When most people think of business insurance, they think of office leases, inventory, and taxes. While these are important considerations for any business, they aren’t the only things you need to think about. Florists need to purchase specialized business insurance to protect their business from the risks of running a flower shop. Fortunately, there are several types of insurance you should have regardless of your shop’s industry. Here’s what you need to know about Business Insurance for Florists
Types of Florists’ Business Insurance
Florists are often required to purchase additional types of insurance to supplement their business. This is because florists deal with some costly inventory, which can include flowers that may be easy to damage or spoil. You should purchase the following types of insurance:
- Liability insurance: If a customer is injured on your property and you’re found liable, liability insurance pays for their medical bills and other expenses they incur while they recover.
- Workers compensation insurance: This protects employees who are hurt at work. It covers the cost of any lost wages while they are recovering and up to two years after they return to work.
- Flood insurance: If you live in a flood zone, you need flood insurance if your store floods.
- Disability and life insurance: If you own a florist shop and have employees, this is important as it provides coverage for them. The life insurance part of this type of policy pays off an employee’s mortgage or loan in case he or she dies prematurely. The disability part will pay the same person’s monthly income so he or she doesn’t have to worry about how his/her family will survive financially during times when he/she can’t work due to disability.
What Types of Coverage are Available for Florists?
As a florist, you’ll want to make sure you have the right coverage in place for your business. For example, you’ll want to purchase workers’ compensation insurance so that if one of your employees becomes injured on the job, they will be compensated. You may also want to consider commercial auto insurance if you use your personal car for business trips.
Beyond basic coverage options, there are specific types of business insurance for florists. For example, if a customer has allergies and is allergic to flowers, you may be liable for some of the damages. To avoid this liability, it would be wise to invest in product liability insurance or professional liability insurance if you sell products as well as flowers.
Florists should also make sure they have general liability insurance in case something goes wrong with their floral arrangements and they are sued by a customer. This type of coverage is important because it protects against unforeseen events like theft or vandalism of inventory or property damage caused by bad weather conditions.
Bottom line, the type of insurance you need for your flower shop can vary depending on how much inventory you have and how many employees you have. Don’t forget to go over these types of insurance with your agent before purchasing coverage.
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