When you started your business did you expect to wear so many hats? From marketing and sales to accounting and people management, managing a firm in this dynamic industry keeps you on your toes. An especially important task is assessing your business risks and mitigating them through sound business practices and insurance.
For example, did you know that you face six key risks as a nursery/landscape entrepreneur? They include:
- Your employees getting hurt on the job.
- Your trucks, trailers and tools getting damaged or stolen.
- Your customer’s property getting damaged.
- Your equipment or chemicals hurting someone.
- You or an employee getting into an accident with a company vehicle.
- You making a professional mistake that causes a third-party financial loss.
If any of these events happen, you could lose a lot of money. The cost of repairing or replacing equipment could set you back financially, as would paying for property damage that an employee causes. But that’s just for starters. If someone gets hurt due to something you did or didn’t do, you could face serious legal consequences, including five and six-figure legal judgments and tens of thousands of dollars in attorney fees. Can you afford to pay for these costs out of pocket?
Most green industry entrepreneurs rely on their insurance agent and insurer to safeguard their assets. Owners commonly purchase five types of insurance to protect their money against third-party losses. These include:
- General liability insurance.
- Commercial property insurance.
- Business owner’s policy (a combination of the two policies above).
- Commercial auto insurance.
- Workers’ compensation insurance.
They may also supplement the above policies with tools and equipment coverage and business-income protection (also known as business-interruption insurance).
However, don’t assume writing a check to buy insurance will keep you safe. You also must assess your risks to make sure you’re buying the right protection, in the right amount and that you don’t have any coverage gaps.
Doing this analysis is essential at two times: when you’re buying insurance initially and when you’re reviewing your existing insurance to make sure it’s still meeting your needs. If you like learning about insurance, you might opt to do this yourself. However, most green industry entrepreneurs are busy running their companies. So they rely on their insurance advisor to guide them as they make these decisions.
Fortunately, as a ember of the Michigan Nursery and Landscape Association (MNLA), you’re entitled to a free comprehensive insurance review from Gallagher Affinity. Also, if you purchase through this program, you can save up to 35% on your insurance premiums.
Getting professional advice from landscape insurance experts is crucial when it comes to protecting your business against unforeseen losses. It can help you avoid unnecessary risks, while helping you avoid overpaying for your insurance. Another reason to request a professional insurance review is to take advantage of specialty coverages available for nurseries and landscaping firms. If you don’t know about these, you may have gaps in coverage, leaving you vulnerable to financial loss if you have a claim.
Other reasons to request a free Gallagher risk analysis:
- To make sure you purchase enough insurance. Buying too little will save you money. But if you get into a legal jam and have low policy limits (what your insurance will pay out on a loss), you will likely regret your decision to opt for lower coverage. For example, is all of your equipment protected? And is it covered off-premises? A third-party advisor can provide essential guidance and recommend the proper amount of insurance to buy.
- To avoid overpaying for worker’s compensation. Your Gallagher representative will help you to determine your class codes and to secure the best price for your state-mandated insurance.
- To address your commercial vehicle needs. Do you have fleet vehicles or do your employees drive their own vehicles for business? If so, you might need special commercial auto coverage, something your Gallagher representative can assist you with.
Finally, as mentioned earlier, if you buy insurance through Gallagher, you will be eligible for special MNLA Member discounts.
In short, if you’re looking to buy business insurance for the first time—or to assess your current coverage—take full advantage of your Gallagher connection. Thanks to your MNLA membership, you can access free insurance advice to help you make the right insurance decisions and also save money. What’s not to like about that?