In addition to the types of coverage you need, your landscaping business’ unique risk profile plays a role in the cost of insurance. Your rate is typically calculated on the following factors:
Location – Dense urban areas tend to see more claims, which can affect your local business’s insurance premium.
Crew size – If you hire a crew, it increases the risk because there are more people performing work. Therefore, there are more chances that an accident or mishap with a client or third party while on the job could occur. You may also need to purchase workers’ compensation insurance.
Coverage limits – Your policy limit is the maximum amount your insurer will pay out for lawsuits and claims. The more coverage you need, the higher your premium will be. Thimble lets you select between $1 million and $2 million in coverage limits (but double the coverage doesn’t mean double the cost). For your landscaping tools and gear, choose between two coverage limits: $1,000 or $2,500, both with a $500 deductible.
Coverage term – As a landscaper, annual policies aren’t the only option. If you’re just starting out and are still building out your client list, you may only want to pay for insurance when you’re providing landscaping services. With Thimble, buy on-demand landscaping insurance by the hour, day, or week. That way, you’re only paying for insurance coverage when you’re working.