Are you planning to set up a snow plow business? Here is some vital information about snow removal insurance costs. This update will help you get your coverage ahead of time. A sudden slip and fall accident could be detrimental to your growing business. And sure, you do not want to allow this to catch up with your business.
Understanding Snow Removal Insurance
The meaning of snow removal insurance is quite apparent – insurance for your snow removal enterprise. Generally, there are several kinds of commercial insurance. However, getting a personalized contractors policy for a snow plow business will guarantee your safety regarding risks associated with your line of business. A snow insurance policy can be used to pay medical expenses or legal fees if you are sued for a slip and fall accident or any related injuries. Also, the policy can help to secure financial compensation when you need repairs and replacement of your work equipment.
Different Commercial Insurance Policy for Snow Removal Business
There are different insurance policies for every snow removal business. As a business owner, you can choose your preferred coverage depending on the amount you need. An insurance policy can be customized to suit your needs. You can eliminate the risks involved in snow removal by considering any of these policies.
1. Commercial General Liability Insurance
This policy covers your business financially from claims for third-party bodily.
A CGL policy protects you financially from claims for property damage or third-party bodily injuries. So if your worker slips and gets injured, or you mistakenly plow through a neighbor?s lawn, you can be compensated for medical, property, and legal fees.
2. Equipment and Tools Insurance
The equipment and tools insurance covers you when you need reimbursement for stolen tools, repairs or replacement. Based on the insurer, there are variations in this particular policy. The coverage variations include protection for equipment/tools you lease, rent or borrow. Also, there is equipment breakdown insurance which is coverage for mechanical or electrical issues on your equipment.
3. Commercial Auto Insurance
Do not get confused. Commercial auto insurance is not the same as a car insurance policy. This policy covers you financially for business vehicle claims. If your business vehicle gets damaged or stolen, it can help you pay for a replacement or repair. It can also cover medical expenses or property damage if the vehicle gets involved in an accident while on active duty. On the other hand, if you operate your business using a vehicle that is not yours, you can apply for non-owned vehicle insurance to get you covered.
As mentioned earlier, it is essential to note that not every insurer provides the same business coverage types. You can also tailor your insurance policy to suit your requirement. Before taking a step ahead, consult a licensed business insurance broker about getting a snow removal policy for your business. Professionals will guide you to get the right policy for your snow plow business.