If your landscaping business is anything like our agency, then your business means the world to you as an owner! Of course, as a business owner, it’s important to have the right protection for your landscaping business, this way no matter what happens, the grass will always be greener on the other side. While our professional, licensed insurance agents take the time to go over various options and coverage with all of our landscaping clients, we wanted to make sure you fully understood how a landscaping insurance policy can help protect your business. Today, we’ll be reviewing some coverages that aren’t always included in a landscaping insurance policy, and how they can save your business in the long hull if you choose to include them in your policy.
Inland Marine Coverage
Are you familiar with Inland Marine Coverage yet? If this coverage isn’t on your landscaper’s insurance policy already, we’d highly suggest adding it. We turn to IRMI for the exact definition of Inland Marine Coverage:
“Property insurance for property in transit over land, certain types of movable property, instrumentalities of transportation (such as bridges, roads, and piers, instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called ‘floater’ policies. As a group, inland marine coverage forms are generally broader than property coverage forms.”
Basically, any time you have tools or equipment that are out of storage, for any reason, Inland Marine Coverage will help them stay properly protected. If your tools are in storage, your business personal property on your Business Owner’s Policy (BOP) will protect them. Although, any time you take them out of storage, such as using them on a job site or transporting them, then you’d need Inland Marine Coverage to make sure your tools are protected.
Does your business have Employee Practices Liability Insurance on your policy, more commonly known as EPLI? In today’s world, Employment Practices Liability Insurance (EPLI for short) is something that every company should be embracing, but not every company has.
We once again turn to IRMI’s exact definition to help you understand this coverage:
“A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policies cover directors and officers, management personnel, and employees as insureds. The most common exclusions are for bodily injury (BI), property damage (PD), and intentional/dishonest acts. EPLI policies are written on a claims-made basis. The forms contain ‘shrinking limits’ provisions, meaning that insurer payment of defense costs—which are often a substantial part of a claim—reduce the policy’s limits. This approach contrasts with commercial general liability (CGL) policies, in which defense is covered in addition to policy limits. Although EPLI is available as a stand-alone coverage, it is also frequently sold as part of a management liability package policy. In addition to providing directors and officers (D&O) and fiduciary liability insurance, management liability package policies afford the option to cover employment practices liability (EPL).”
There have been several cases, that we’re sure you’ve heard about in the media, that demonstrate that employees are getting a better grasp on their rights, and are following up with legal action whenever they see an opportunity to. Let’s talk facts; the numbers don’t lie:
- 41% of companies with EPLI coverage have over 1,000 employees, 34% have 500-750 employees, 23% have 200-500 employees, 32% have 50-200, and 20% have fewer than 50
- In 2013, the Equal Employment Opportunity Commission (EEOC) handled an all-time record of 100,000 complaints, filed more than 130 lawsuits, and recovered more than $370 million
- In 2014, the EEOC handled 89,000 complaints, with $300 million recovered; 43% of these complaints were for retaliation, at an all-time high
- When “wrongful termination lawsuits” is searched on Google, it yields 316,000 results, and when “workplace harassment cases” is searched on Google, it yields 424,000 results
*statistics provided by MyNewMarket
If your business isn’t already embracing EPLI coverage, we’d highly suggest reaching out to one of our professional agents today to get help with getting it instated on your policy.
Pollution Liability Coverage
Here’s something you may not have considered; when it comes to herbicides, pesticides, or other substances regarded as pollutants, you may not be covered if you have an accident on a job site. We turn to IRMI once more for an exact definition to break down this coverage:
“The contamination of an environment by substances regarded as pollutants. Liability from pollution is normally excluded to some degree by the general, auto, and umbrella liability policies. In recent years, insurers have attempted to introduce strict exclusionary language into these policies, making it necessary for insureds to seek coverage under separate ‘environmental impairment liability’ policies.”
If you find that your business is using any sort of chemicals on a regular basis, then it is our firm belief that you need this coverage included on your policy. Not to worry though, our licensed insurance agents are here to help!
Getting the Coverage you Need
Yes, as we mentioned, if you don’t already have these coverages on your Commercial Insurance policy, then our agents will be happy to help walk you through each coverage on an individualized basis. Our agents promise to take the time to help you understand each of these unique coverages on your landscaper’s insurance, as well as find the best possible price among our carriers for the protection you need. Reach out to us today, and we’ll be happy to get you started!