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Arborist liability insurance is one of the main components of a solid business insurance program. A liability lawsuit has the potential to significantly damage the finances of your business unless the source of damages is fully covered by dependable insurance. Make sure that you have adequate limits on this policy. Adequate typically means that you have enough limits to cover your assets because that is what could be lost in the most severe cases. For example you may have a $500,000 limit for one incident and $1,000,000 for all incidents.
The big expense this covers is the amount of any negotiated settlement or monetary judgment that you have to pay. In addition, the policy covers court expenses, attorney’s bills and the cost of procuring any documentation needed to defend your case. All those who do any authorized work for your business are covered under the liability policy. The following coverages are on the policy:
If someone is hurt, while on your business premises, to the point of injury, BI will take care of not only all of the medical expenses but for any wages lost while the person is injured. If you are sued because of this, the policy will cover those costs, too.
You may damage the property of another in the course of your work planting, maintaining and caring for trees. If that happens, the property damage portion of the liability policy will take care of any expenses up to the policy limits. Loss of use and repairs/replacements are included in this coverage.
Medical payments coverage is different from BI coverage. Under this, medical bills are paid immediately without having to wait until liability is determined. The limits are set at smaller amounts beginning at $5,000. The bodily injury coverage limits go up to the policy limits which are much higher.
If you accidentally slander or libel a competitor in an advertisement, for instance, this portion of the liability would take care of any resulting lawsuits. It’s important to realize that if you published disparaging comments knowingly, you would not be covered. Likewise, if you made false statements in the ad about the price of your work and the quality of your trees and you were sued because of it, the policy would not cover that lawsuit.
Claims against your business that stem from poor workmanship or trees that turned out to be diseased, for example, would be paid from this part of the liability policy. It’s a useful coverage that protects you for a period of time after the job is complete.
If you operate your arborist business from rented or leased property and a fire or other covered peril damaged the building, this would pay for damages to the structure up to the “damages to premises rented to you” limits which might be lower than the policy limits.