2014

Need-to-Know Insurance Policies for Forestry Consultants

Whether you're a timber-harvest consultant or a wildlife resources manager, your business has liabilities that could lead to lawsuits. Your business insurance protects you from these and other costs that could lead to serious financial losses.

Some policies that can help protect your business are…

General Liability Insurance for Wildlife Resources and Timber Management Consulting Firms

General Liability Insurance covers your forestry consulting firm's "general" or "basic" liabilities from third parties who might sue your business. General Liability Insurance pays for lawsuits when customers, clients, contractors, and other third parties sue your business over…

  • Physical injuries.
  • Damaged property.
  • Advertising injury.
  • Libel / slander.
  • Copyright infringement.

Forestry consultants work on other people's property, which means that if you damage their property, your General Liability Insurance can pay for the cost of a lawsuit. GLI also covers your business when people are injured by your business or at its property.

If a client visiting your office trips over a doormat, your business could be liable for their injuries. Let's say they fall and break their ankle. In addition, as they fall, their laptop smashes to the ground. Your GLI can pay for lawsuits about the damaged property as well as the injury.

General Liability Insurance is often required for small businesses in order to operate in their state. Contact one of our agents to meet your state requirements and cover your basic liabilities.

Property Insurance for Forestry, Timber, and Natural Resources Conservation Consulting Companies

Property Insurance reimburses your timber consulting company for its property that is lost or damaged by…

  • Fire.
  • Burglary / theft.
  • Certain weather events.
  • Vandalism.

Property Insurance covers many kinds of commercial property, including…

  • Forestry equipment / tools.
  • Supplies.
  • Inventory.
  • Rented or owned office space.

Your forestry consulting business probably has a lot of expensive equipment like four-wheelers, bobcats, and all kinds of tools. If a fire burns down your office or garage, you could lose thousands of dollars' worth of property. When this happens, your Property Insurance reimburses your business for the value of the property that it loses.

Many Property policies also contain Business Interruption Coverage, which can help your business when its offices are destroyed or damaged to such an extent that you're forced to close temporarily. Business Interruption Coverage can pay your business for the income it loses while you can't work after a covered Property Insurance claim. In addition, it can help you cover the costs of relocating to a temporary office.

Business Owner's Policies for Wildlife Management Consultants

Business Owner's Policies (or BOPs) help many small businesses save on their insurance premiums. BOPs package General Liability Insurance and Property Insurance into one policy, usually at a lower premium than businesses would normally pay for these policies.

BOPs are a special "discount" insurance that not every business can purchase. Insurance companies sell these policies to small business that are "lower-risk," which means they…

  • Don't work in high-risk industries.
  • Don't work in large-scale offices or buildings.
  • Don't need more than a year's worth of Business Interruption Coverage with their Property Insurance.

If your business doesn't have these higher insurance requirements, it may qualify to save money on its business insurance.

Cyber Liability Insurance for Forestry Consultants

Cyber Liability Insurance (also called Data Breach Insurance or Cyber Risk Insurance) protects your business from cyber attacks, which are when hackers break into your networks to steal your data.

There are two kinds of Cyber Liability Insurance…

  • First Party Coverage. This policy is most likely what your business will need. It covers your business when its computers and networks are hacked.
  • Third Party Response. This policy covers businesses whose clients are hacked. Software companies and IT professionals often have to purchase this insurance because their products could be hacked, leaving their clients exposed to security risks.

Your First Party Coverage pays for your business's response to a hack. It can pay for…

  • Credit monitoring for your clients whose data may have been stolen off your computers.
  • Forensic resources and investigations about the attack to determine who is responsible and how your business was vulnerable.
  • Advertising campaigns to restore your customers' faith in your business.

You may be thinking that hackers are unlikely to target small businesses like your forestry consulting business. Hackers go after "big name" companies like Bank of America and others, right? Wrong.Over 70% of cyber attacks target small businesses.

Cyber Liability Insurance protects your business from these attacks, which can steal money from your business (or your clients), destroy your reputation with customers, and cause you all sorts of headaches.

Errors and Omissions Coverage for Wildlife Resources and Timber Management Consulting Firms

Like General Liability Insurance, Errors and Omissions Insurance (also called E&O Insurance or Professional Liability Insurance) pays for the costs of lawsuits your business may face. The difference is that E&O Insurance covers your business's professional liabilities. If your forestry consulting business is sued for the advice it gave or the work it did, this insurance can protect you.

Professional Liability Insurance pays for the costs related to a lawsuit, which include…

  • Lawyer / paralegal bills.
  • Judgments and settlements.
  • Various court costs for evidence, witnesses, etc.

Here's a case study. A timber consultant works with a local landowner to hire loggers and harvest some of their wood. However, the loggers do a poor job and end up damaging the land. To make matters worse, the timber that was sold doesn't add up to the initial projections. The customer sues the consultant.

Errors and Omission can pay for this lawsuit and others in which dissatisfied customers claim your business…

  • Didn't perform the work you agreed to.
  • Made mistakes or poor recommendations as a forestry consultant.
  • Delivered incomplete or shoddy work.

Workers' Compensation Insurance for Forestry, Timber, and Natural Resources Conservation Consulting Companies

Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) covers your forestry consulting firm's medical and legal bills when an employee suffers an on-the-job injury.

Whether it's in the office or out in the field, your employees are exposed to all sorts of risks. An employee tears their ACL while walking around a customer's land. An office assistant trips on the stairs. When injuries happen at the workplace, Workman's Comp can pay for…

  • Workers' medical bills (hospital stays, MRIs, etc.).
  • Employer legal defense, judgments, settlements, and other costs when an employee sues them.
  • Workers' salaries when they are injured and unable to work during recovery.
  • Funeral expenses and support payments to dependents of deceased workers.

Most states require small-business owners to purchase this insurance to cover their employees. As a policy that covers both medical and legal bills, Workers' Compensation can save your business from overwhelming costs.

Our agents can help you find ways to save money on this insurance. Some states allow you to opt out of covering non-W2 employees. Others may let you exclude yourself from coverage. Fill out our simple online insurance form to work with our agents and see how you may be able to qualify for lower premiums.

Insureon: Custom-Built Small Business Insurance for Forestry Consultants

Insureon's agents customize your insurance to fit the needs of your forestry consulting business. We'll cut out the unnecessary parts of your insurance and give you small business insurance that protects your liabilities without draining your bank accounts.

Fill out our online application and receive free quote.

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