The forestry and logging industries most certainly have their own set of very specific and unique requirements, and insurance is one of them. The logging and forestry niche is one of the largest manufacturing employers in the United States; however, it is also one of the riskiest.
With such perils in mind, logging insurance needs to be tailor-made for each company that it covers in order to ensure proper and adequate protection. In this article, we will give you a full rundown of what exactly forestry insurance is and why it is essential for anyone in the logging and/or forestry industries.
Do You Need Forestry Insurance?
Before we begin the process of understanding how forestry insurance works, it is of the utmost importance to understand who needs forestry insurance. Simply put, if you own a company that is in any way involved in the forestry or the logging sector, you need to have forestry insurance in order to protect yourself, your workers, and your business.
Forestry insurance provides coverage for all of the needs of your business. Having this type of insurance is crucial in order to make sure that you are avoiding the risks that are all too often associated with the logging and forestry industries. Finding forestry insurance may seem like just one more added stressor on your plate, but when you know what you are searching for, you are more likely to find the perfect forestry insurance for your company’s needs.
What Are The Main Risks In The Forestry Industry?
Making sure that you are covered by forestry insurance is critical to any company that is in this line of work. There are most certainly countless risks that are quite common to the forestry industry, one of which is falling trees. During the process of cutting down a tree, any number of things may occur at any given time. From property damage to personal injury, and even damage to equipment, you are going to need adequate forestry insurance protection to ensure that you are completely covered – no matter what risk may arise.
What Should Forestry Insurance Cover?
A good insurance policy needs to adequately match the industry that it is aimed to provide coverage for, and that is certainly the case when it comes to choosing the right forestry insurance as well. There are many types of forestry insurance packages that are available to protect your company from the industry’s various risks. In order to understand which options are going to be in your company’s best interest, you need to understand what is available for your needs. Here are some of the main types of forestry insurance that should be considered for any logging business:
- Logging/Forestry Equipment Insurance: Downed equipment means heavy financial hits to your business, which is why you need coverage. This should include coverage for any trucks and tractors that are utilized in transporting timber and equipment. If unexpected damage occurs to any of your assets, then logging equipment insurance will cover that damage.
- Cargo Insurance: Cargo insurance is crucial to the forestry industry. If cargo gets lost, destroyed, or damaged, your company will face additional financial expenses as well as time when it comes to dealing with replacements. With cargo insurance, however, you can prevent having to deal with business deadlines and also bottom lines.
- Pollution Liability Insurance: Having pollution liability insurance ensures protection for your business in the event that any accidents, spills, or other pollutants make their way into the forestry environment. Pollution liability insurance assists in covering the overall costs of unavoidable cleanup situations.
- Workers’ Compensation: Workers’ compensation is a type of insurance that is usually required in most states. Even if it is not required, having workers’ comp insurance is crucial for any company that has a high risk of employee injury, including the forestry and logging industries. This coverage protects your employees in the event that they get injured on the job, compensating them for lost pay and medical expenses during the time they are out of work.
Ready To Get Your Insurance Coverage?
Understanding how forestry insurance works can most certainly feel like an overwhelming and daunting task. However, if you know what you need in terms of coverage, and what kinds of protection you require for your company and your employees, you will find yourself better prepared to find the perfect coverage.
If you are ready to protect your forestry or logging company with forestry insurance, contact Burton & Company regarding the best type of forestry insurance for your business. At Burton & Company, we can seamlessly guide you through the insurance process, listen to your needs, and address any questions or concerns that you may have about forestry insurance.