why insurance is essential

[YardPro]

This is a very important thread so I am posting it in all the major sections. I hope that the moderators allow it to say.

We had an incident this past weekend that exemplifies why you need to carry insurance. We have been in business for about 25 years and never had a major claim. Our business has 3 divisions-pool service, grounds maintenance, and landscape construction…

This past weekend one of the new ocean front condo’s where we service the pool burnt to the ground. The pool heater malfunctioned and caused over $6million worth of damage. Although we have never worked on the unit, we use the local gas company for that, we are still being sued (as is everyone else associated with the complex).

If it were not for our liability policy we could not afford the legal battle that is coming. We will not be liable, it will be the issue of the company that installed the heater, the heater manufacturer, or the company that serviced the heater (has never worked right in the year it has been in).
Even though we will not be liable, we are still being sued, and if we had not had adequate insurance then we would be bankrupt from the legal fees associated with this problem.

This is a prime example of why you need business insurance. Something can happen at a property you maintain. Although it may be no fault of yours, you can still have consequences.

[bohiaa]

Good luck and thanks for the post.......

[Gilligan]

I was in the commercial insurance field for 16 years both as a licensed agent and as a certified insurance Counselor. Towards the end I mainly worked larger accounts as my book of business had grown, but I still helped even the one man solo contractors as a way of giving back.

It was these contractors that got me off on my insurance career. I can't tell you how many contractors would come in for auto insurance and when I mentioned General Liability or an Umbrella they would initially tell me they didn't see the benefit of insurance, since all their equipment was locked up tight and theft wasn't an issue.

As your case shows, sometimes your basic policy can be a very inexpensive DEFENSE policy.

Sorry to see you dragged into it...but as most lawsuits go...everyone gets dragged in and the blame all lays to rest on our juditial system...forcing the attorneys to throw everyone into the large funnel openning and hoping a couple make it through the smaller end...

[Duekster]

It is what it is. Insurance.

The sad fact is anyone can sue anyone for any reason.

I think personally that if you are sued and win the loser should pay for the legal cost but I suppose that would prevent poor people from suing rich companies.

[Pro-Scapes]

ugh... keep us up to date. There is SOOOO many LCO's here uninsured and non legit. Its heartbreaking almost. You see them mowing road side discharges removed or trimming near a gravel road shoulder no gaurd with crap flying into the road.

Its amazing you dont hear of more lawsuits against guys really.

We just doubled our insurance to 2mil. Working on some higher end homes now. I think we are going to renegotiate it to even more because of things like you said you got 6mil in damage there.

[so cal Josh]

First month in biz and barely able to keep up with the work! I know, nice problem to have but I haven't yet bought liability coverage. I guess I have 2 questions. 1. Are most guys going as sole proprieters or LLC's or other? I initially setup as a sole proprieter and plan to incorporate however makes the most sense as soon as possible. I realize the odds of having something happen are small but I feel like I'm walking a tight rope without a net having a nice home etc. Ins will be my next purchase for sure. 2. Are there any good Nation wide carriers who maybe specialize in LCO's?