5 Types of Insurance for Joisted Masonry

Every Masonry Business should have consider the follow types of insurance

What is joisted masonry construction in insurance? Joisted Masonry is a specific type of niche within the construction industry that deals with the exterior walls of materials including adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile, or similar materials. These materials have combustible floor and roof that insurance carriers assign a specific code that indicates the ranking of the fire restrictiveness of the material. The rankings are determined by Insurance Services Office, Inc. (ISO) on a scale of 1-6. Because masonry businesses have elevated risks, insurance carriers charge more for several different types of commercial insurance. Because of this cost, business owners in the Joisted Masonry Niche need to make sure they have precisely the right mix of insurance policies for their unique business. Here are five types of insurance all business owners operating in this should consider.

General Liability

A General Liability Insurance Policy covers bodily injury and property damage to outside third parties. These damages include customer injuries, customer property damage, and lawsuits related to these claims. The GL Policy will pay expenses related to third-party injuries and property damage up to the limits of the policy. This type of insurance is frequently required for leases and other contracts.

Workers Compensation

Workers’ compensation insurance helps protect masons, contractors, carpenters, roofers, electricians, deck builders, siding installers, and other construction workers. This specific type of insurance covers construction businesses by providing medical, disability, survivor, burial, and rehabilitation benefits to employees who are hurt on the job or die in a work-related accident.

Commercial Auto

Commercial Automobile Insurance is different from a personal auto policy.
Commercial auto policies tend to have higher coverage limits compared to personal policies, because business vehicles need more protection in case of accidents. A Commercial Auto Policy provides coverage for vehicles used by a business and covers damage to the businesses vehicle, driver injury, injury to outside third parties, and damage to other people’s property. An additional Hired and Non-Owned Auto Policy can be added if a business has employees who drive their own car for business purposes.

Inland Marine

An Inland Marine Insurance Policy is a specialized type of property insurance. ALso referred to as ‘Equipment Coverage’, Inland Marine covers property that is likely to be moved or in transit. It also can be used for highly specialized property. The most commoon types of equipment that need inland marine coverage are construction equipment, transportation cargo, mobile medical equipment, cameras and movie equipment, musical instruments, fine arts, solar panels and other related equipment.

Surety Bond

A Surety Bond is a Contractual Agreement between three parties, the principal (business), the surety (the insurance carrier), and the oblige (the party requiring the bond). Bonds are usually issued between two businesses or a business and a contractor. The Surety Bond protects against financial loss due to the principals’ failure to complete a project or failure to meet contract specifications. The bond guarantees the principal performs in accordance to the contract obligations and if they do not, the bond pays up to the limits of the policy.

Cable Installers

Necessary Insurance Policies for Cable Installation Businesses

Cable television and internet services are a regular part of the lives of most people in 2019. Cable installers provide a service that installs programming over both fiber optic and coaxial cables. The services can be sent both digitally or by satellite. Cable installers may lay lines or cables throughout a property. Because the work is done primarily on third party locations and the properties vary greatly, there is a lot of risk involved in the industry. Business that operate in this industry need to take insuring the business seriously. Taking an additional amount of time to think about the risks the business face, thinking about what could go wrong, and how leadership might prevent these risks from taking place are strongly recommended for any cable installation business. Speaking with an independent insurance agent can help make the purchasing decision easier. Here are five policies all cable installers should strongly consider.

Recommended Insurance Programs for Cable Installation

Minimum recommended coverage:

General Liability
Workers Compensation
Inland Marine Coverage
Commercial Auto Insurance
Business Personal Property

General Liability

General Liability Insurance is the first line of defense for cable installers looking to protect themselves from the liability faced to outside third parties. This policy covers basic liability, but is not all encompassing. It is important to take an adequate amount of time to discuss with an insurance agent what exactly the employees of a business do and do not partake in on a daily basis. There are more than likely additional policies any business will need in addition to general liability insurance.

Workers Compensation

Workers Compensation Insurance is required by law for most businesses in most states. The policy protects injured employees with coverage for medical costs and some lost wages while they are hurt and not able to work. Many contracts require a business to provide a certificate of insurance proving they have both GL and WC insurance. There are some states that have exclusions depending upon the number of employees and the annual revenue of the business. If the business is owned by one person and that person is the only employee, there is a ghost policy that is much cheaper to purchase and will meet the demands of most contracts.

Inland Marine Coverage

Inland Marine covers tools and specialized equipment that is frequently in transit. If the tools are damaged while working or being stored at a third party location, the inland marine policy will cover to repair or replace the tools.

Commercial Auto Insurance

Commercial Auto Insurance is needed if the business has employees who operate vehicles that the business owns. If the employees use their personal vehicle for business purposes, a hired and non-owned auto needs to be purchased either instead of or in addition to a commercial auto insurance policy. When an employee causes a wreck while on company time, the business is liable for the damages to outside third parties. The employee is not liable. Failing to secure the proper type of commercial auto insurance can result in a large loss the business is responsible for.

Business Income with Extra Expense

Business Income with Extra Expense Coverage is designed to cover expenses during a time when the business is interrupted or fully shut down as a result of a covered loss. It is important to remember the underlying loss has to be covered. If the loss is caused by a flood, earthquake, or tornado; and the business does not have proper coverage in place; the business income policy is not triggered. This is another reason why it is so crucial to speak long and honestly with your insurance agent and not base your purchasing decision solely on price.

Additional Policies to consider:
Building, Equipment Breakdown, Contractors Equipment, Cyber Liability, Employment Practices Liability, and Umbrella Coverage.

Cable Installation Liability Classification Codes

Commercial insurance companies use various liability classification systems in order to classify and rate coverage premiums for Cable Installation. Here are the most common business insurance classifications for Cable Installers:

Business Liability Category: TV and Media Installation

SIC Business Insurance Codes:

4841: Cable and Other Pay TV Services

NAICS Liability Classifications:

517110: Wired Telecommunications Carriers
515210: Cable and Other Subscription Programming

Business ISO General Liability:

91315: Cable and Subscription TV Companies

Common Workers Compensation Class Codes:

7536: Cable Installation and Construction
8901: Cable and Telecommunications—Office Employees
7600: Cable TV or Satellite—Other Employees and Drivers
6325: Conduit Construction—for Cables or Wires
8742: Outside Sales Persons

Small Business Insurance Jargon

Small Business Insurance Jargon you need to know as a business owner

Buying commercial insurance is something a small business owner has to do once a year. It is not something most business owners think about on a daily basis. When interacting with employees within the industry, there may be an awful lot of small business insurance jargon that is not exactly common knowledge to the general population. Here are ten terms to familiarize yourself with before your next renewal.

BOP

BOP Stands for Business Owner’s Package or Business Owner’s Policy. A BOP is a package of policies, sold in tandem for businesses in a certain industry or classification code. Because of historical claims records, insurance carriers know the common risks for certain businesses in certain industries and they have created packages of policies specific to that industry.

Experience Mod

The Experience Modification Rating is frequently referred to as the Mod or the Experience Mod. This rating is a formula that includes the businesses Employer’s FEIN by the rating bureau (NCCI or the State Bureau). The rating compares your loss data to other employers within the same class code of your business. The rating is expressed as a credit or debit on your policy.

Actual Cash Value

The current value of an insured piece of property. This is simply the appraisal value of a piece of property and does not include additional expenses related to a property loss.

Replacement Value

The value of purchasing a new property to replace a lost or damaged property,but it pays for the replacement at today’s value. Depending upon the language in the policy, a replacement value policy may include additional expenses like tear down and removal of debris, bringing the property up to current codes, and construction costs on the new property.

First Party

First Party Insurance Policies are policies that deal with the damages to you and your business. They may include damages like replacing a vehicle after a crash, replacing specialized equipment damaged during a storm, or even hiring a PR Firm to restore the reputation of your business after a data breach.

Third Party

A Third Party Insurance Policy deals with the liability your business faces relating to outside third parties that are damaged by the actions of your business. This may include repairing a broken window caused by the employee of a landscaping company or medical costs for someone slipping on their way to the bathroom in a restaurant.

EPLI

EPLI stands for Employment Practices Liability Insurance. This is an insurance policy that can protect your business when it faces a lawsuit related to hiring and firing of employees. In 2016, the Equal Employment Opportunity Commission, collected more than $482 million for victims of discrimination in private, federal and state and local government workplaces. The reason there is a need for this policy is that a lawsuit does not have to be founded to take up an enormous amount of time for you and your business to prove your innocence. An EPLI Policy can help your business stay afloat when you face one of these claims.

E&O

E&O stands for Errors and Omissions Insurance. It is also called Medical Malpractice in the Medical Profession. This policy protects the insured (you the business owner) against liability for committing an error or omission in performance of professional duties. This may include work done by an engineer or architect on a particular construction project. It may also include the work done by a doctor during surgery. Generally, such policies are designed to cover financial losses rather than liability for bodily injury (BI) and property damage (PD).

Hired and Non-owned Auto

Hired and Non-owned Auto Insurance Coverage is designed for businesses who have employees who use their personal vehicles for business purposes or employees who use rented vehicles. The time that these employees are using the vehicle for business purposes is a time when your business is liable for the damages that are caused to third parties as a result of an accident that is the fault of your employee. It is commonly added as an addition to a commercial auto policy, but if your business does not own any vehicles it can be sold as a stand alone policy.

Inland Marine

An Inland Marine Insurance Policy is a specialized form or property insurance that is often referred to as equipment coverage. The primary distinction between inland marine and other property insurance is the fact that inland marine is designed specifically for property which is likely to be moved or in transit. Landscaping companies that have equipment on a trailer is an example of this risk. Inland Marine may be needed for companies with highly specialized property that requires a unique valuation. A land surveyor who uses specialized surveying equipment may need this policy.

Commercial Auto and Inland Marine

Where does the grey area exist?

If you own a business and that business owns and operates vehicles, you need some form of Commercial Auto Insurance. If you rent vehicles or have employees use their personal vehicles for work purposes, you need to secure a hired and non-owned auto policy. If you have a trailer where you move specialized equipment to third party locations’ than you need an inland marine insurance policy. When you have a claim that involves a vehicle there becomes an issue of which policy kicks in to cover what is damaged. This is a time when partnering with an experienced independent insurance agent and purchasing all policies from one carrier can benefit your business immensely. Here are several tips to help you make sure all of your vehicles and equipment are properly insured.

First you need to know what exactly is covered under each policy.

Commercial Auto

A Commercial Auto Insurance Policy will cover vehicles your business owns that are used for business purposes. If you have a personal vehicle that you also use for business purposes, you still need to buy separate personal and commercial auto insurance policies for that vehicle. If you only have a personal policy and you use the vehicle for business purposes, the liability is taken on by the business. The personal auto policy will not cover the damage to third party vehicles that are damaged in an accident you cause. If you do use your personal vehicle for business purposes, it is important to speak long and honestly with your independent insurance agent about what exactly you use the vehicle for and how best to insure it.

Hired and Non-owned Auto

If you have employees who drive rented vehicles when they travel or who use their personal vehicle for business purposes, you have a need for a Hired and Non-Owned Auto Policy. This policy may be in place of a Commercial Auto Policy or in addition to it. When an accident occurs that is the fault of your employee, if they are in their personal car, the personal insurance policy will cover the damages to the employees vehicle. Now the property and bodily injury liability to third parties is the liability of the business. This is why you need to strongly consider this policy for your business. One accident that causes a car to be totaled and a third party to spend a week in the hospital can easily result in your business being responsible for tens of thousands of dollars. If you do not have the ability to cover these costs you need an insurance policy to protect your business.

Inland Marine

An Inland Marine Insurance Policy is a policy you would purchase in addition to a Commercial Auto Policy in order to protect specialized equipment that is commonly in transit. A common business who needs this coverage is a landscaping company. A Commercial Auto Policy will coverage the vehicle your business owns and operates. It will also cover your business for any liability you face to third parties damaged by an accident caused by your business. If you have specialized equipment that is transported on either a trailer connected to your vehicles or in the back of a truck, you need to purchase an Inland Marine Policy.

What can you do as a Business Owner?

Partner with an independent insurance agent

Partnering with an independent insurance agent is always the best place to start when you are considering purchasing commercial insurance for your business. This is best for you because an independent agent is not restricted to one or a select few carriers. Typically an independent agent partners with anywhere from 10 to 40 carriers. They can use these relationships to force carriers to compete for your business. This will allow you to get better coverage at the lowest possible rate.

Talk with your agent extensively

No matter if you decide to partner with an independent or captive agent, you need to take the quoting process seriously. If you fail to disclose something to your agent or carrier during the quoting process, it can create an enormous headache for you at a later date. The work case scenario would be that your carrier drops you from coverage because of the failure to disclose something about your business. This can cause you and your agent to have to find a new carrier to cover your business mid term. If this process does not go smoothly it can cause you to have a lapse in coverage. Many carriers will not cover a business who has had a lapse in coverage and this may force you to have to buy some coverage’s from the state provider. The state provider is almost always more expensive than buying coverage out on the open market.

Express your comfort with risk to your agent

Insurance agents talk to many business owners throughout each work day. If they are a nationwide agency, they may speak with a restaurant owner from Los Angeles, a dairy farmer in Wisconsin and a commercial fisherman from New Orleans all before lunch. Each of these businesses faces enormously different risks and the people who own these businesses may have dramatically different expectations from their insurance agent. The only way to be for certain that your agent is looking for what is most important to you is to directly tell them. If you value price above all else, let them know. If you want to insure your business to the teeth, let them know this as well. The more you tell your insurance agent, the less likely you are to have problems with that agent.

Listen to your agents recommendations

Listening is a skill most people could do much better. Business owners especially are confident people. They would not have branched out on their own to start a business without confidence, but that confidence can be a hinderance if you think you know more about every aspect of your business than the experts you partner with. If you find an independent agent with whom you trust and you have a detailed conversation with them, they should be able to find the best package of coverages to fit the needs of your business. If you go through this process listen to the insurance professionals. They interact with business owners not only when selling them a policy, but also when they have to use that policy because something bad has happened to them. If you trust your agent, they should only offer a policy that you absolutely need. If they recommend it, it is more than likely in your best interest to listen to them.

5 facts about insurance

5 little known facts about insurance, every small business owner should know.

General Liability covers my employees if they are injured at work

This is false. General Liability Insurance covers your businesses liability to third parties injured by the actions of your business. This goes for both property damage and bodily injuries. One thing a general liability policy does not cover is the injuries that occur to your employees. For these injuries you need a separate workers compensation insurance policy. Workers comp will cover your employees for medical care and some lost wages when they are hurt on the job and not able to work.

The only thing that determines your rate for insurance is your loss ratio.

There are many things that go in to how a carrier determines what you pay in premium for coverage. First is your classification code. It is pretty easy to understand that an accounting firm is taking on a lot less risk compared to a roofing company. The level of risk is going to be represented in the amount those businesses pay for premium.

Your personal auto insurance will cover your car when you are using it for business purposes.

You may need Hired and Non-owned Auto Insurance. This statement is not true. If you are using your car for business purposes, it is not completely covered under your personal insurance policy. The personal insurance policy will pay to cover the damages to your car, but it will not cover your liability to third parties. That liability falls on the shoulders of the business. For that reason, you will need to secure either a commercial auto policy or a hired and non owned auto policy.

You must pay your insurance premium in full up-front.

This is not true. Most commercial policies require 25% or more of the premium in order to get coverage in place than you pay 9 monthly payments over the last 9 months of the policy period. There are also options the insurance industry has developed to help cash strapped companies. This is the Pay as You Go option. Pay as you go can get coverage in place for only a few hundred dollars and then you pay premium each month based upon the monthly payroll. This is an excellent option for seasonal or cash straped businesses.

There is no need for Business Insurance if you work out of your home.

This is absolutely not correct. The liability needs you face are different if you work from home, but there are still risks you need to cover. If you drive to clients houses you need some form of commercial auto. If you have specialized equipment you may need inland marine coverage and if you offer professional advice you more than likely need professional liability. These are just a few coverages you may need for a home office and an experienced insurance professional can help you make sure your business is protected with just a short conversation. It is important to be thorough and honest during these conversations.

HVAC Contractors

Heating and Air Conditioning Contractors ( HVAC Contractors ) are those business that provide services for and repair heating and air conditioning units. They provide these services for both commercial and residential clients. They have to be knowledgeable about both duct and vent work, the different types of fuel sources for heating equipment, which can be natural or LP gas, electric, steam, solid fuel, coal, or fuel oil. Many contractors also install, service, and repair air conditioners. While air conditioning units are normally electric-powered, they are charged with different coolants, some of which may be hazardous.

All of these different types of work bring their own unique risks to the contractor. For this reason, it is very important for you to have an extended conversation with your insurance agent about all of the types of work you do and do not participate in. It is equally important to inform your agent if there are certain types of work you do not partake in. There are more than one classification code for this industry and the types of risks you take on can dramatically impact what you pay in premium for a number of commercial insurance policies. Below are 6 policies most HVAC Contractors need to secure in order to protect their business properly.

• General Liability

• Property Insurance

• Hired and Non-Owned Auto (full commercial auto if vehicles owned)

• Inland Marine

• Business Income with Extra Expense

• Workers’ Compensation

General Liability Insurance

General Liability Exposures at the contractor’s office or shop are generally limited due to lack of public access to the premises. Retail sales increase the possibility of customers slipping, falling, or tripping if customers visit office to view products.

Property Insurance

Property exposures at the heating contractor’s own location are generally limited to those of an office, shop, and storage of materials, equipment, and vehicles. Operations may also include retail sales. The fire exposure is generally light unless repair operations involving welding take place on premises. Welding involves the use of tanks of gases that must be stored and handled properly to avoid loss. The absence of basic controls such as chained storage in a cool area and the separation of welding from other operations may reflect a greater risk.

Commercial Auto

Automobile exposures are generally limited to transporting workers, equipment and supplies to and from job sites for HVAC Contractors. Hazards depend on the type and use of vehicles and radius of operation with the main hazards being upsets. Vehicles may have special modifications or built-in equipment such as lifts and hoists. Large heating systems may be awkward and require special handling and tie-down procedures. Age, training, experience, and drivers’ records, as well as the age, condition and maintenance of the vehicles are all important items to consider. If employees utilize their own personal vehicles for work related tasks then Hired and Non-Owned Coverage should be purchased.

Inland Marine Coverage

Inland marine exposures include contractors’ tools and equipment, including ladders and scaffolding, hoists, and portable welders, the transport of materials, and installation floater. Goods in transit consists of tools and equipment as well as products purchased by the customer for installation at the job site. HVAC units can be of high value and susceptible to damage in transit; they frequently require expertise in loading to prevent load shift or overturn.

Workers’ compensation

Workers compensation exposures vary based on the size and nature of the job. Both residential and commercial work involves lifting, work with hand tools, wiring, and piping. Cuts from the fabrication and installation of sheet metal for ducts and vents are common. Lifting injuries such as hernias, strains and sprains plus back injuries may occur. Electrical burns are common; electrocution can occur from the use of high-voltage lines. Any time work is done above ground, injury or death from falls and being struck by falling objects can occur. Slips and falls, foreign object in eyes, major and minor burns, and inhalation of fumes are all potential hazards.

Electrical Contractors

Insurance needs and concerns for Electrical Contractors

Electrical contractors carry unique risks that many other businesses in the construction industry do not face. With those risks come additional types of insurance needs. Each electrician is unique in the scope and capacity in which they operate their business. Depending upon the type of work each electrician partakes’ in, there may be a number of types of coverage an electrician needs to secure in order to properly secure their business. Here is a list of 5 commonly carried coverages most electricians secure.

General Liability
Commercial Property
Commercial Auto
Inland Marine (Tools and Equipment)
Workers Compensation

General Liability

Exposures at the contractor’s office are generally limited because of the lack of access to the premises. Storing materials outdoors may create vandalism and attractive nuisance hazards. Electrical voltage is always a risk for electricians. This is due to the risk of electrical burns or electrocution to employees or other third parties. An electricians’ employees can cause damage to the client’s property and can cause bodily injury to members of the household, the public, or employees of other contractors. These are risks that are covered by a general liability policy.

Commercial Property

If you own a property; no matter how small, your business needs to secure commercial property coverage. Property exposures at the contractor’s premises typically are fairly low for electricians. This is generally limited to those of an office and storage for supplies, tools, and vehicles.

Commercial Auto

Automobile liability exposure is higher for electrician than other brick and mortar businesses. Most electrical contractors are in transit to transport workers, equipment and electrical supplies to and from job sites. A driving hazard is a huge risk for insurance companies to insure. The more time your business spends driving the higher the likelihood of claims. Those claims tend to rise in both frequency and severity. Implementing a safe driving program and keeping up to date driving records for all employees can help limit what you pay in premium. Age, training, experience, and drivers’ records, as well as the age, condition, and maintenance of the vehicles, are all important items to consider.

Inland Marine

Inland marine is also commonly called ‘Floaters’ coverage. It is meant for specialized equipment that is frequently in transit as a part of business operations. The exposures often include owned or rented equipment, building materials, as well as materials being transported to and from the job site. This is commonly needed for businesses that transport their equipment to a third party site for use delivering a service. The most basic example of an industry that needs this coverage is a landscaping company. It can also include any business that takes equipment away from the premises for use as a part of normal business operations.

Workers’ Compensation

Workers compensation insurance is required by law in 48 out of 50 states. Each state has their own specific exclusions depending upon the number of employees and the scope of your work. It is important to check with the proper governing agency in your state to determine if you are required to purchase this coverage. Even if you are not required to purchase this coverage in many cases it is still beneficial to your business to secure it. The coverage provides you with protection from lawsuits that may result from injured employees who are injured as a result of normal business practices. Employees give up the ability to sue for normal injuries, but get back coverage for their medical expenses and some portion of their wages while they are hurt and not able to work. Typically they are reimbursed 60 percent of their normal wages for the time they are not able to work.

5 Insurance Policies you might not realize your Small Business needs.

Once a year every small business owners takes on the daunting task of purchasing insurance for their business. Most start with the bare minimum coverage. In most states it is legally required to have workers’ compensation and general liability coverage in place before you open your doors. This is just the bare minimum coverage a business needs to protect it from the risk the business faces. A few other coverages, like commercial property or auto coverage, are obvious to most business owners. There are several other risks business owners may face that they may not realize. Here are 5 such coverages business owners may not realize they could benefit from.

Inland Marine

Inland marine coverage is a specialized form of property insurance for equipment your business owns that is not a piece of property nor a vehicle. It is frequently referred to as ‘floaters’ coverage. This is because the equipment covered is meant to be in transit. A prime example of a company who needs this coverage is a landscaping company who has trailers and lawnmowers that they transport away from their premises on a regular basis.

Hired and Non-owned Auto

Many small businesses think if they do not own vehicles they do not need any form of auto coverage. That may be right, but in many instances this is not correct. If you have employees who run simple errands like running to the post office or to the bank to make change for the register than your business is liable for injuries that happen as a part of that business activity. Another common time this coverage comes in hand is when you have employees who travel and use a rental car as part of their trip. In most instances the coverage you buy from a rental car coverage will cover the car you are driving, but not other liability risks related to the business. Hired and Non-owned Coverage take help protect your business from those risks.

Cyber/Data Breach Coverage

Cyber insurance consists of two coverages that are almost always sold in tandem. One covers first party damage to you and your business and the other covers third party liability to third parties who may be damaged by your business as the result of a data breach.

EPLI

Employment Practices Liability Insurance is a specialized type of liability coverage for wrongful acts the may arise from the employment process. This coverage includes claims that include wrongful termination, discrimination, sexual harassment, and retaliation. Depending upon the carrier and the particular policy you secure it can extend to cover claims like inappropriate workplace conduct, defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. Lawsuits of this type have been on a steady increase for two decades. If you stay in business long enough it is a matter of when, not if, you face an EPLI Claim.

Owners and Officers Coverage

This type of insurance coverage is specifically designed to cover defense costs and damages arising out of wrongful act lawsuits brought against an organizations board of directors or officers. It is crucially important to have this coverage in place for growing small businesses and especially Non-profits. Officers can provide very beneficial guidance to these types of organizations and one claim, whether founded or not, can result in huge losses for the organization.

6 coverages every Lawn Care or Landscaping business should carry.

Lawn Care and Landscaping is a diverse industry and with that diversity comes a lot of risk. How you go about protecting your business from those risks can make all the difference in the long term success of your business. Some landscaping businesses simply mow lawns, others lay sod and plants shrubs, some even climb several feet into the air to work on trees and others grow and sell plants at one central location. No matter what type of landscaping business you are running, here are 6 coverages that every business in this industry should carry.

General Liability
Workers’ Compensation
Commercial Auto or Hired and Non-owned Auto
Inland Marine
Commercial Property
Business Owners Package

General Liability

General Liability Insurance is a policy that most every business needs. Depending upon the state and industry you operate in, it is required by law to be in business. For the lawncare and landscaping industry this coverage can prevent your business from damage that is caused to third parties by you or your employees. This can apply regardless of whether the incident occurs on your property or at the property of the customer.

Workers’ Compensation

In 48 out of 50 states workers comp is required by law. What you pay in premium will depend on your experience modification rating and the NCCI class code for your business. Lawn care and Landscaping is an industry that has several classification codes which include: 9102, 0042, 9182, 0106, 9220, and 9016.

Commercial Auto or Hired and Non-owned Auto

Commercial Auto and Hired and Non-owned Auto Insurance are two coverages that deal with vehicles being used for business purposes. Which of these two coverages your business needs is determined by whether or not the business owns the vehicle that is being used for daily work. If you have employees using their own vehicle as a part of their job than you need Hired and Non-owned Auto Coverage. If you are leasing the vehicle for the season, than this is the coverage you need as well. If your business owns the vehicle than you need commercial auto insurance.

Inland Marine

Inland Marine Insurance Coverage is also known as equipment coverage or floaters coverage. These terms are used because this insurance is for equipment not covered by your property or auto insurance policies and it is usually equipment that is going to be in transit. If you have a trailer with several pieces of equipment that is going to be transported to several locations throughout the day than you need this type of coverage. This could also be necessary for greenhouses if they are having plants delivered to a clients location. while the products are being transported they would be covered by this policy.

Commercial Property

If you own property, no matter how big or small than you need this coverage. Without it you can put at risk everything that makes your business run. Unless you can afford to replace the property and everything inside it than you need this coverage. This policy can usually be added to BOP for minimal cost to the business.

Business Owners Package

Most insurance carriers have what are called Business Owners Packages designed for each industry and each classification code. Through their experience with claims in each industry, each carrier has a basic recommended package of coverage they deem appropriate for each business. These packages can be adjusted based on the industry you are in and the amount of risk you as a business owner are comfortable taking. This is where the advice of an experienced insurance agent who you trust can be very valuable. An experienced agent should be able to lay down the risks and rewards of each coverage and help you to make the most informed decision possible when buying insurance for your business.

SIC Business Insurance Codes:

• 0781- Landscaping and Planning

• 0782- Lawn and Garden Services

NAICS Liability Classifications:

• 541320- Landscaper Architectural Services

• 561730- Landscape Services

Business ISO General Liability:

• Code: 97047- Landscape Gardening

• Code: 97050- Lawn Care Services

Common Workers Compensation Class Codes:

• 0042- Landscapers and Drivers

• 9102- Park Maintenance, Lawn Care, and Drivers

• 0106- Tree Pruning or Spraying

What is Artisan Contractors Insurance?

Inside the insurance industry Artisan Contractors Insurance is commonly referred to as insurance for Artisan Contractors. What is an Artisan Contractor? That is a question many new business owners ask when applying for insurance the first time. These business owners frequently find out this is what classification their business is in. Artisan Contractors are a wide range of businesses that operate in different parts of the construction industry. Electricians, Plumbers and Painters are all included in this category.

Artisan Contractors Insurance for Electricians

Some common (NCCI) industry classification codes include:

5191 Electricians
5183 Plumbers
5537 HVAC Contractors
5221 Concrete Construction
5474 Painters
5437 Finishing Carpenters

They each have a similar, but different role within the construction industry and each type of work carries unique risks. From an insurers perspective they each carry their own risk and that is why they are separated into several separate class codes. Working with your insurance agent to make sure you are in the proper classification code can go a long way towards removing any headaches down the road relating to your commercial insurance policy.

Below are some common types of insurance recommended for Artisan Contractors Insurance:

General Liability

General Liability (GL) is typically the first line of insurance purchased by a business. GL is required by law in most states; additionally, businesses are often required to purchase coverage with most contracts for leases, loans, and work performed for others. GL exposures are primarily at the contractor’s office or shop and are generally limited due to lack of public access to the premises. Retail sales increase the possibility of customers slipping, falling, or tripping if customers visit office to view products. Job-site exposures include potential injury to the client or damage to the client’s property. Tools, power cords, building materials and scrap material, use of saws and other power or hand tools are all potential risks.

Workers’ Compensation

Workers’ Compensation Insurance is a state mandated insurance coverage required by nearly every state in the country. The basic purpose of Workers’ Compensation Insurance is to assure that injured workers get medical care and compensation for a portion of the income they lose while they are unable to work. Workers receive benefits regardless of who was at fault in the accident. Also, Workers’ Compensation Coverage prevents the employer from bearing the costs of injuries that occur during normal business operations.

Commercial Auto

Automobile exposures are generally limited to transporting workers, equipment and supplies to and from job sites. Hazards depend on the type and use of vehicles and radius of operation with the main hazards being upsets. Vehicles may have special modifications or built-in equipment such as lifts and hoists. If employees utilize their own personal vehicles for work related tasks then Hired and Non-Owned Coverage should be purchased.

Hired and Non-Owned Auto

Hired and non-owned auto insurance is commonly added (or endorsed) onto the commercial auto insurance policy. This endorsement adds additional coverages for the insured in the event there becomes a liability issue for their business for an automobile accident involving a vehicle they don’t directly insure. This coverage will pay for damages to a third party, on behalf of you the insured. This coverage kicks in if the business is held liable for an accident or injury caused by a vehicle they hired or a vehicle someone uses while performing work for a business. If you send an employee to run and errand on behalf of the business, your business is responsible for damages that occur.

Property Insurance

Commercial property insurance for business owners covers many types of losses and damages to a companies property. Property exposures are generally limited to those of an office, shop, and storage of materials, equipment, and vehicles. Property insurance typically provides coverage for events like fire, smoke, wind, hail and vandalism. Policies often have included or excluded coverages. Some natural disasters like earthquake or hail, may have separate deductibles.

Inland Marine