What’s the Best Insurance for a Tree Service Business?
Any person who runs a business understands the importance of insurance. A business with costly tools and equipment needs to insure them all. Insurance is also good for protecting the business’ assets and property. Insurance safeguards human life too. It keeps the business from liability claims. It provides critical coverage while meeting the legal requirements. Insurance is also mandatory for anybody who desires to put up a company to provide Texas tree service.
What is the best insurance for a tree service business?
First, the business needs liability insurance. This cover offers adequate protection against property damage. Tree service is replete with numerous risks. One of the tools or equipment used – such as the ladder – might easily fall and damage property below. A falling limb or branch or the entire tree could also damage the nearby property. Liability insurance protects against damage to property and human injuries.
Without liability insurance, the business could suffer in case it loses a lawsuit filed against it. In many places, nobody can run a tree service business without a liability insurance.
Equipment insurance is the second most important type of insurance a tree service business needs. Do not forget to take commercial auto insurance too, especially if your business owns a car that you intend to use to transport tools to the place where tree services are needed. With this type of insurance, you will never have to worry about lawsuits or medical liabilities in case the car is involved in an accident. Equipment insurance ensures the business never stops because of damaged tools.
Worker’s Compensation is worth buying as long as you run a tree service business in Texas. It provides medical benefits and wage replacement. Without it, you will have to pay the medical bills of all the workers your business has employed. You will pay from your pocket or the business’ finances. Therefore, pay for the worker’s compensation today so your workers medical expenses are fully catered for, and they continue earning a salary during the period when they cannot work due to injuries.
EPLI, which is also known as Employment Practices Liability Insurance, is a good one too. Some of your workers may behave in an unseemly manner while extending their services to clients. This type of insurance is necessary to protect the business and its owner against such behavior that might put any of them in bad light and warrant lawsuits. The insurance covers improper behavior at the workplace, which includes:
a) Sexual harassment
c) Wrongful termination
EPLI is your best ally, especially at a time when sexual harassment claims are on the rise.
Therefore, never start or operate a tree service business without any of these insurance policies. The fate of your business depends on the insurance covers that protect it against anything you can imagine. Today, you never know what can take your business down. For this reason, it is important to anticipate it all and stay ahead of everything by spending some money on the right insurance covers.