"Every great film should seem new every time you see it."Roger Ebert
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Group Term Life Insurance and the Options Available
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I know what you might be thinking is, "I don't need insurance". Want to make your life uncomfortable? Let your mower throw a rock and hit a child. I've had rocks break several windows in my day, but I am so lucking it didn't hit anyone. Look into insurance! I've had several people contact me about what insurance is needed for the lawn business. Here are some explanations. General Liability- for damage to someone or their property. Government and large businesses require liability insurance of 1 million coverage.
Health- If something happens to you while working, you need to make sure your health insurance will cover you if you can not work.
Workers compensation- Compensates employees for work related injuries and illnesses. Some states don't require this type of insurance. Where I live (TN), workers comp is not required for less than 5 employees. Cost of workers comp varies by state.
Business Auto- covers company vehicles.
Cost depends on: Type Size Number of vehicles How far it's driven everyday What it's haulingBusiness Owners Policy(BOP)- Package insurance which includes:
1.General Liability
2.Business Interruption Insurance- replaces business income and pays expenses such as equipment, office rent, fire, theft, orother loses. Cost $300- $400 a year.
Surety Bond -Covers the hiring contractors should you default on the job. Occasionally, this may be required for commercial jobs. Once you become established they may waive the bond.
Surety bonds are generally not needed for residential accounts, unless you are applying pesticides or herbicides. Ask your insurance agent.
Unless you have expensive equipment, I would think about not insuring the equipment, but to not insure you must always lock equipment with locks that are fast to open and close. I use the locks with the 3 numbers(Masterlock) or key locks, never do combination. Takes too long to open.
Before I started locking my equipment down, I had equipment stolen from my trailer. Later on my trailer was stolen even being locked. Lawn equipment is stolen a lot. More than you probably think. How long do you think it take to drive past a truck andsteal a $500 blower? About 5 seconds.
When looking for insurance there are 2 classifications.
1.Insurance agents- Usually represent 1 company
2.Insurance brokers- Represent many different companies.
I like working with brokers since they are on your side and shop several companies for quality and price. Always get 4 or 5 quotes because prices can vary greatly.
I know what you might be thinking is, "I don't need insurance". Want to make your life uncomfortable? Let your mower throw a rock and hit a child. I had rocks break several windows in my day , but I am so lucky it didn't hit anyone. Look into insurance!Best of Luck!
ABOUT THE AUTHOR
Kevin Whiteside is the owner and editor of www.LawnForum.com Monthly,an online newsletter for lawn and landscape professionals.Get a FREE subscription here mailto:LawnForum@aweber.comHe is also the author of "Turn High Grass Into Cold Cash- How toStart the Ultimate Lawn Service" http://www.GrassToCash.comYou can use this article as long as the bylines are included.
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