Commercial property insurance covers the physical location of your business. It can also cover business equipment in case of theft or damage due to an issue covered by your policy, such as a fire. This covers both leased and owned equipment, tools, supplies, furniture, computers, and business records. Business interruption insurance covers loss of income if you can't temporarily open your tree service business due to an issue covered by your policy (such as the theft of your tools and equipment).
This coverage is also known as “business income insurance” and also covers the cost of moving to a temporary business location due to problems such as fire and wind damage. Also known as errors and omissions (E&O) insurance, this policy is crucial for companies that provide professional advice or services. In the tree care industry, this could include claims for inadequate pruning techniques, for failing to diagnose tree diseases, or for recommending unnecessary treatments. Professional liability insurance covers the costs of defending against these claims and paying for any settlement or judgment. It protects your reputation and financial stability against accusations of negligence or errors.
Therefore, this level of risk makes workers' compensation insurance an absolute necessity for tree-related services around the world. Owners of small forest service businesses, limited liability companies and independent contractors may need additional types of insurance in addition to general liability coverage and workers' compensation coverage. If you or your employee use a rented car or a personal property vehicle for your forest services company, this covers accidental damage to property and injury to third parties. Whether you're just starting out or have an established company that needs to reevaluate your current coverage, here are some of the risks associated with tree removal and stump shredding services.
If your company maintains, cuts or removes trees, you'll need business tree service insurance. This covers the mobile machinery and tools you use in your forest services company while on your way to a workplace. By taking out workers' compensation insurance, you not only protect your employees, but you also protect your forest service company from liability for workplace injuries. That's why your tree service must have both of these types of insurance, and that's why it's in your best interest to do a little legwork to find out.
But for now, I hope I've answered your questions about the types and amounts of insurance your lawn service should have. A strong tree maintenance insurance policy covers problems such as lawsuits, accidental injuries and property damage, employee injuries and illnesses, theft or damage to equipment, and loss of business income. A general liability insurance policy for a forest service company covers property damage and injuries that you or your employees accidentally cause to other people. The BLS does not explicitly separate tree care workers from this, but BLS estimates indicate that the mortality rate is 110 per 100,000 tree care workers.
A business owners policy, or BOP, is a cost-effective way for forest service companies to purchase a general liability policy and commercial property insurance at the same time. A good tree maintenance insurance policy includes different types of insurance for small businesses that address a wide range of issues. Providers to find coverage options that fit your pruning or tree removal business, whether you work independently or hire employees.