Insurance Tips for Landscapers
Landscaping Service companies are often tasked with a number of challenging and labor-intensive jobs: seeding, weeding, trimming and leaf collection are just a few. Shopping for insurance coverage is something every landscaping company should do on a regular basis to ensure they have the cheapest and best coverage. Without the right advisor or tools, this search can be labor-intensive!
In order to manage high premiums and costs, here are a few tips to help your landscaping or lawn maintenance company find the best insurance coverage for your dollar:
Workers Compensation Experience Modifier
Your Workers Compensation Experience Modifier is a crucial number to keep an eye on as a landscaping or lawn maintenance company. This figure is calculated by a formula based on loss frequency and severity. An “E-Mod” less than zero can discount your premium, and a modifier above zero can increase your premium.
Business Insurance Class Codes
The classification of the work you perform is very important as far as your insurance carrier is concerned. Different rates are charged for different types of work that landscaping companies do. For example, Landscaping involves the installation and creation of new landscapes. Think planting shrubs & trees, adding mulch beds, and other hardscaping activities. Lawn Maintenance is a separate class code with different rates assigned to it. This code entails mowing, weeding, trimming and leaf collection. Reese Yeatman recently worked with a lawn care company to save them nearly 50% on their Workers’ Compensation premium by communicating the correct class codes with the insurance carrier.
There are a number of challenges a Landscaping or Lawn Maintenance company can face in your search for insurance solutions, and we are equipped to advise you here at Reese, Yeatman Insurance. Contact us today for a free evaluation.