After the pandemic was under control, one business industry started flourishing, the Tree Trimming business. But, unfortunately, the trees and other plants that were left to grow during these past eighteen months have now started causing problems for people.
A few entrepreneurs were able to see this marketing surfacing up and started planning to launch a tree trimming business. However, you must understand that this business is different from the other businesses and needs extra care to succeed.
While starting the tree trimming business, there is an area where you need to invest more of your time. We are talking about service insurance policies. The tree trimming business is a different kind of business and potentially one of the dangerous jobs there.
Hence, you must select the right business insurance policy to protect your business from any catastrophic event.
What Are Business Insurance Policies?
A business insurance policy is a way to guard your business against any uncertain losses. Of course, the losses we are talking about here are not the business losses but the losses that accrue during the regular course of business.
There are different types of insurance policies. Depending on your business structure, different policies might be applicable to your business. This insurance covers property damage, equipment damage, legal battle, and employees oriented risks.
Types Of Tree Trimmer Insurance Policies
There are multiple business insurance policies. Depending on what type of business you have, the policies integrated with your business might vary. To understand which tree-trimmer-insurance is the best for your tree trimming business, work with your insurance agent.
Here are a few insurance coverage options that your agent might recommend to you.
1. Professional Liability Insurance
Professional liability insurance is commonly known as Errors And Omissions. This insurance protects the business from any false claims against your services. If you are going to have a tree trimming business, this business insurance policy is important to have.
Professional Liability insurance will cover the damages that might be accrued during your work. This really helps you work at ease, knowing that any damages sustained will be recovered.
2. Commercial General Liability Insurance
General liability insurance is the most basic insurance policy; almost every business has this insurance policy. However, if you really want to protect your business, you must have commercial general liability insurance.
In fact, this type of coverage policy is significant if you’re dealing with the customers. The Sad truth of today’s society is that you cannot trust anyone. Hence, having this insurance coverage protects your business from any unnecessary lawsuits.
General liability coverage is designed to protect your tree trimming business from my thyroid-party claims. For instances:
- Property damage.
- Damaging the job site.
3. Commercial Auto Insurance
Commercial auto insurance acts as your personal car insurance. This ensures that if your vehicle is damaged while offering your services, you can claim the damage from the insurance coverage.
However, this insurance policy covers only commercial vehicles, such as cars, trucks, vans, and other motor vehicles used in the tree trimming business.
However, there are some instances where the personal car also gets covered while they are used during the business process. Therefore, commercial auto policies are written higher than personal policies assuming that the damage accrued will be more than normal.
4. Commercial Property Insurance
A property insurance policy safeguards your business from any damage done to the building while offering services. The insurance also covers the loss of income and even increases the expenses that result from property damage.
Any damage to the business property would not be covered under the general liability. This is where the Commercial property insurance policy helps you. It gives protection to all physical parts of your business.
5. Worker’s Compensation Insurance
Worker’s compensation insurance intends to protect the business and business owners from the employee’s claims. This usually happens when the employees are injured, dividing the business hours and want compensation from the employer.
All states require worker’s compensation insurance policies from the businesses, but the requirements might vary depending on which start you carry on your tree trimming business.
For instance, some estates ask the businesses to mandate the worker’s compensation policy, while others give the owner discretion not to have until a set number of employees is reached.
Considering the risk associated with the tree trimming business, we recommend that you carry worker’s compensation insurance for your business.
FAQs (Frequently Asked Questions)
We understand that no matter how much we talk about the business insurance policies, there will always be some unanswered questions. Therefore, we have taken this opportunity to curate those questions and answer them all.
Q1: Are Insurance Important Before Starting The Business?
Yes, you should invest in coverage policies before you can interact with your customer. Although the cost of business insurance might seem high, it is the best way to protect your business in the long run. After all, you cannot buy insurance to cover up all the damages after the event has taken place.
Q2: Will Business Insurance Protect Your Business From Everything?
Business insurances are ways to protect your business from the social lament of society. But, it doesn’t completely protect your business from everything. There are certain exceptions that might directly be written in the policy. However, do that only after consulting your business lawyers and policy in-depth to avoid any blind spots.
Q3: Difference Between Business Insurance & General Liability?
The difference between the two is clear as day. One is an umbrella term used for all types of business insurance, while one is a type of business insurance. Business Insurance is a generic term used to define all types of insurance coverages a business needs. In comparison, General Liability is a specific type of coverage a business needs to protect its assets.
It is important to find the right insurance professional to help you guide through the complexity. You must understand that you might be an expert in business operation, but insurance policies are different.
To learn more about tree trimming business insurance requirements and the cost associated with the services, reach out to us today.