The forestry and logging industries have their own unique set of standards regarding the rules and regulations that are needed to protect their business, employees, and the forest as well. Not only is the forestry and logging business one of the top manufacturing industries in the United States, but it is also one of the most dangerous occupations in the world.
By taking specific risks into account, logging insurance can provide tailored protection for the industry. While choosing the right type of insurance for your business may seem like a daunting task, we’ll take a look at what forestry insurance is and how much it can cost. We’ll also go over the types of coverage forest and timber insurance can offer.
Reading: How much is logging insurance
why is it necessary for your company to have insurance?
virtually anyone who works in the forestry and/or logging field, as well as professionals and companies involved in hunting, trapping, extinguishing forest fires, reforestation and gathering natural products, must have insurance forest to protect themselves, their place. of companies and their employees.
You are responsible for reforestation, hunting, trapping, forestry, timber, and other changes as a professional forester. If your services make mistakes, your business is exposed to great liability. The many dangers that forestry professionals can face could jeopardize not only your company’s profits, but also your personal assets. Insurance protects your business from these risks by covering the costs of the insured risks until the policy limits are reached. when a covered risk arises, the limits are often substantial, so you won’t have to pay out of pocket.
what dangers do forestry professionals face?
Forestry personnel are exposed to numerous hazards. Some of the main factors faced by those working in this industry include:
- biological hazards
- difficult and dangerous terrain
- hazardous weather conditions
- forest fires
- workers’ compensation: if an employee is injured on the job, workers’ compensation will pay for any medical care they may need, as well as compensate them for wages lost while they are recovering.
- Cargo: The wood transported to and from the construction site is very valuable. If your cargo is stolen or damaged in transit, cargo insurance can help you recover your losses.
- Equipment breakdown: The machinery you use to operate your forestry business is expensive and subject to excessive wear. when machinery stops working, the expense of having to replace and repair it can also be significant. your provider would help cover the associated costs if you have equipment breakdown insurance.
- General Liability: If a third party sues you for property damage or personal injury, a general liability policy will cover your legal bills as well as any settlements you may need to pay.
- Annual general liability insurance premiums are $500.
- Annual premiums for commercial auto insurance are $600.
- Annual premiums for commercial property insurance are $700.
Forestry employees should be aware of the risks and hazards associated with their chosen profession. nature is wonderful, but it can also be dangerous, so it is essential to be prepared. To ensure your safety and the safety of others, you must have the required safety equipment, complete the necessary training, remain alert and aware at all times, and of course, have the right insurance on hand to cover your company and your employees. .
what type of coverage do forestry companies require?
Forest companies will need to purchase a variety of insurance policies. The particular form of coverage you’ll need, like any other organization, is determined by a number of criteria, including the location of your operation, the size of your business, and the services and tools you provide, to name a few. Because loggers’ insurance needs differ, it’s critical to speak with an experienced and reliable insurance provider to ensure you’re adequately covered. These are some of the main types of coverage that most forestry companies may need:
These are just a few examples of the types of timber insurance you’ll need if you own and operate a timber business.
cost of forest insurance
The cost of forestry insurance varies depending on the services you provide, the number of employees you have, the coverage you need, and a variety of other factors. On average, and without these factors, the cost of insurance policies purchased by most companies is:
Small loggers should expect to pay between $77 and $99 per month for a $1,000,000/$2,000,000 conventional general liability insurance policy, depending on their location, size, income, and claims history.
contact burton & company for your forestry insurance needs
If you’re looking for the best forestry insurance policy on the market, you’ll have a number of questions and concerns. when problems arise, don’t hesitate to contact our dedicated and helpful staff at burton & business. we can offer you seamlessly convenient solutions for any of your needs with no stress to ensure your forestry business needs are fully covered.