Insurance review

Discussion in 'Business Operations' started by earthly, Mar 18, 2018.

  1. earthly

    earthly LawnSite Senior Member
    from IOWA
    Messages: 342

    I’m going to meet with our insurance agent tomorrow morning to go over the business insurance. Is there anything you recommend looking at or asking?

    I am going to ask him about our tool coverage replacement value.... new vs used value. Also we will go over our coverage limits, make sure all equipment is covered and add any new employees as drivers for our company.

    What’s covered?

    What are my policy limits?

    Do I need higher limits?

    How are claims submitted?

    When should claims be submitted?

    Do I have enough coverage?

    Can I lower my costs?

    What do you review with your agent every year?
    Last edited: Mar 18, 2018
  2. jc1

    jc1 LawnSite Silver Member
    Messages: 2,417

    If you do snow removal, make sure your contracts are worded the way the insurance company wants it. Also make sure you have coverage for it.
    Decide if equipment coverage is worth having for the cost of it.
  3. Cjames808

    Cjames808 LawnSite Member
    Messages: 164

    Sound like it’s a meeting with the salesman who wants to sell you everything you listed. And they will.

    We just renew and adjust our inventory on our inland marine every year, and our commercial auto for new employees to add as drivers or if we buy/sell a truck. This morning takes five minutes on the phone.
  4. earthly

    earthly LawnSite Senior Member
    from IOWA
    Messages: 342

    Yes I haven’t been in to see my agent in years, it just automatically renews. I do think it’s a good idea to go in once in a while just to review things.
  5. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 10,028

    If you use pesticides, you need to make darn sure you are covered for apps liability wise. A std GL policy form will exclude it. And your agent likely be clueless...I had to go through 3 agents to find one that knew what I was talking about. You may also want E&O coverage for mistakes you make in application, but youll have to weight out cost vs benefit.
    hort101 likes this.
  6. earthly

    earthly LawnSite Senior Member
    from IOWA
    Messages: 342

    Met with him this morning. Didn’t do much, just went over the policy, Equipment/vehicle list and coverage limits.

    Was a quick 30 minuet meeting but well worth it.
  7. DirtyDeeds.CS

    DirtyDeeds.CS LawnSite Member
    Messages: 83

    I'm about to start my business and haven't spoken to a agent for anything beside my trucks commercial liability insurance. What should I be looking for for the business insurance? I'm only going to be doing lawn maintenance, palm tree trimming and small landscaping. Tips on what to ask for or what I need? If I remember right my state/ county dont require insurance for our type of business unless you provide services that require license's.
  8. oqueoque

    oqueoque LawnSite Platinum Member
    Male, from Jersey
    Messages: 4,478

    Make sure they are using the right class code for the type of work you do, or you split them based on the % you do in each. Here Landscaping Gardening has a higher rate & cost, than Lawn Care Services. And as others said, if you do pesticides get a Pesticide Endorsement. And if you do not do tree work don't pay the crazy high rate for it.
  9. DirtyDeeds.CS

    DirtyDeeds.CS LawnSite Member
    Messages: 83

    Do you mean this code? NAICS Search
  10. DirtyDeeds.CS

    DirtyDeeds.CS LawnSite Member
    Messages: 83

    And nothing in doing here requires a license or endorsement. And I dont think palm trees fall under the same class as regular trees

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