As a business owner, you know that there is also a chance of something unfortunate happening. That is why you do what you can to lessen the chances. When you operate a nursery, however, there are a dozen things that can happen that would cause revenue loss. Since you are dealing with both the agricultural and business side of things, the amount of risks you face is never-ending.
That is why nursery insurance is a smart choice. You might be wondering, though, what the benefits are aside from having liabilities covered.
We’re going to introduce the benefits to you today, so keeping reading.
What Is Nursery Insurance?
First, let us briefly recap on what nursery insurance is and how it works. Nursery insurance offers protection for your plant nursery, including the property, employees, customers and guests, the equipment, and even the plants you are growing.
You can choose between several forms of nursery insurance. When you get general liability nursery insurance, you are protected against accidents that include guests dropping merchandise or falling and hurting themselves. In other words, you receive coverage for bodily injuries, product liabilities, damages, advertising liability, and more.
Additional coverage can be purchased to cover equipment breakdowns or even accidents that happen during transportation.
Why Should You Manage Risks?
You can probably name plenty of risks to your plant nursery without much thought. However, do you know just how extensive those risks can be? You see, risk is more than a gamble. It is the probability that something will occur that will lead to financial losses or other consequences. In order to curtail risks, you introduce risk management, which can be in the form of safe business habits or even as insurance.
By getting nursery insurance, you are paying attention to the possibility that any mistake could spell ruin. And if something does happen, you have taken the steps required to mitigate the negative influence of the event.
Understanding risk management alone comes with some advantages:
- Protecting people and the environment from undue harm
- Protection against the loss of valuable resources
- Reduction of liabilities in the event of unfortunate circumstances
- Reducing downtime in operation, which more financial losses will be introduced
- Prolonging the lifespan of your business and continuation of revenue
These benefits of risk management are just the beginning of what insurance can do for you.
What Are The Benefits of Nursery Insurance?
Aside from minimizing risks and financial losses, what can nursery insurance do for you? The benefits of nursery insurance include:
- Peace of mind. Since you cannot predict the future, you should at least be prepared for it. When you know that your plants and employees and employees are protected from harm, you can worry about the other facets of running a nursery. In the event something bad does happen, you have the means to pay for and mollify the damages.
- Minimization of losses. As mentioned earlier, nursery insurance helps you recoup the costs of plants that are damaged by guests or damage that occurred from the malfunction of the computer system in a greenhouse.. It can help you pay for new equipment if some breaks down, and you can even protect yourself from commercial auto accidents. For example, if you have to cease operations due to a devastating loss, you can use your nursery insurance to cover the losses that would be incurred.
- Business continuity. When some nurseries are hit with a catastrophe, such as hail or fire destroying their buildings, it can lead to difficulties that result in a shutdown. However, if you have insurance, you can continue to operate through the event and come out stronger than before.
- Risk sharing. Think of insurance as a risk buffer. You pay into the nursery insurance when you don’t need it. Then when you do, the insurance company can act as reinforcements, splitting the work you have to do to get through the accident. By sharing the risk, you feel a bit less weary and gain greater peace of mind.
- Protection against poor image. Here is a benefit you might have missed: nursery insurance will make your business look more credible. Since there are requirements that must be fulfilled to get nursery insurance, once you have it, it makes you look more professional. Your prospective clients will know that you are playing it safe and mitigating risks.
- Cost-effective strategy. Insurance makes sure that you effectively managing your resources. Since no one really wants to use their insurance, this means you will also be investing in the best practices to stop accidents before they happen.
- Protects your employees. Nurseries require a lot of employees to make sure they operate productively. This means, though, that you have a lot of people who can get injured while on the job. With nursery insurance, any accident that results in bodily harm is covered. You can have their medical expenses paid.
- Policies are flexible. Probably one of the best benefits of nursery insurance is that you can have a policy tailor-made to suit your needs. No two nurseries are alike, after all. You might have various types of plants that need special coverage or have other risks that you are worried about. But you don’t have to worry when nursery insurance is flexible.
Conclusion
Nursery insurance, like all types of insurance, is an effective strategy in managing the unique risks that can negatively impact your plant nursery. Instead of worrying constantly about the loss of revenue, you can invest in insurance and know that you are protected.
Aside from peace of mind, nursery insurance brings with it the benefit of credibility, minimization of downtime, and decreased financial losses should something unfavorable occur. You don’t want to operate a nursery without insurance.
Have questions about how we can make a nursery insurance policy just for you? Get in touch by filling out the contact form. We’ll be in touch! And if you want more information in the meantime, check out our other blogs.
