Not All INSURANCE Is Created EQUAL ► What & How Much Is Adequate Coverage?
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- Опубліковано 9 вер 2024
- Today I'm going to be talking about all things related to insurance! Now, before we go too far on one of the most fun topics to talk about, I will say this, THESE ARE JUST MY OPINIONS! I'm not an insurance agent, a lawyer, a CPA, etc etc. These are just my opinions on the topic and how WE run OUR business.
That being said, insurance is a pretty serious topic! I feel there is a lot of mystery behind the topic when it comes to our industry, about what you need, how much, etc etc. I tried to let you guys know what we personally use and have as coverage, and provide some helpful tips if you guys are in the market or just getting started, and need to figure out the insurance puzzle piece of your business.
Hope this one helped you guys out! This is definitely a FAQ that I receive, and I wanted to help pay it forward with some helpful info. What do you guys do for insurance and your level of coverage? Do you have everything we do? More? Less? Let me know down below!
*Not endorsing any insurance agency or brand. These are just personal examples of who/what I use.*
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Hey, you’re awesome.
Oh by the way, I’m not an insurance agent or lawyer. Make sure you check with them for what you need as coverage lol.
That being said, Thumbs Up 👍 if you like the smell of fresh cut grass.
I cut my grass 2 days ago.. it snelled great!
awesome video Brian , insurance especially in michigan ,it is hard jumping through all those hurdies , since we are one state that pays the most !!
Good morning Brian, good to no.
Love the smell,some times it smells like watermelon lol
so should i get insurance even though i only have 4 residential clients right now?
Insurance agent here.
3 bits of advice to further hit on.
Itemize and have serial numbers for any piece of equipment over $500 in value.
Get your correct class code. If you say you just cut grass but install retaining walls, you are in a different business class and rates vary vastly on that.
Commercial auto price is based more on the line of work rather than the vehicle itself. ( snow removal is the highest class code) again, your correct naics code matters on rates.
500 collectively or 500 each?
@@williammcdaniel6823 each, good luck
Brian I went with next Insurance an online insurance company for contractors. It's $37 a month and it covers me for a million-dollar liability. Pretty affordable and it's pretty good insurance. Thanks for the tips.
I’m trying to get a deal for some AT&T sights but they require a 2 mill. Umbrella and a mill. Liability and next said they couldn’t do it. 🤷🏽♂️
Another good topic man.
We upped to 2 mill liability.
Folks may not know that their snow plow and salt spreader are only covered while attached to the insured vehicle. Should a tree fall on the plow while not hooked to the truck, it would not be covered without an additional business owner policy with the items listed .
Additionally our agent said that general liability policy for commercial purposes such as snow plowing would not cover the more common claims such as tearing up a lawn , a sprinkler system, or damage to pavement. Those would also require the additional coverage to be included.
There are also terms such as single combined limits, which states a single dollar limit that applies to any combination of property damage or bodily injury as needed , vs SPLIT limits which three separate SMALLER dollar amounts are limited per person, per event, per all persons injured, up to your total limit of 600k/ 1mill/ or 2 mill coverage.
This is important to ask about, as the bargain policies are almost always not single combined, therefore more restrictive in how they cover you in the event its needed.
We may be a bit over insured, but it's a GREAT feeling!
Keep at it Brian!
I went to Shelter Insurance. $192.00 a year for 1 million dollars.
maybe some of you don't believe in insurance, hey that's fine too. Please keep us updated as to how that works out in the long run thanks in advance
Great video Brian, I was thinking that someone needed to a video on insurance
Russell Pugh ya surprisingly no one does videos on the basic stuff to help people get going. Da well
I use to carry a mill plus insurance. That was actually required by my insurance agency for my commercial accounts.
I had a friend who had his mower stolen. He thought cause the trailer had insurance that everything inside was covered. He was sadly mistaken. That was a 8k lesson. Let's just say he has insurance now
Timothy D yep bingo brother
@Timothy D What kind of insurance did he end up getting?
You are a smart business guy. Insurance is something you hope you don"t need to use but you have it just in case. Piece of mind 😁😁
2 mil general liability +25k on my equipment (umbrella). Covers everything behind my truck in transit, and at home. Just over 700 a year.
I will be looking into commercial auto today!!!!!!
Hiscox small business insurance. I swear by it. I have 1 million in coverage for about 60 bucks per month. They are fantastic people to deal with and very helpful. Edit: i have no other employees so do not need the unemployment and workers comp parts of it.
Ditto except i went with 300k limit so 500 for year only.
Ya I’d second that. I’m only 18 and learning a lot about the paperwork side of the business, they were really helpful and walked me through everything.
What state? Would they cover in Wisconsin?
@@lukemancl6285 i'm in illinois. I believe they would cover wisconsin just fine.
@@saltylandscaper7193 hi did you cover your equipment too?
Thanks Brian for doing this video on insurance matters for lawn care business. It was informative and much appreciated!
This is so key! Having good insurance is important.
Great Video... "Cover Your Ass!" (Uncle George circa 2006) great advice. Ive found talking with your attorney, to buy what insurace you need without over spending has been honest & helpful.
2 million liability, 10k on my equipment. I just started out so I have nothing near that price lol.
Justin who did you go with?
Videos like this are so essential! Great video, Brian.
What kind of insurance do I need for a solo person trying to pick up a few commercial and residentials? Does it matter if I go with the lowest quote?
We have a whole video on insurances!
Great video Brian, insurance is so important to me and my company! I have my Commercial Auto policy with State Farm with all the dump truck, enclosed trailer, and mowers with them too!
Appreciate these vids, everything straight to the point!
Not sure if this is the right video to ask on but you should check and possibly review the Bradley mower's
Well see what we can do 👊
@@BriansLawnMaintenance Thanks, many people havent heard of this mower option, for the price point about $5k for a commercial mower its a very good option
I paid 750 for 2 million liability and 10 thousand dollars for equipment just Incase it gets stolen.
Good video. We carry a ton of insurance lol. Basically 2 million liability w/ 1 million umbrella on everything, including auto. We have lawn care/ landscaping including lawn spraying and also structural pest control ( meaning inside/out pest control) on our policy. The structural pest policy is much more expensive and difficult to get, very few companies offer it. Also be aware what you post online. If you post pics or advertise services not covered your insurance and workers comp have auditors that occasionally search companies, they will drop you or increase your rates if they find something even if seems benign to the business. Don’t skimp on insurance, it costs us a few thousand a year but it’s saved us more than once...especially if you have employees. ✌️
I feel bad for you on the auto side. Michigan is crazy. 😂
For those who are thinking of getting into the lawn care business with the bombardment a person may get in the beginning from other people of what they need to do, what is your advice in when they should get Insurance? Should they get it right away or should they wait a little to see if actually takes off to where they know they are actually running a business?
A very well presented videos always insurance you really really have to make sure you have it crystal Clear what your policy covers you and what it doesn't because nine times out of ten insurance will do their best not to pay out.
Came back to this Brian, I miss that make the ground shake! That's a great intro. Hadn't heard it in a minute from your new videos
Yeah they copyright claimed my intro.
@@BriansLawnMaintenance Ah crap, hate when that happens! Its all good though. I'll still watch your vids without it I guess 🤣 Your awesome. Thanks for all you do man.
(Yep, similar story here, my dad died when I was 10 and my mother had to raise us 3 boys by herself.)
Sorry to hear
I pay 400$ for 1 million liability ins.
I love these type of videos!!!
I use Acurity. It was fine before I had to add workers Compensation to my policy. I pay about $1500 a year.
Yeah they wanted to charge me 900 a year to add that. Did you find anyone else that would add it cheaper? Or does anyone know of a company that does? I'm just working by myself, however to get some of the contracts with a local property company they require it.
workman comp and unemployment ripoff !
@@hosedude70 I have a commercial property that requires workers Compensation
Literally just walked out of an insurance agents office at Farmers insurance LOL. They quoted me $806 that includes general liability that covers up to 1 mill as well as 12k on equipment. I’m just starting out and am 21 years old, only thing is that they also quoted me 5k if I choose to add commercial auto. Huge difference bc of my age....
Erick Castillo i made the mistake when i was young. Get experience and don’t worry about insurance for now. Create a corporation. If shit goes south close it down and start another. Insurance is useless if you’re not employing people or using it for snow removal. Maybe get it later down the road. It’s not a legal requirement.
I had a million for the first 2 years, but then I dropped it down to $500k as I currently only have one borderline-commercial property (HOA). I am currently with State Farm as they will allow me to adjust my coverage as I need it. If I need a million $ coverage again, I can up it without any issues (I.E.-waiting for a policy cycle to complete). State Farm, however, would not touch me where I am located at until I had been in business for a least two years.
Fantastic show today Brian excellent commentary,,, or should I say "Mr. Hollywood"
Call me Mr. Worldwide 😂
@@BriansLawnMaintenance bahahahhahahahahaha
Thanks, great info as always. In the process of searching for insurance now.
You bet Carlos
Find within your community a commercial insurance broker. They will give you a better rate to coverage ratio, by using a quantity approach with multiple companies. General liability for a small company is a dime a dozen, but they will definitely help you when you expand to multiple crews and work mans comp insurance. Go to other companies and ask what and who they use. Brian is correct, NEVER use a personal vehicle for business use. The coverage may be denied in an accident and liability of the injured/damage can rest on you personally and not the company.
Eshelman Lawn Care Just make sure your insurance agent understands the scope of how your using said vehicle. No gray areas. You don’t need a scenario where they deny you.
From Texas and about to go all in and now trying to price insurance it’s not the easiest thing to do 😬
Great advice & information.
What about workman comp insurance ????
Forgot to talk about that but yes, huge!
Good advice except one thing being self-insured when you break a window or air conditioner just use it insurance when it's big like if you hurt somebody or something because you don't want your insurance going up that much for some stupid thing can be self-insured for at least couple thousand bucks is more than window anyways and get as much deductible as you can for yourself your pay before you use your insurance cuz you really only want to use the insurance when you have to take care of you to a tools and they would take care of you whether you money maker and take care of each other and make sure you take care of yourself and good luck everyone
Steven Van Densen great tip. We do pay out of pocket ourselves when something costs at our below our deductible. Just makes sense to keep rates from increasing. Good tip
Awesome as usual
Thanks for all your video's they help from Barnes Lawn Care
You bet buddy
If you get t boned you wouldn’t be at fault therefore the insurer for the person who hit you (assuming they have coverage) would be responsible for damages. Just saying that’s not the best example. But for collision and comp your point is a good one
Great information!
Just curious is your G.L. based on the yearly income of the business as will or is it a flat rate no matter what your business income is?
Gross receipts of the business
great video brotha
Is Goosehead or Hickox better?
Do you have a contractors license? You really shouldn't need much insurance for a solo lawn care business.
I don't, nope. We just mow, nothing crazy. Not required to have one, thankfully.
@@BriansLawnMaintenance that's a lot of coverage! Better safe then sorry I guess :)
Nice video!
Great topic, thanks for sharing. What kind of licenses do you need to operate your business in your state? Contractors license or just a business license? I'm assuming Mike and Brandon probably have contractors licenses based off the types of jobs they bid on right?
its all up to the state in which you work, here in Michigan it depends on how your business is set up. Such as are you a sole proprietor or a LLC. Generally if you operate as a corp of any type you have to get a state license on your business, if your a partnership or sole proprietor you have to go to your county clerk and get an Assumed Name business license.......and then depending on what type of work you will be advertising for and performing, you need to determine what local/state permits you will need. If simply doing lawn/landscape maint. work you should only need to be licensed in the cities you will work in...costs vary from 10 to 20 bucks annually (same for snow/ice control too) If you plant anything from seed to trees in Michigan you will need a Nursery Stock/Dealers license. If you sell and perform fert/pesticide applications you will need to be certified by State Dept. of Agriculture for this too, plus re-certification CEU's every 5 years......so do your home work as Brian says for both the type of insurance and permits/licenses you will need!
@@ryerob741 Very interesting. Permitting and licensing seems to vary a lot state to state. Much different where I am. Thanks for the response Ryan!
Thankfully MI doesn't require permits or a license to mow.
@@BriansLawnMaintenance no state permit for mowing, but many cities/townships have a license/permit requirement...usually 10 dollars and fill out a small form and file at clerk's office, not a big deal.
oh and something else for the new "start up" landscape maintenance business to consider......in certain locals, for example, if you want to build a retaining wall or segmented block wall for a patio, etc. for a customer, you may need to have a builders license. This is because the wall may effect water flow to surrounding areas and cause erosion. If the wall is constructed using mechanical/chemical bonding and or the wall is part of a structure or is using a drainage system, that a business have Builders lic. and submit construction plans to the local Building dept for "engineering" approval, so there are other issues for the new companies to consider while trying to sign up new clients with "small projects".
At this point I have no insurance.. by looking at it thanks!
Josh Weaver get some quick! Let this be your news flash!
Great video Brian
I have a question
What’s the advantages and disadvantages for llc liscence?
dong2773 more legal protection. Definitely a fun upcoming topic, hope to weigh in on soon
ThAnks for getting back to me appreciate it
And how about w2 and tax purposes with a llc?
State Farm canceled me once they found out I was doing more than mowing and snow plowing. They didn’t like that I was doing pressure washing or fertilizing or small retaining walls.
The EH Group well they may keep you but your policy will be vastly different and more expensive.
they wouldnt even call me back
What about health insurance? Especially if you have a family to support.
We use a group share service, it's worked great for our family. Samaritan Ministries.
@@BriansLawnMaintenance thanks I will look into that once I quit my full time job.
Hartford wont take you if not in business foe awhile. My commercial rates way more than my personal.
great video Brian since here in michigan we pay one of the highest rates !!!!!!!!!!!!!!!!
I feel ya jd!
It seems like the only person making money on my tree company is my insurance agent.
Lol I feel ya
Who doesn't like the smell of fresh cut grass?
😩😩😩 that's alot