There are more than 35,000 flower and plant businesses in the United States. Some of these businesses cater to the general public, and others serve commercial businesses. If you own a garden center or nursery, you will need to protect your investment. One way to do that is with a commercial insurance package. With these packages, you can shield your business from hazards and unexpected losses.
The Right Insurance Will Cover Your Plant Nursery
Before you decide on an insurance policy, you want to make sure your garden center will be compensated for loss or damage. There are some coverage options that you will want to add to keep your business fully protected.
These options include:
Content coverage: You want to add this insurance to cover business property, such as computer systems, plants, tools, lights, and sprinkler systems. The insurance will cover you in the event of damage to these materials.
Building coverage: This insurance will cover your losses associated with your building’s structure. For those with greenhouses on the property, you might have to add specialized coverage, especially those structures with glass panels. If you have several structures on the property, you should discuss additional coverage with your insurance agent.
Materials and plants stored outside: With the typical insurance policy, you will have limited coverage for any property that is stored outside. Plant nurseries are unique with their inventory stored in the outdoors. There are insurance companies that have created specialized packages to cover any of these losses. You will be able to acquire more coverage for these plants than with traditional insurance policies.
Flood insurance: Floods have the ability to kill your plants and damage structures on your property. However, flood damage is often not covered by traditional insurance policies. If you live in an area at risk for flood damage, you will want to purchase additional flood insurance. Many people buy commercial insurance policies through the National Flood Insurance Program or local insurance brokers.
Peak season endorsement: As you know, plants are seasonal and more valuable in certain seasons. With traditional insurance policies, you will have the same coverage limits throughout the year. With a peak season endorsement, you can raise coverage limits during your busy season.
Do You Need Liability Insurance?
If you face a liability lawsuit, you can have a considerable financial strain on your business. This type of insurance can help you with legal defense fees, court costs, and economic damages in the event that you are sued. Like other insurances, you want to be sure that you have the right liability insurance for your business. Some of these coverage options include:
Premises liability: This insurance will protect your nursery or garden center if a third party is injured or their property is damaged on your property.
Off-premises liability: If an employee causes bodily injury or property damage while conducting a work-related activity, then this insurance will protect your business.
Hired or non-owned vehicles: If you rent vehicles or your employees use their own cars for work, then you could be at risk for liability charges, including vehicle accidents on the clock.
Commercial auto liability: With any company-owned vehicles, you are required to carry commercial auto insurance. For those who use dump trucks or other specialized vehicles, you will need specialized coverage since these vehicles do present a higher liability threat to the public.
Employment practices liability: This insurance is also called EPLI. It protects your business from lawsuits, such as sexual harassment, discrimination, or wrongful termination.
Cyber liability: If your business keeps customer records, like credit card information, on a computer, then your company could be vulnerable to security breaches. If a hacker accesses this information, you can be held liable by the banks and customers.
Should You Consider Additional Insurance Coverage?
With your business, you want to have property and liability insurance. However, there are other insurance coverage types that you may want to consider. These policies include:
Workers’ compensation: Your business is responsible for any injuries suffered by employees while on the job. Most states do require workers’ compensation. This coverage will prevent workers from suing your business for negligence if they are injured on the job.
Business income: If there is a disaster in your area and your business is forced to close, then insurance will provide your company with income. You will be able to pay your employees’ salaries and monthly expenses until you can resume normal operations.
Life and health insurance: For most businesses, you probably do not staff over 50 full-time employees. In that case, you are usually not required to provide your staff with subsidized health insurance. You can still offer life and health insurance as a part of an employee benefits package.
With these insurance options, you can fully protect your nursery or garden center. You will want to speak to an insurance specialist to review your coverage options so that your company does not have any coverage gaps.
Protect Your Garden Business With an Insurance Policy
As a nursery or garden center owner, you want to keep all your expenses manageable as you continue to insure your business. With a substantial investment in greenhouses, generators, vehicles, and plants, you want to keep your company protected from any hazards or damages. With the right insurance plan and coverage, you can preserve the lifeblood of your company.
Lyman Insure can help with all your insurance needs. Our specialized agents will help you find the right plan that will cover all aspects of your business. While the unexpected can happen at any time, you want to make sure you are ready for anything that can come your way. From property to liability coverage, we can find the right solutions for your business. When you need insurance for your garden center or nursery, make sure to choose Lyman Insure for your insurance coverage needs.
If you would like a quote or find out more information about your business insurance options, please take a few minutes to fill out the contact form.
The information included at this site is for educational purposes only and is not intended to be a substitute for the guidance by a licensed insurance professional. Because of unique individual needs, the reader should consult his or her personal licensed insurance agent to determine the appropriateness of the information for the reader’s situation.Due to constant innovation in the Insurance Industry, differences in state laws and coverage, the possibility of typographical errors, the variety of authors contributing to the site, readers are encouraged to confirm the information contained herein with their licensed insurance agent. Corrections and additions will be made as allowed by the availability of time and resources.Although care has been taken in preparing the information contained in this site, all material that is provided here or could be reached by using this as a starting point is supplied “AS IS” without warranty of quality or accuracy of any kind. Neither Lyman Insurance nor any author contributing to this site is responsible for any errors or omissions in any information provided or the results obtained from the use of such information.The views and opinions of the document authors do not necessarily state or reflect those of Lyman Insurance or its affiliates.