Insurance policies are contracts between the insured business and the insurance carrier. As contracts, they are subject to the same laws that govern all contracts in the United States and in the state in which they are issued. They are required to have a legal purpose, and offer and acceptance, an exchange of valuable consideration, and legally competent parties. All of these requirements must be met in order for an insurance contract to be legally binding.

As a landscaper, insurance plays an important role in your business and gives you the security that your business can handle the risk exposures it faces. It is important to understand the legal principles behind insurance policies to know the strengths and limitations of the coverage provided by these contracts.

Most insurance policies are subject to the following three legal principles:

• 1. The Principle of Disclosure
• 2. The Principle of Equity
• 3. The Principle of Indemnity

Please select the links for each of these principles to learn more about how they affect your landscaping business. If you have any questions about your current insurance policies or general insurance concepts, please do not hesitate to contact one of our licensed insurance professionals. At BearWise Landscapers, we understand the important role insurance can and should have in the success of your landscaping business, and we want to provide you with the information to make informed business decisions regarding your insurance program.

The Agent Articles section of BearWiseLandscapers.com allows our insurance agents to provide practical information for landscapers. These agents can also obtain quotes and establish a custom insurance program for your landscaping business through our access to a variety of insurance carriers. This agent article is filed under (1) Insurance, and you can follow comments to it through the RSS 2.0 feed. Feel free to leave your own response below: