Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

16 most common questions answered


General Business Discussions

A place to talk about general business discussions.
Reply
 
Thread Tools Search this Thread
  #1  
Old 10-13-2003, 05:47 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,925
Rep Power: 10
Steve has disabled reputation
Default







&nbsp
How often have you had questions about business insurance but just didnít get around to asking your agent. Itís possible you are just starting out and donít have insurance yet. As we have found through our investigation on this topic, no one knows better what your insurance needs are than your local insurance agent. Each companyís needs are as unique as the services they provide. Each state will also have different insurance requirements of you.
Since these questions come up quite often, we decided to compile a list of the most common insurance questions asked by owners of LCOs (Lawn Care Operations) and found a friendly insurance agent, James E. Brown of Kiely Hines & Associates located in Louisville, KY to give us answers.

&nbsp

1. Q: How does an LCO determine which liability policy should be purchased? What percentage of LCO's have the following coverage? $500,000.00, $1,000,000.00 or $2,000,000.00

Answer: Most all carry $2,000,000 the difference in premium is minimal between 1 & 2 million worth of coverage.

2. Q: What is a reasonable rate for a $500,000.00 / $1,000,000 / $2,000,000 liability insurance policy?

Answer: Rates are based either on number of employees or sales. For an operation with 4 employees an approximate premium would be $2500.

3. Q: How much more on average is a $10 million or $20 million dollar liability policy, what percentage of LCO's have this coverage?

Answer: Most lawn care companies donít carry these high limits.

4. Q: What is the average LCO deductible for liability and theft?

Answer: I recommend carrying deductibles of $1,000

5. Q: How does a LCO's business size effect their liability insurance needs?

Answer: The larger the company the better ability we as insurance agents have to market them and get credits for their insurance.

6. Q: Is it a good idea to get your business liability insurance through your homeownerís insurance carrier. Why or why not?

Answer: No, it is better to have your liability insurance separate from your homeowners due to the limits on your homeowners.

7. Q: Does snowplowing effect your insurance needs if so how?

Answer: Yes it will increase rates 8-10%.

8. Q: Does applying pesticide effect your insurance needs if so how? Does using "restricted use pesticides" increase my premiums?

Answer: Yes it increases premiums slightly however if you get into tree spraying it greatly restricts the markets.

9. Q: Does installing sidewalks, ponds or pools effect your insurance needs if so how?

Answer: It only affects rates if you install swimming pools.

10. Q: Does using an ATV in your business effect your insurance needs if so how?

Answer: Not really

11. Q: Does hanging holiday lighting effect your insurance needs if so how?

Answer: No

12. Q: If damage to a customer's property occurs, at what dollar amount is it worth it to file a claim on the damage? How will this effect future rates?

Answer: $1,000. Insurance companies worry about the frequency of claims.

13. Q: If a piece of your equipment is stolen at what dollar amount is it worth it to file a claim on the replacement cost? How will this effect future rates?

Answer: $1,000.

14. Q: Is it advisable if you provide aeration services to have customers sign a liability waiver for buried / non-visible items that might be damaged?

Answer: It helps but most of the times you will still be found responsible for damages.

15. Q: What are the liability pitfalls of using a personal truck to perform commercial duties?

Answer: Your personal insurance can deny any claims if you are in the course of your employment. Also a personal umbrella does not cover business liability.

16. Q: What are the biggest mistakes the average LCO makes when it comes to insurance?

Answer: Not talking an agent and telling the agent what they are doing so, the agent can make sure there are no gaps in coverage.



&nbsp
What are some insurance issues that you have experienced? Are there questions you have about insurance that we didn't cover?
&nbsp


Questions / Comments?, please contact us.
Reprint permission granted in part or whole when the following credit appears: "Reprinted with permission from www.gophersoftware.com (©2003 Ditech 888-606-5150)."
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


Reply

Bookmarks

Tags
insurance question

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Having an issue with...
Mr. Mow
04-27-2016 03:58 PM
04-28-2016 05:04 AM
by Sprinkler Buddy
2 82
Hello From Virginia
JJand M Lawncare
04-25-2016 01:02 PM
04-27-2016 05:20 PM
by Steve
5 113
Hello from Calgary
Freshcut
04-22-2016 06:10 PM
04-25-2016 05:46 PM
by Freshcut
2 102
knowledge is Key
Greg'slawnandlandscape
04-23-2016 02:23 AM
04-25-2016 02:40 PM
by Steve
2 104
Echo Bed Redefiner...
NPM_LLC
04-12-2016 10:54 AM
04-22-2016 06:15 PM
by Freshcut
4 300
Has anyone done a garden?
Brian3137
03-28-2016 10:42 AM
04-22-2016 04:42 PM
by biglee
13 9,726
What would you charge?
markty
04-18-2016 03:28 PM
04-22-2016 09:01 AM
by chris2500hd
6 258
Replaced Mower Engine
Sprinkler Buddy
04-15-2016 06:21 AM
04-19-2016 11:03 AM
by Sprinkler Buddy
6 244
Hello from Oklahoma
Ron Hall
03-24-2016 06:59 PM
04-16-2016 03:51 AM
by Ron Hall
9 9,451
Laying down some stripes
MATTNAPIER89
04-11-2016 09:55 PM
04-14-2016 11:55 PM
by Steve
3 319
Find out what business...
MATTNAPIER89
04-11-2016 09:58 PM
04-13-2016 12:32 PM
by MATTNAPIER89
2 277
Hello my name is Matt
MATTNAPIER89
04-11-2016 09:46 PM
04-13-2016 12:58 AM
by Steve
1 223
How to drop some...
nickeckes
04-11-2016 01:07 AM
04-12-2016 05:22 PM
by Steve
4 306
Trash Receptacle for a...
tannerduncan
04-12-2016 05:02 PM
04-12-2016 05:19 PM
by Steve
1 204
Small Project Lawn
tannerduncan
03-31-2016 08:21 PM
04-12-2016 05:16 PM
by Steve
7 9,332
Please Help! Bidding...
Dorali
02-15-2016 12:02 PM
04-06-2016 01:08 AM
by Steve
36 12,996
Hello
pbcleff
04-05-2016 07:45 PM
04-06-2016 12:35 AM
by Steve
1 397
Hello
llewelwa
03-18-2016 12:47 AM
04-05-2016 12:14 AM
by Steve
3 9,315
Poop and Scooping
llewelwa
04-01-2016 05:48 PM
04-05-2016 12:08 AM
by Steve
1 9,108
help with sole...
greenbuds
03-24-2016 12:21 PM
04-04-2016 05:33 PM
by WarriorLandscapingCAN
2 9,272
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 12:57 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 12:57 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy