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What You Need to Know About Logging Insurance
What are the risks of being a logger?
As a professional in the logging industry, you know risks are a given. It’s no surprise that logging is one of the most dangerous and difficult occupations in the U.S. There are numerous risks, some of which include:
- Damage to personal property
- Damaged buildings
- Inclement weather and unpredictable terrain
- Damage to your equipment
- Transporting logs
Managing all these risks can quickly become overwhelming, especially if you don’t have a second line of defense. Fortunately, this is where insurance comes in.
What type of insurance do loggers need?
The exact coverage you purchase will depend on your needs. Not every logging business is the same, which means no two logging business insurance policies will be the same either. However, there are general coverages any logging company should consider.
- General Liability – Protects your company against bodily injuries, property damage, product damage, copyright violation, legal costs, and more.
- Loggers Broad Form Property Damage – This specialized general liability coverage protects against property damage to timberlands you’re working on, damage from loading and unloading of logs, and fire suppression costs incurred by others.
- Commercial Property – The success of your logging business relies on the property associated with it. Commercial property insurance can offer you a financial safety net if disaster hits and your business’s property is damaged by fire, weather, or smoke.
- Logging Equipment (Inland Marine) – Your commercial property insurance doesn’t cover your logging equipment. This policy is specifically designed to cover your equipment, whether it’s in the woods or in your work yard.
- Pollution Liability – While you’re working, there is a chance for pollution - whether it comes from a fuel truck leak or an accident with one of your pickups. For example, let’s say a tank in one of your truck beds leaks fuel. This situation would be considered a pollution claim and would only be covered if you have pollution liability coverage. You take all the precautions you can, but accidents can happen. Pollution liability can help cover bodily injury claims, cleanup, and property damage associated with these accidents.
- Workers Compensation – If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs.
- Commercial Auto – Even if you use a personal vehicle for work, a personal auto insurance policy doesn’t cover the car while it’s being used for work purposes. A commercial auto policy can cover all your work equipment: pickups, log trucks, dump trucks, low boys, and water trucks.
How much is logging insurance?
Your insurance premium will vary based on the following:
- Your company’s location
- Company size
- Claims history
- Extent of coverage
- Number of years in business
- Professional affiliations
You’ve worked hard to build your logging business. The next step is to protect it. We’re happy to help you identify your needs and provide solutions to protect them.
We’d love to chat with you. Contact us today!