claims that might be made against you. As a lawn care worker, you'll want to make sure you're covered against loss of earnings through injury to yourself, or liability from injury or damage to others.
The problem with insurance is that psychology isn’t on our side; there is no instant reward for paying insurance, no perceivable, tangible value like when we buy something solid. This is amplified by the sheer number of insurances we have to think about, on our house, our vehicles, our mobile phones, and bikes. Adding another insurance just sounds exhausting!
In reality, of course, insurances can be tremendously valuable, and without them, we put ourselves, our belongings and our financial health at risk.
Although this is an inconvenient cost, there are ways to maximize the benefit while minimizing the monthly expense. And a bit of online research can provide a plethora of tips to maximize your benefit.
Here are a few ways you can retain the peace of mind and protection that the right contractor insurance gives you, without breaking the bank.
Save money with a specialist insurer
Whatever line of work you are in, there should be a specific type of insurance that’s right for you. Buying the wrong product could be a significant waste of money, especially if you are paying for things that aren’t needed.
Buying the wrong insurance coverage could cost you even more down the line if you find you aren’t adequately covered. For this reason, you should seek out a provider that has plenty of experience insuring businesses like yours.
In the case of a lawn mowing business, you should look for a provider who is experienced in protecting that type of work, like this lawn care insurance at Next Insurance, for example.
A google search for lawn care insurance providers in your state should provide a variety of businesses you can reach out to for quotes.
Can you bundle your existing policies?
A great way to make some savings on all those separate insurance products is to see if you can get a discount for bundling a few of them together.
It’s not unusual to save 20% or more by bundling your home and automobile insurance together, for example.
Discounts vary from state to state because insurers' margins can rise and fall depending on what kinds of insurances are popular where their customers are based.
If you're looking for both liability and disability insurance, for example, you may be able to receive discounts by going through the same broker. Bundling some of your general policies can offset the cost of your professional insurances for your lawn care business.
As an independent contractor responsible for semi-dangerous equipment, you need to make sure you are properly covered for your line of work. Pinching pennies now could cost you considerably more in the future, so the best way to protect your wallet and your lawn care business is by purchasing the appropriate insurance to keep yourself protected.