Landscaping Insurance

[screamin400]

I do gravel driveways for a living. I am expanding out into full time landscaping. I am getting insurance quotes but not really sure what is good and what is not. Here is what I have from my agent:

General Liability Coverage Part
Coverage Limits
General Liability - Each Occurrence $500,000
Personal & Advertising Injury $500,000
Medical Payments $5,000 per person
Damage to Premises Rented to You $500,000
General Aggregate $1,000,000
Products - Completed Operations Aggregate $1,000,000
Operations Number of Employees
000190 Landscape Gardening 1 full-time
Policy Optional Coverages
Coverage Deductible Limits
Contractors Equipment - Miscellaneous Equipment, Comprehensive $200 $44,000
Property - Additional Coverages:
Accounts Receivable $0 $5,000 Included
Ammonia Contamination $0 $25,000 Included
Arson Reward $0 $7,500 Included
Check Forgery and Alteration $200 $1,000 Included
Counterfeit Money $50 $500 per workday Included
Debris Removal $5,000 + 5% of Cov 1 & 2 Included
Demolition Cost $0 $15,000 Included
Expenses for Loss Adjustment $0 $1,000 Included
Expenses for Security $0 $2,500 Included
Exterior Signs, Lights and Clocks $100 $5,000 Included
Fire Department Service Charge $0 All Reasonable Charges Included
Fire Extinguisher Recharge $0 All Reasonable Charges Included
Money and Securities $200 $2,000 Included
Newly Acquired or Constructed Property - Buildings* Amount Up to $500,000 Included
Newly Acquired Property - Business Personal Property* Up to $250,000 Included
Non-Owned Detached Trailers* $5,000 Included
Peak Season Coverage* 25% of BPP Included
Personal Articles* $2,500 Included
Pollutants Clean Up and Removal $10,000 Included
Property in Danger* any 斗oss to covered prop Included
Temporarily Off-Premises - BPP and PPO* $15,000 Included
Valuable Papers & Records $0 $5,000 Included
*Coverage applies if Building and/or Business Personal Property exists. See FS 00-01 for details
General Liability - Extensions of Coverage:
Attorneys Fees $100 for arrest Included
Bail Bonds $500 per bond Included
Elevator Liability Included
Fire Legal Liability Included
Host Liquor Liability Included
Non-Owned Automobile and/or Hired Auto Liability * Included
Non-Owned Watercraft Included
Incidental Medical Malpractice Included
Owners and Contractors Protective Liability Included
Volunteer Workers - Medical Payments Included
Coverage Premium
Property Coverage Part:
Glass and Lettering included
Mechanical and Electrical Breakdown included
Property and Inland Marine Optional Coverages $329.00
General Liability Coverage Part $801.00
Total Quote Premium $1,130.00

I would think for a one man show this should be fine. I have a few days as not picking up my new tractor until next week. Do you guys in the know see any issues here. No, I have no interest in another company. Thanks for taking a look.

 

[TheMan419]

Are you or have you formed an LLC? That will help insulate your personal assets from attachment if something goes sideways. The way that looks to me you have $500,000K in coverage for about $1100.00. You should also look at an umbrella policy.

My wife teaches horseback riding. We have $1M in insurance for her for around $1300 a year. Then we have another $1M umbrella that covers both of us and it is like $250/yr. It only kicks in if the original $1M is exhausted that is why it is so cheap.

So I would get as low of a general policy as I could and then get an umbrella. Our umbrella requires us to carry the $1M policy.

The other thing to look at is how much premium increase is there to bump that policy from $500K to $1M. The cost will NOT double, not even close.

 

[screamin400]

Are you or have you formed an LLC? That will help insulate your personal assets from attachment if something goes sideways. The way that looks to me you have $500,000K in coverage for about $1100.00. You should also look at an umbrella policy.

My wife teaches horseback riding. We have $1M in insurance for her for around $1300 a year. Then we have another $1M umbrella that covers both of us and it is like $250/yr. It only kicks in if the original $1M is exhausted that is why it is so cheap.

So I would get as low of a general policy as I could and then get an umbrella. Our umbrella requires us to carry the $1M policy.

The other thing to look at is how much premium increase is there to bump that policy from $500K to $1M. The cost will NOT double, not even close.

I am thinking this is a bare bones number. My wife is looking into an llc now. I have two business right now and am out of time. She will have to take care of that. 1 million sounds about where I am thinking I should be

 

[MESSMAKER]

My general liability is about $500 a year. I am not sure it is apples to apples though. It is through progressive.

 

[screamin400]

My general liability is about $500 a year. I am not sure it is apples to apples though. It is through progressive.

Wow that is cheap. Is that contractor insurance or homeowner? I would love a price like that.

 

[MESSMAKER]

Contractor. I till,mow and grade but no digging more than 6 inches or so.

 

[Atchuuu]

I know you stated that you are not interested in another company but I would recommend getting quotes from multiple carriers. Not all insurance companies are competitive in the same area of insurance. Sometimes it pays to shop around. Sometimes it pays very well.

 

[Rustyiron]

I know you stated that you are not interested in another company but I would recommend getting quotes from multiple carriers. Not all insurance companies are competitive in the same area of insurance. Sometimes it pays to shop around. Sometimes it pays very well.

:thumbsup::thumbsup:

 

[screamin400]

I know you stated that you are not interested in another company but I would recommend getting quotes from multiple carriers. Not all insurance companies are competitive in the same area of insurance. Sometimes it pays to shop around. Sometimes it pays very well.

I understand what your saying but I finally found an agent I like who handles everything for me. We shop insurance every Feb to make sure I do not want to make a move. If I have two insurance co and my pole barn burns with my tractor in it who pays? If the tractor fell off my trailer and my truck has a diff ins. co. who pays? I prefer one co.

 

[nikerret]

I have a $1M policy, including excavation, for under $500 a year. I would not go into this with less than $1M per incident, liability. I also would make sure you get excavation. If you're disturbing the ground, you're excavating.