As an owner of a floral shop, you take great care in creating stunning wedding bouquets,heartfelt funeral arrangements, and other celebratory floral centerpieces. With all this time, love, and nurturing that goes into crafting a special piece, it’s important to protect your hard work from things like spoilage, power outages, refrigerator malfunction, delivery accidents, or even lawsuits.
Chances are, you haven’t spent a lot of time thinking about flower shop insurance for your business. But we have. We’ve rounded up a list of the most common types of insurance to meet the unique needs of a florist shop owner.
A Business Owners Policy for a flower shop is an insurance product designed to cover common risks encountered by those in the floral business. Most BOPs, as they are commonly referred to, include coverage for liability insurance, property insurance, inventory and contents coverages, and in some cases business interruption insurance.
If your floral shop has grown and you now have employees helping you run your business,then it’s imperative that you abide by state mandated laws by requiring workers’ compensation insurance. This type of insurance product pays for claims made by employees as a result of injuries or illnesses suffered while attending to their floral shop duties. Workers’ compensation insurance protects the flower shop business owner since employees give up the right to sue the employer.
Another type of flower shop insurance is property insurance. Whether you own, rent, or lease property to store your flowers, vases, or inventory or have a workspace to construct your arrangements, then you’ll need to consider property insurance. Mortgage lenders and even commercial lease agents require property insurance.
Does your flower shop use a van to make deliveries? If so, then the vehicle needs to be insured. Even if you or your employees use personal automobiles to make deliveries or pick up supplies, it’s critical that you obtain commercial auto coverage because personal auto coverage may cover business use of a vehicle.
Does your floral shop sell products to customers, such as vases, floral nutrients, or spa baskets? If so you’ll need product liability coverage to protect you and your floral business from liability claims for defective products, including the defense costs associated with such claims.
Other Flower Shop Insurance Coverages
Because florists deal with living things, they are subject to different risks than many other businesses. Seasonal and utility disruptions may have a greater impact on the florist than other businesses. While traditional flower shop insurance policies can cover many general risks, there are some exclusions or limits that may make it prudent for the floral shop owner to consider specialized flower shop insurance products.
• Spoilage coverage. You’ll know you’re protected against loss from inventoryspoilage with spoilage coverage insurance.
• Transit coverage. If a loss occurs while your inventory is being moved, transit coverage will cover the loss.
• Seasonal coverage. Wedding season, Valentines Day, Easter, all add to the seasonal nature of the floral business. What happens if a loss occurs during a peak month? Seasonal coverage is a smart move for the floral shop owner who earns a majority of its income during peak seasons.
• Utility services coverage. As mentioned, flowers are living things. What happens if your cooler or heater is disrupted due to a utility outage? No worries, if you have utilities services coverage.
Flower shop insurance covers the floral shop owner against the unique risks that floral shops face. Spills, accidents, employee injuries, allergies, spoilage, and lawsuits are just few of the risks that those in the floral shop face. Make sure you’re protected against these risks with florist business insurance.