Insurance for Land Subdivision
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What Insurance Do Land Subdivision Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Frequently Asked Questions
Why do Land Subdivisions need insurance?
Establishments in this industry are responsible for the service and subdivision of property into lots. Services vary from project to project and may include excavation work in preparation for the installation of roads and utility lines and building activities of residential, commercial tracts, and industrial parks. Firms that focus solely on the legal subdivision of land are not a part of this industry.
Your land subdivision needs insurance as it can protect your business and personal assets from the many known and unknown risks. It does that by covering the costs when you are involved in a liability lawsuit. Without insurance, you’ll be paying for the expenses out of your pocket. Most businesses end up bankrupt after a lawsuit, so to prevent that from happening you need insurance.
What risks do Land Subdivisions face?
Your business has its unique set of risks, below are some of those:
- You provided land to your client that proved to be smaller than what was advertised.
- Due to a burst pipe, your office floods, destroying your computers, important documents, and equipment.
- Your employee is injured on the job. This makes you responsible for the medical expenses, lost wages, and potential negligence lawsuit costs.
How much does insurance for Land Subdivisions cost?
The cost of insurance for a land subdivision business depends on the size of your business, the number of employees you have and the coverage required. To find out the cost of your insurance policy, apply for a free quote online or give our insurance experts a call.