For Oklahoma landscapers, maintaining beautiful lawns and gardens across the state takes skill, hard work, and the right equipment. But protecting your business from risk requires more than a green thumb – you need proper insurance. This comprehensive guide will uncover typical insurance costs for Oklahoma landscaping companies based on revenue, staff size, services, equipment, and other factors. It also provides tips to control expenses while securing adequate protection.

Landscapers working in Oklahoma need to have the proper landscaper insurance policies in place. This typically includes liability coverage for landscapers to safeguard against third-party claims and workers’ comp insurance for landscaping companies to cover employee injuries sustained while on the job.

Key Statistics About Landscapers in Oklahoma

  • The average annual salary for landscapers in Oklahoma is $42,000. This is below the national average of $37,270.
  • As of 2022, there are over 5,000 landscaping companies operating in Oklahoma. Over 3,500 of these are individual proprietors.
  • Top counties for landscaping services in Oklahoma are Oklahoma County, Tulsa County, and Cleveland County.
  • Common services offered beyond basic lawn care and maintenance include hardscaping, irrigation system installation, snow removal, tree care, landscape design, and more.
  • Oklahoma has over 100 plant nurseries generating $61 million in revenue annually. Many partner with landscapers.
  • Popular plants used in Oklahoma landscapes include oak, maple, magnolia, redbud, juniper, spirea, and sedum varieties due to the state’s central hardiness zone climate.

Key Factors Influencing Insurance Costs

Several variables determine Oklahoma landscapers’ insurance rates and premiums:

  • Location – Insurance costs within Oklahoma vary based on crime rates, weather risks, and county-specific regulations. Premiums tend to be highest in Oklahoma City and Tulsa.
  • Staff Size – More employees means greater workers’ compensation and liability exposures, increasing premiums.
  • Payroll – Payroll size directly impacts workers’ compensation premiums. A higher payroll equals higher premiums.
  • Years in Business – New landscapers are seen as higher risk and will pay more for coverage. Long-tenured firms pay less.
  • Revenues – Higher revenues indicate a larger volume of work. More exposure increases claims likelihood, raising premiums.
  • Claims History – Frequent past claims drive costs up. Landscapers with clean histories get the best rates.
  • Services Offered – Specialized, high-risk services like tree removal warrant higher premiums.
  • Equipment Value – Insurers charge more to cover expensive equipment due to potential repair/replacement costs.
  • Safety Record – Strong workplace safety lowers workers’ compensation claims, reducing premiums.

Small Landscaping Business Insurance Costs

Landscapers with $150k Revenue, 1 Owner, 1 Employee

For small Oklahoma landscapers, base coverage like general liability and workers’ compensation could run:

  • General Liability: $900 to $1,600 annually
  • Workers’ Compensation: $1,300 to $2,300 annually

With just one employee, bonding is generally not required. Other policies like commercial auto, equipment coverage, and business owner’s insurance should also be considered for comprehensive protection.

Commercial Auto Insurance

This covers vehicles used for business purposes and is crucial for landscapers. For one truck, expect around $2,000 to $4,500 in annual premiums. Make sure you have adequate policy limits, as accidents involving expensive landscaping equipment can lead to major liability claims. Recommended minimums are:

  • $100,000 bodily injury per person
  • $300,000 bodily injury per accident
  • $100,000 property damage

Inland Marine (Equipment) Insurance

This protects tools and equipment against theft, damage, vandalism, or other losses. Small landscapers with up to $10,000 in equipment can expect to pay $1,000 to $1,500 annually. Set an appropriate per-item limit to ensure expensive equipment is adequately covered.

Business Owner’s Policy (BOP)

A BOP bundles general liability, property coverage, and more into one handy policy. This can both simplify insurance and potentially lower costs through multi-policy discounts. Typical BOP premiums for small landscapers fall in the $2,000 to $4,000 range annually.

Medium Landscaping Business Insurance Costs

Landscapers with $500k Revenue, 1 Owner, 3 Employees

As Oklahoma landscaping companies grow to several employees and $500k in revenue, insurance ranges could be:

  • General Liability: $2,600 to $4,800 annually
  • Workers’ Compensation: $3,900 to $6,500 annually
  • Commercial Auto: $3,000 to $4,500 per vehicle
  • Inland Marine: $2,500 to $3,500 annually
  • Business Owner’s (BOP): $5,000 to $8,000 annually

Bonding remains optional but is often recommended for medium-sized contractors bidding on bigger projects. Expect $2,000 to $5,000 for a $50,000 bond.

For a company of this size, some additional coverages to consider include:

Employment Practices Liability

This protects against employment-related lawsuits like wrongful termination, discrimination, or sexual harassment. Premiums typically run $2,500 to $5,000 annually.

Cyber Liability

With increased technology use, cyber attacks become a concern. Cyber liability coverage guards against data breaches, hacking, and electronic theft. Expect premiums between $1,000 to $2,000.

Pollution Liability

If you apply chemicals or fertilizers, pollution liability starts around $1,000/year and covers liability for any overspray or runoff issues.

Hired & Non-Owned Auto

This provides liability coverage when employees use personal or rented vehicles for work. It fills gaps not covered by corporate auto policies. Usually $750 to $1,500 annually.

Large Landscaping Business Insurance Costs

Landscapers with $1M Revenue, 1 Owner, 5 Employees

For larger firms with around $1M revenue and 5 employees, typical Oklahoma insurance could be:

  • General Liability: $4,400 to $10,300 annually
  • Workers’ Compensation: $6,600 to $10,200 annually
  • Commercial Auto: $3,000 to $4,500 per vehicle
  • Inland Marine: $3,500 to $5,000
  • Business Owner’s (BOP): $8,000 to $12,000+
  • Surety Bonds: $25,000 minimum is typical

Umbrella liability coverage is also recommended for added protection beyond the general liability policy limits. Expect $1 million in additional coverage to cost $1,000 to $2,000 per year.

Some additional coverages larger landscaping companies may need:

Errors & Omissions

Also called professional liability, this covers financial loss from mistakes, negligence claims, and failure to deliver services. Limits of $250k to $1 million are typical. Expect premiums around $2,500 annually.

Flood Insurance

If your business properties like offices or equipment storage are located in flood zones, this is required. Average costs range from $500 to $2,000 annually depending on location.

Commercial Crime

Protects against employee theft, forgery, embezzlement, robbery and other crimes. Usually $500 to $1,500 annually.

Business Interruption

Covers income lost if your business must temporarily shut down due to a covered event. Pricing varies based on business size and desired coverage limit.

Additional Insurance Coverages

Besides core policies like workers’ compensation and general liability, Oklahoma landscapers should also consider:

Pollution Liability – Covers third-party bodily injury and property damage from pesticide/fertilizer use. Recommended for chemical applicators. Approximately $1,500 annually.

Commercial Property – Protects offices, sheds, yards, and business properties against theft, vandalism, fire, and natural disasters. Can be bundled into a BOP. Around $2,000 to $5,000 annually.

Employment Practices Liability – Shields against lawsuits like discrimination, wrongful termination, and sexual harassment. Starts around $2,500/year for small landscapers.

Cyber Liability – Critical coverage for managing digital risks like data breaches and hacking. Usually $500 to $1,500 annually.

Commercial Crime – Safeguards against employee embezzlement, theft, forgery, and other crimes. Generally $500 to $1,500 annually.

Equipment Breakdown – Repairs/replaces damaged equipment and lost income after an electrical or mechanical breakdown. Can cost $500+ annually depending on equipment.

Builder’s Risk – Covers projects under construction. This protects against weather damage, theft, vandalism, etc. Premiums vary by project size and location.

How Insurers Determine Landscaper Premiums

Insurance carriers weigh several factors when pricing coverage for Oklahoma landscaping businesses:

  • Location – Geographic location influences rates based on weather, crime, lawsuits, and other localized risk factors.
  • Experience – New businesses tend to pay higher premiums than established ones with proven experience.
  • Claims history – Companies with past claims get assigned higher premiums due to perceived risk.
  • Services provided – Specialized, high-risk services warrant elevated pricing versus general lawn maintenance.
  • Equipment used – The value and type of equipment (e.g. expensive ride-on mowers) impacts premiums.
  • Staff size – More employees increase workers’ compensation and liability exposures.
  • Payroll amount – A major factor for calculating workers’ comp premiums.
  • Revenues – Higher revenues mean greater overall risk exposure potential.
  • Safety programs – Strong safety/loss control programs help secure discounted premiums.

Getting the Right Insurance for Your Landscaping Business

Work with an independent insurance agent or broker specializing in landscapers to get coverage tailored to your specific needs and risks. They have access to leading insurance carriers with competitive landscaper rates and options. Key tips:

  • Review all exposures and risks your Oklahoma landscaping business faces.
  • Map out your current insurance portfolio. Look for gaps, outdated policies, and unnecessary overlaps.
  • Outline your coverage wish list and “must-haves.” For most, general liability, workers’ compensation, and inland marine are essential.
  • Ask about package policies like business owner’s policies (BOPs) to simplify insurance and potentially save money.
  • Request multiple quotes to compare costs from different insurers. But also look at policy terms – cheaper isn’t always better coverage.
  • Inquire about safety program and claim history discounts to control premiums.
  • Re-evaluate your insurance needs every 6 to 12 months as your business evolves.

Work with a Landscaping Insurance Specialist

Partnering with an independent agent or broker who specializes in landscapers is highly recommended. They will understand your unique risks and exposures and have access to top insurance carriers with tailored landscaping insurance products. Leverage their expertise to protect your business as it grows.

Conclusion

Insurance costs for Oklahoma landscaping companies vary based on location, company size, services provided, equipment used, safety record, and other factors. Working with a qualified insurance agent or broker to secure adequate, affordable coverage is crucial. They have access to top insurance carriers and can ensure your business is protected as it grows. With the right insurance portfolio, Oklahoma landscaping businesses can continue growing and beautifying properties across the state without worrying about unexpected perils.