Booming Housing Market Leads to Spike in Lawn Care Industry
According to IBISWorld, lawn care is an $82 billion industry with over one million workers. Thanks to a healthy housing market, the lawn care industry has been able to experience unprecedented growth to reach these heights. This is evident in Lawn and Landscape’s 2017 State of the Industry, which shows that the median company’s revenue is up more than $70,000 since 2014, with the median revenue at $291,000. Of this revenue, 62 percent came from the robust single-family housing market.
With lawn care providers busier than ever, they are left with less time to find insurance coverage that adequately protects them from the risks they face every day. The following claims examples show the types of risks lawn care providers face:
- An insured was edging a client’s garden with a weed whacker. A small stone was projected from the weed whacker and hit the client in the shin, requiring medical attention. The medical expenses totaled over $5,000.
- An insured repaired a broken water sprinkler at a residential property. After leaving the premises, the repaired sprinkler broke again and flooded a portion of the house, causing water damage. The costs to repair the water damage in the home totaled over $22,000.
With over 500,000 lawn care businesses currently operating in the U.S. and an anticipated growth of more than 25,000 new operations this year alone, there are plenty of opportunities to broaden your book of lawn care business. Our Lawn Care Services product, created with these hard-working professionals in mind, includes features such as:
- Aggressive pricing: rating based on number of workers
- New ventures and risks with no prior coverage are eligible
- Blanket additional insured for ongoing operations
- Additional insured for completed operations
- Waiver of subrogation and primary non-contributory wording
- Contractors equipment coverage available including equipment rental coverage and miscellaneous tools coverage
- Ability to cover rented or borrowed equipment
- Risks with snow removal operations can be considered (snow removal will be excluded)
- Quoting available on the web, phone or through your underwriter
As spring rolls into summer, now is the perfect time to contact USLI for help with all of your lawn care service professionals. For more information, please contact your Commercial Lines underwriter, or quote now online >>
As always, we thank you for your support and business.
Contact Sarah Benson
Underwriter | 888-523-5545 Ext. 7324
Written by David Ford
June 7, 2018