http://www.gopherforum.com How often have you had questions about business insurance but just didnt get around to asking your insurance agent. Its possible you are just starting out and dont have lawn care business insurance yet. As we have found through our investigation on this topic, no one knows better what your insurance needs are than your local insurance agent. Each companys needs are as unique as the services they provide. Each state will also have different insurance requirements of you.
Since these questions come up quite often, we decided to compile a list of the most common insurance questions asked by lawn care business owners and found a friendly insurance agent to give us answers.
1. Q: How does an LCO determine which liability policy should be purchased? What percentage of LCOs have the following coverage? $500,000.00, $1,000,000.00 or $2,000,000.00
Answer: Most all carry $2,000,000 the difference in premium is minimal between 1 & 2 million worth of coverage.
2. Q: What is a reasonable rate for a $500,000.00 / $1,000,000 / $2,000,000 liability insurance policy?
Answer: Rates are based either on number of employees or sales. For an operation with 4 employees an approximate premium would be $2500.
3. Q: How much more on average is a $10 million or $20 million dollar liability policy, what percentage of LCOs have this coverage?
Answer: Most lawn care companies dont carry these high limits.
4. Q: What is the average LCO deductible for liability and theft?
Answer: I recommend carrying deductibles of $1,000
5. Q: How does a LCOs business size effect their liability insurance needs?
Answer: The larger the company the better ability we as insurance agents have to market them and get credits for their insurance.
6. Q: Is it a good idea to get your business liability insurance through your homeowners insurance carrier. Why or why not?
Answer: No, it is better to have your liability insurance separate from your homeowners due to the limits on your homeowners.
7. Q: Does snowplowing effect your insurance needs if so how?
Read more on my Lawn Care Business Blog http://lawnchat.com/?p=340
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Liability insurance is used to pay for damages in the event that a third party is damaged on the policy holder’s property or due to the policy holder’s negligence. Avoid a large lawsuit with liability insurance using tips from an insurance agent in this free video on insurance.
*New York State Auto/Car Insurance Coverage Laws Explained