Positive industry growth trends provide ample business opportunity for gardeners and landscapers. However, if damages occur due to unintended negligence on your part, you may lose out on revenue or even find yourself in financial trouble. Small business insurance for gardeners and landscapers may help protect your business if there is a break in and/or if your tools and equipment are stolen or damaged. Small Business Insurance can also provide Public and Product Liability cover as well as Personal Accident cover.
Australia's gardening and landscaping services
The Australian gardening and landscaping sector has experienced steady growth over recent years, with residential households generating the majority of demand.i&ii Revenue across both industries adds up to $9 billion, with landscaping services accounting for $6 billion. Greater customer demand can partly be related to a demographic shift towards an aging population, increasing the number of Australians who are physically unable to garden themselves. A general trend towards higher income levels, which leaves Australians with more money to spend on gardening services, also works in favour of industry growth.i
The growing popularity of green building design and government initiatives such as the Federal Government's First Home Owner's Grant have also strengthened the market for landscaping services in Australia. Currently, 31,700 people are employed across 14,230 landscaping service businesses in Australia, with an annual industry growth rate of 1.4 %.ii
Insurance can help
If you run a gardening or landscaping business, it’s likely you’ve invested a significant amount of money in equipment and tools. Buying and maintaining the sufficient level and types of insurance cover can help to protect this investment, but may help to compensate your business financially in the event of accidental loss or damage to your tools and equipment. General Property cover may help your business in these instances.
Fire or theft damage to your equipment and tools comes with unnecessary cost, and can disrupt your business operations. Appropriate small business insurance for gardeners and landscapers such as Material Damage and Theft cover can help to have your equipment replaced quickly so that business can continue as normal. Your business can also be protected from business interruption, helping to cover loan repayments, employee costs and other expenses in the event of a fire or theft claim that halts the usual running of your business*. Small business insurance can help keep things going until your business is back on its feet.
Small business insurance can also provide protection for third-party property damage or injury to others in the course of your work. Public liability cover can help financially compensate third parties for death or injury, which can save your business from significant financial trouble. Product liability is also important, to protect you from claims for damage of property for which you may be held liable. Personal Accident and Sickness cover can also be added to the insurance cover for up to two selected insured persons, and may help to protect from partial loss of income due to injury or illness. Taking out an appropriate level of small business insurance cover should be considered when you work in the gardening and landscaping industry, as the financial consequences of unforeseen events can be severe.
i IBISWorld 2017, Gardening Services in Australia: Market Research Report, viewed 15 February 2018
ii IBISWorld 2017, Landscaping Services in Australia: Market Research Report, viewed 15 February 2018
*You must have an accepted claim under Material Damage or Theft, plus select Business Interruption cover to be able to lodge a claim under that section.
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