If you are running a landscaping business, it is very important that you are set up with a good business plan. You need to make sure that you are earning a profit and that all your overhead expenses are kept to a minimum. You need to ensure that all of your equipment is well maintained and operates properly. Your return on investment needs to be just right, and a good portion of the money you make needs to go back into the business to be ready for any unexpected repairs or purchases. However, there may be one portion of running a business that you may be overlooking, and that is insurance. Many landscaping companies in the United States are not insured like they should be. Here are just a few of the most important reasons that you should have good landscaping contractor insurance.
Lets say that you install a sprinkler system in a yard, and it operates really well for the first few months, but after a few months one of the valves breaks and water floods the home. The damage to the home could be very intense, and you could be stuck paying for all of this yourself. General liability insurance is an important portion of your insurance that is generally included in a contractor's policy; however it may be important to really understand what all is covered with the general liability insurance. You may need to be better covered if you are building specific structures or installing a lot of sprinkler systems.
The odds are that you are not doing all the landscaping by yourself and that you have a pretty good crew working for you. It is going to be very important that you have worker's compensation. It is actually the law that you should have worker's compensation for your employees, but it is a good thing to have anyway. As an employer, you have a responsibility to help your employees. This type of insurance is going to cover medical expenses and lost wages if your employee is hurt on the job. You want to treat your employees right and they deserve to be treated with respect and helped in a bad situation. This type of insurance also protects you against lawsuits that may come your way. Having insurance is a very big part of owning a business, and you should know your policy inside and out.