Finding the right insurance plan is necessary for any business owner, especially lawn care companies. Tailored insurance packages that are designed specifically for a lawn care business include third-party liability, coverage for equipment, and worker's compensation coverage for the safety and well-being of your team.
But finding this coverage isn’t easy. If you deal with budget constraints or limited time to search for the right plan, you may feel relief having any insurance plan in place when it comes to your lawn care business.
However, only some insurance plans will be a good fit for you. Believe it or not, 90% of small business owners aren't sure they have the right business insurance coverage. We’re here to make sure you aren’t one of them. With this quick guide to comparing lawn care business insurance costs, you can be confident in your chosen insurance policy.
It’s essential to sit down and take stock of anything and everything you’re financially liable for, from your employees’ safety to your equipment. Common objects and areas that need to be insured include:
Once you have a full list of everything your lawn care business or client/vendor needs to insure, it’s time to look at a few different insurance policies.
Insurance policy types are another easy place to get bogged down in your decision-making process. With this list, you’ll be well on your way to picking out the policies and coverages you need.
Several types of insurance policies exist for small business owners, but these are the most popular types for lawn care businesses.
While these are the leading insurance types you’ll need to cover your equipment, vehicles, and potential damages, there are also other vital types of insurance to consider. These include workers' compensation and cybersecurity liability insurance.
You may also want add-ons to any commercial auto insurance that protects you and your employees from personal injury or medical payment coverage.
Our advice? Plan with the future in mind while working with the resources you have in the present. Start with foundational coverage that gives you protection within your budget and reassess your needs year to year.
Note: The graphic below focuses on commercial auto coverage, but lawn care insurance can cover many types of assets.
How much you’re willing to spend on an insurance policy is a uniquely personal choice for each business. Here are some factors to consider when deciding how much to allot for lawn care business insurance costs:
It may be helpful to know that the median amount spent on insurance by lawn care in 2023 was $45 per month for a general liability policy alone. Expect lawn care business insurance costs to rise when you add more policy types to your plan.
It’s important to know what your priorities are as you prepare to pick out a plan. Are you more concerned with cost-effectiveness or comprehensive coverage? There will be policies that can balance both, but consider what matters most to you and your business before starting your search.
Be on the lookout for policies that make coverage exclusions, mainly if premiums are lower than you see across the board. Some exclusions are standard. For example, anything that happens during armed conflict is often excluded from insurance coverage. However, other exclusions aren’t as easily justified.
A good example is the exclusion of specific equipment from your law care coverage. As a lawn care business, you need the lawn mowers and trimmers to be covered – so any policy that excludes them is most likely not in your best interest.
Look out for ambiguous language, too. While it may not be a red flag, having a legal expert read over any document you plan on signing is always a good idea.
Comparing lawn care business insurance costs between providers is crucial for getting the best rate for the most coverage. It’s essential to know your cost options, which requires getting your eyes on a wide range of quotes. Be alert for suspiciously low premiums. If a price seems “too good to be true,” it may be that the cost is low because coverage is limited.
Understand that a low-cost, limited-coverage policy isn’t inherently bad. You may decide this is the best option for your business. Ultimately, only you and other key stakeholders can make that choice.
Additionally, look out for payment plan options as you scout costs. These can lessen the financial burden of lawn care business insurance costs, especially if your premiums are on the higher end of your budget.
Depending on the budget you set for your lawn care business insurance costs, you may not be able to afford the most comprehensive coverage. However, you want to look for policies that won’t leave you high and dry.
You may struggle to find a policy or bundle of policies that covers every potential financial loss or unexpected event. But a tight budget doesn’t mean you need to compromise the quality of coverage.
Look for policies that cover the equipment and financial liabilities that will cost you the most in the case of an unforeseen event. Your coverage limits should be high enough that you’ll never have to worry about your business going under in the case of an accident, lawsuit, worker injury, or other occupational hazard.
You can effectively compare lawn care business insurance options by looking at cost, quality of coverage, and any red flags across several insurance carriers. Choose the right option by picking the policy that aligns most closely with what you, as a business owner, hope to get out of your lawn care insurance plan. Know what assets and potential financial damages you must protect and plan for and what you’re willing to spend.
CoverHound can help you find the perfect policy for your needs with our online platform, allowing business owners like you to compare insurance policies from top-rated carriers nationwide.
Let us provide you with a quick, personalized quote and easy policy management with our user-friendly online dashboard. Secure your business and your peace of mind with our one-stop insurance marketplace. Learn more about how CoverHound can help your business today.
Insurance shopping simplified
Insurance shopping simplified
