When you work as a Florist, every day you’ll find yourself surrounded by numerous types of flowers, plants, and vases ready to be transformed into magnificent centerpieces for your clients. We know that you or your employees put so much love, time, and dedication to create beautiful and intricate arrangements for your customers. But you also pay attention to every detail that could represent a risk to the delicate bouquets you’ve crafted for a client’s wedding or any event that could need your floral designs.
When you consider all the time you and your employees have invested taking care of the flowers in your store, it seems that acquiring an insurance policy it’s the best decision you could make to protect your business, your income, and your assets. As an insurance agency, we know it’s essential to protect your flowers and arrangements from things like extended power outages, spoilage, refrigerators malfunctioning, delivery accidents, or lawsuits. Chances are, you haven’t spent much time thinking about insurance policies for your Florist Business. But we have. We’ve rounded up a list of coverages to meet your Florist business needs:
- General Liability
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal injury caused by your services, business operations or your employees. A CGL insurance policy will usually cover the costs of your legal defense and will pay on your behalf all damages if you are found liable—up to the limits of your policy. CGL coverage is one of the most critical insurance products, due to the negative impact that a lawsuit can have on a business and because such liability suits happen so frequently. If a customer steps on a piece of equipment at the work area or your office and suffers an injury, or any of your clients’ property gets damaged, you get coverage for injury and property damage lawsuits as well as medical payment coverage.
- Professional Liability
If a client sues you for a mistake, you made while executing your Florist service and it caused damages to the client, or If a customer claims that your result job isn’t top quality and engages in a lawsuit, you get coverage for any legal fee that you have to face including an assigned attorney.
- Building Insurance
If a fire breaks out at your Flower Shop and burns everything to the ground, you get coverage for any structural damage the building suffers. You get coverage not only for fire damage but also for water damage, wind/hail damage, vandalism, thieving.
- Property Insurance
Another common type of insurance for Florists and Flower Shops is Property Insurance. This type of policy cover damages occurred on your store property, such as deterioration caused by fire, extreme weather conditions or natural disaster, theft, and vandalism. For example: if there’s a flood in your Flower Shop you can expect merchandise and property damage. Property Insurance will cover the costs of replacing your beautiful flowers or products lost as well as repairing property damage.
- Equipment Breakdown & Spoilage coverage
If there’s an unpredictable event like a log power outage that affects your Flower Shop and a piece of equipment like a fridge breaks down, changing your production and income, you get coverage for repairment or substitution of it. If there’s a product that gets damaged by this event, like delicate flowers in a broken fridge, you get compensated for its lost worth.
- Business Income & Extra Expense coverage
The Business Income Policy provides coverage in case your business ceases operations temporally due to an already covered peril like the previous example of a fire burning down your Flower Shop. It keeps rent and payroll under control among additional options during the rebuilding process. If you open at another location in the meantime, Extra Expense coverage brings extra coverage for that new temporal location expenses.
- Commercial Auto Insurance
If your Florist business uses a vehicle to replenish stock, make deliveries for your clients or doing business errands, you need Commercial Auto Coverage in case one of your vehicles is involved in a car accident. Commercial Auto includes the following coverages for your business vehicle:
Auto Liability coverage: Pays for the victim’s damaged property and medical bills.
Medical Payments coverage: Medical expenses are covered for everyone involved in the event, regardless of who’s at fault.
Physical Damage coverage: Includes Collision insurance and Comprehensive insurance. It provides coverage for repairment or replacement in the event of a collision, thieving, vandalism, weather conditions or from any damage suffered not in a crash.
Uninsured Motorist coverage: Pays for medical expenses from a vehicle collision caused by an uninsured or underinsured driver.
- Inland Marine Insurance
When you manage a Flower shop, you transport your assets from your shop to the work location, and in between, you may get in an accident where some floral centerpiece or equipment gets damaged. Inland Marine Insurance provides coverage for any business equipment or asset that gets damaged while on the move.
- Workers’ Compensation
This policy is required by law. No matter if you have one or fifty employees, you surely need a Worker’s Compensation Insurance to provide them with legal compensation in case they suffer an accident while working. If one employee suffers an injury at work, such as a slip and fall while lifting flower boxes, worker’s Compensation pays up ⅔ of the employee’s salary and medical fees. Your company will also not be sued by the work-related injury.
Now that you have more knowledge about the policies available for your Florist business and the risks you may face at any given time, it’s time to get the best quote. Call our agents right now and get your free consultation today.