Policy Review

Business insurance is a requirement to operations, and as such every business owner seeks out an insurance policy to protect stakeholders in the business. As a standard part of business practices, once the insurance policy is in place, it may be lost in the daily shuffle to review policy coverage, other than on an annual basis. Consider reviewing your insurance coverage at least semi-annually with your insurance provider. Business needs may have changed, or services expanded. Your equipment fleet might have grown or changed in its makeup. Further, requirements specific to location, customer profile, or current events can all have an impact on making sure your business has sufficient coverage.   As Turf reported in Fall 2020 through an interview with Scott Young, director of small business underwriting at Progressive Insurance, there are several endorsements that are sometimes overlooked but should be considered, depending on your specific operations. “For instance, if you apply pesticides and/or herbicides, make sure your policy provides liability coverage,” said Young. “If you remove snow during the winter, you’ll want to make sure you’re adequately covered on your general liability policy. For landscaping businesses with employees, we recommend a business owner strongly consider Employment Practices Liability (EPL) coverage, which provides coverage if the owners of the business are sued by an employee for wrongful termination or hiring, harassment, and other employment related issues.” In terms of limits, Young advised that a business owner should contemplate buying the “at least $1 million per occurrence limit” for both ...

Business insurance is a requirement to operations, and as such every business owner seeks out an insurance policy to protect stakeholders in the business. As a standard part of business practices, once the insurance policy is in place, it may be lost in the daily shuffle to review policy coverage, other than on an annual basis. Consider reviewing your insurance coverage at least semi-annually with your insurance provider. Business needs may have changed, or services expanded. Your equipment fleet might have grown or changed in its makeup. Further, requirements specific to location, customer profile, or current events can all have an impact on making sure your business has sufficient coverage.   As Turf reported in Fall 2020 through an interview with Scott Young, director of small business underwriting at Progressive Insurance, there are several endorsements that are sometimes overlooked but should be considered, depending on your specific operations. “For instance, if you apply pesticides and/or herbicides, make sure your policy provides liability coverage,” said Young. “If you remove snow during the winter, you’ll want to make sure you’re adequately covered on your general liability policy. For landscaping businesses with employees, we recommend a business owner strongly consider Employment Practices Liability (EPL) coverage, which provides coverage if the owners of the business are sued by an employee for wrongful termination or hiring, harassment, and other employment related issues.” In terms of limits, Young advised that a business owner should contemplate buying the “at least $1 million per occurrence limit” for both ...