If you’re an arborist, landscaper, or another type of tree care professional, you likely know that it’s important for you to protect yourself against certain risks and liabilities. Fortunately, many insurance agencies offer arborist insurance. However, you may be wondering how much this type of policy costs. Here is a close look at this subject.
What Does Arborist Insurance Cover?
Before discussing premiums, it’s important to understand what arborist insurance does and doesn’t cover. The exact coverages may vary depending on the insurer, but most arborist insurance policies cover:
- General liability: This insurance covers common risks arborist businesses face, such as customer property damage, customer injuries, and advertising-related claims. In the event that you’re sued for any of these reasons, general liability coverage will protect you and pay for the associated legal fees. You’ll also be more likely to qualify for contracts and leases if you have this coverage.
- Workers’ compensation: This coverage pays for lost wages and medical expenses after one of your employees becomes injured or falls ill on the job. Most states require workers’ comp, although the exact laws vary depending on location so be sure to learn what these are in your state.
- Commercial auto: This insurance covers damages and medical payments incurred following accidents involving vehicles your arborist organization owns (vans, trucks, etc.). Vehicle damages resulting from theft, vandalism, or weather-related events may also be covered by a commercial auto policy.
- Contractor’s tools and equipment: This insurance covers damaged or stolen arborist tools and equipment like chainsaws and climbing gear.
Additional Insurance Coverages For Arborists
You can also acquire the following coverages as an arborist:
- Business interruption insurance: This covers you after your arborist business is forced to temporarily shutter due to an unforeseen event (e.g. a pandemic or natural disaster)
- Cyber liability insurance: This protects you after your business falls victim to a cyberattack, such as a data breach.
- Directors’ and Officers’ insurance: This covers you in the event that your business’s executives are targeted in a lawsuit for failure to pay indemnification.
- Errors & Omissions insurance: This protects you in the event that someone sues your arborist business for incomplete work or improper professional advice.
- Inland marine insurance: This covers damages against equipment, materials, and other products (including construction and contracting tools) that are in-transit.
- Environmental liability insurance: This covers you if your arborist business causes pollution or some other type of environmental damage.
- Crime insurance: This can cover claims related to employee theft, fraud, or forgery.
- Product liability insurance: This covers you in the event that certain types of equipment or chemicals like pesticides harm you.
- Employment Practices Liability Insurance (EPLI): This protects you if one of your employees sues you for wrongful termination or discrimination.
Be sure to ask your insurance provider whether you must pay an additional premium for any of these coverages.
How Much Does Arborist Insurance Cost?
According to generalliabilityinsure.com, the average price of a standard $1-2 million general liability insurance policy for small businesses ranges from $47 to $89 per month. However, the reality is that the cost of arborist insurance depends on several factors, including:
- Your location
- The size of your business (annual revenue and total number of employees)
- Your history of claims
- Your employees’ average years of experience
- The height you climb to care for trees
- Your chosen limits and deductibles
As with any other type of insurance, be sure to speak with an experienced agent so that you may choose a policy that covers your risks and liabilities.
Speak To The Arborist Insurance Experts
Reach out to the professionals at John M. Glover to learn more about the cost of arborist insurance. Since 1916, we’ve been dedicated to providing high-quality insurance solutions to clients throughout Connecticut, New Jersey, New York, Hawaii, and Massachusetts. As an independent agency, we work closely with many well-known and reliable insurance firms.
If you’re an arborist or landscaping business owner, we highly recommend that you purchase arborist insurance. At JMG, we understand the many risks associated with tree care and are thus committed to protecting you. Our policies include coverages such as general liability, workers’ comp, commercial auto liability, and contractors’ tools and equipment insurance.
Your premiums will depend on factors like the type of services you offer, the type of commercial equipment you use and property you own, your total revenue, your location, and the number of employees you hire.
Call JMG Insurance Agency today or contact us online for more information about our arborist insurance policies.