Insurance what coverage do you have?

Discussion in 'Business Operations' started by pclawncare, Mar 26, 2007.

  1. pclawncare

    pclawncare LawnSite Senior Member
    Messages: 991

    I was talking to my insurance provider today and every time i do i feel like they are trying to get more money out of me which i understand thats their job but come on. Anyway they were trying to tell me that the only coverage i have on my trailer is liability and if anything happend to my equipment then i would just be out of that much to replace it. Anyway i had them shoot me a price to cover all my equipment not in depriciation but covered in full where if something happens and my walker gets destroyed they buy me a brand new on. It was going to run like 900 bucks a year. Does anyone else have this kind of coverage. I just get nervious when i start thinking about loosing my grasshopper and walker both at the same time it would prob put me out of business
  2. Focal Point Landscapes

    Focal Point Landscapes LawnSite Senior Member
    Messages: 401

    Every major piece of equipment that I own (Dingo ,trailers,newer model trucks , etc.)is fully insured - I self insure on the small equipment and older trucks , but will not run the risk of losing equipment that would prevent me from working. It is , imo, a necessary and prudent cost of doing business. That is just one more reason to charge properly for the work that you perform.
  3. Fordsuvparts

    Fordsuvparts LawnSite Senior Member
    Messages: 517

    I agree 100% with Focal Point!!!!!!!!!!!!!!!!!! Insure everything that can make you money. We just redid our inventory and found out we had lost( or had stolen) a 500.00 chain saw in the last few weeks. Pay up front instead of having to pay later when you have to take out a loan to repurchase some of your equipment when it gets stolen or wrecked.
  4. pclawncare

    pclawncare LawnSite Senior Member
    Messages: 991

    Thats what i was looking at. I can cover like a chain saw and a trimmer or something but like if i lost a 14k walker and 8k grasshopper all in one day it would def put me down even though i would have another walker but its just a back up and i dont want to be out of 22k just like that all for around 70 bucks a month and its a tax write off just wanted others opinions
  5. GreenN'Clean

    GreenN'Clean LawnSite Bronze Member
    Messages: 1,512

    Insure everything you have that deals with your business it will pay for itself in the long run in case something does happen to your equipment. $840 a yr is well worth it to cover the costs of your equipment
  6. zz4guy

    zz4guy LawnSite Senior Member
    Messages: 901

    $900 a year to cover a trailer? How would that pay for itself? Say the trailer is worth $3000. Are you guys planning on having your trailers stolen or crashed every 3 years?? This doesn't make sense to me.

    If you are in a VERY high risk area or hire careless drivers I can see this but I just cannot see this paying for itself. But then if you are in a high risk area your premium will be even HIGHER!

    Tell me what I'm missing here. My insurance agent didn't try to get me to sign on for full coverage.
  7. prosperity

    prosperity LawnSite Member
    Messages: 92

    I am paying $175 per year for 10K on my equipment including trailer - not replacement cost however.

    This is in addition to my 50K liability insurance.
  8. pclawncare

    pclawncare LawnSite Senior Member
    Messages: 991

    900 bucks a year doesnt only cover the trailer it covers total replacement of any machine/equipment that is vandilized, burnt in a fire, stolen, destroyed in a tornado which oklahoma is notourious for, damaged in a hail storm, or damaged in a wreck that all i can think of but it basicly covers everything except for if it breaks down or wears out from use. I went a head and had them do start the insurance. It will cover my brand new walker year old grasshopper 2 yr walker all the decks off the walkers all the string trimmers edgers chain saw all the walk behind mowers and hedger trimmers basicly everyting on the trailer i think she even threw in 2 rakes and 2 shovels. I will proably be getting a discount on that price befor too long also since the shop i store my stuff in has servalience camera system and alarm system i just have to get a certificate from building owner. The way i looked at it was it is a tax write off one 2 if something happens weather fire or wreck and my stuff is destroyed it would put me out of business. Probably 35k in loss if i lost all my equipment to replace it all maybe a little more. It ended up being less than 900 too it is running me around 63 bucks a month
  9. caddison

    caddison LawnSite Member
    Messages: 23

    Keep in mind that there are not to many insurance companies that will insure equipment for replacement cost. Most every claim is settled on an ACV basis, actual cash value. Make sure you ask what the settlement options are and get it in writing if you do not feel comfortable with the answers.

Share This Page