The series of events that make up our lives–births, holidays, consolation over the loss of loved ones–are often accompanied by a gift of flowers. To own a floral shop is to provide the means to mark significant occasions; your floral shop insurance is more than your livelihood, it’s how you help humanity give gifts of beauty.
History has proven that sending or bringing flowers is a time-honored tradition, but modern business practices make it more and more challenging to keep a competitive edge in the floral business; your floral shop insurance needs to cover certain common exposures to keep you thriving.
Any business is susceptible to a host of risks, and your floral shop insurance should cover business insurance basics, as well as some of the more unique florists’ exposures. These could include…
- Loss of inventory. Your entire operation depends on living things. A refrigeration malfunction or delayed shipment could have significant consequences if it’s not covered by your floral insurance policy.
- Heavy vehicle use. If you deliver, your commercial auto policy is a big part of your floral shop insurance. Make sure it covers everything it can.
- Client information. Repeat customers can be the lifeblood of a florist’s business; if you store client data, you may need protection in the event of a cyber loss. A cyber endorsement can be a good idea for your floral shop insurance policy.
The mainstay of any business should be a general liability policy; this protects you from claims from third parties involving physical injury or damages. Your floral shop insurance should provide coverage in case a claim arises. In addition, workers compensation may be necessary if you have employees, and commercial property insurance will protect your premises and equipment.
A choice often made by business owners is a Business Owner’s Policy (“BOP”) which combines General Liability and Commercial Property policies with Business Interruption coverage, which provides a way to cover some costs if an event happens that interferes with normal operations.
Call 1-877-907-5267 today to speak with one of our insurance specialists about your floral shop insurance policy.