Rough Estimate For Liability Insurance?
Roughly what would is cost monthly for a million dollar liability insurance policy for a lawn/landscape business. The owners of the business would be under the age of 25
Answers:
Impossible to answer as there is not enough information. Where are you located? Any spraying? Any pruning or topping? Any excavation or digging? If yes near what kind of equipment? Do you do ponds or water work? Sprinkler installation? What features of revenue (gross) are you anticipating for the first year?
You can't buy liability by the month, for a new landscaping business - that's because it's a seasonal business, and the insurance company would integer you'd try to cancel in October, or simply stop paying.
If you're a one man shop, and you don't do any pruning or cutting of trees, no plowing in the winter, and no underground/excavation work, standard liability is going to cost you $1500 for the first year. Up front. And it will be auditable - that means, after the year, they look at your books, to see what your ACTUAL payrolls or gross receipts were, and later they adjust the rate retroactively.
The cost of your insurance will be entirely dependent on the size of your business. The other major factor that will impact your cost is if you trim or cut down trees, do any other type of exterior work such as brick portico, retaining walls, etc. and or if you also clear snow. If you are a one man operation your cost for Commercial General Liability insurance will be between $500 to $1,000 per year depending on the limit you select, experience and jurisdiction. You will also need to enjoy a Commercial Automobile Policy to cover the vehicle you use in your business--the cost for this policy will vary depending on your driving history, type of vehicle, coverage desired, etc. If you have employees, you will call for Workers Compensation Insurance and the premium will then depend on the amount of your payroll, claims history, etc. I have lots landscapers insured from one man operations to one of my larger clients who started as a one man operation and now have a company so large that he currently pays over $140,000 per year in insurance!
If you do cut down trees, the cost for Commercial General Liability Insurance and for Workers Compensation Insurance will be significantly superior and many companies will refuse to proposition you coverage, so I would stay away from doing this.
You should consult an independent insurance agent that specializes in Commercial Insurance so that he or she can review your needs, get your hands on quotes and explain the best policies available for you.
Also note that most companies are more than willing to propose you several different payment plans up to and including monthly billing--you do not have to pre-pay the entire year.
I hope this information help. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
Call a LOCAL Nationwide Agency. They may be able to help you. Source(s): Retired agent, 30 yrs.
Related Questions:
Answers:
Impossible to answer as there is not enough information. Where are you located? Any spraying? Any pruning or topping? Any excavation or digging? If yes near what kind of equipment? Do you do ponds or water work? Sprinkler installation? What features of revenue (gross) are you anticipating for the first year?
You can't buy liability by the month, for a new landscaping business - that's because it's a seasonal business, and the insurance company would integer you'd try to cancel in October, or simply stop paying.
If you're a one man shop, and you don't do any pruning or cutting of trees, no plowing in the winter, and no underground/excavation work, standard liability is going to cost you $1500 for the first year. Up front. And it will be auditable - that means, after the year, they look at your books, to see what your ACTUAL payrolls or gross receipts were, and later they adjust the rate retroactively.
The cost of your insurance will be entirely dependent on the size of your business. The other major factor that will impact your cost is if you trim or cut down trees, do any other type of exterior work such as brick portico, retaining walls, etc. and or if you also clear snow. If you are a one man operation your cost for Commercial General Liability insurance will be between $500 to $1,000 per year depending on the limit you select, experience and jurisdiction. You will also need to enjoy a Commercial Automobile Policy to cover the vehicle you use in your business--the cost for this policy will vary depending on your driving history, type of vehicle, coverage desired, etc. If you have employees, you will call for Workers Compensation Insurance and the premium will then depend on the amount of your payroll, claims history, etc. I have lots landscapers insured from one man operations to one of my larger clients who started as a one man operation and now have a company so large that he currently pays over $140,000 per year in insurance!
If you do cut down trees, the cost for Commercial General Liability Insurance and for Workers Compensation Insurance will be significantly superior and many companies will refuse to proposition you coverage, so I would stay away from doing this.
You should consult an independent insurance agent that specializes in Commercial Insurance so that he or she can review your needs, get your hands on quotes and explain the best policies available for you.
Also note that most companies are more than willing to propose you several different payment plans up to and including monthly billing--you do not have to pre-pay the entire year.
I hope this information help. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
Call a LOCAL Nationwide Agency. They may be able to help you. Source(s): Retired agent, 30 yrs.
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