Flower shops face unique risks that other businesses don’t. For example, flowers are perishable and require special care. If your flower shop isn’t properly protected, it could be a recipe for disaster. That’s why it’s important to find out what kind of Flower Shop Insurance you need.
What Is Commercial General Liability Insurance?
One type of Flower Shop Insurance is commercial general liability. This type of insurance protects the business from lawsuits and claims made by customers or other parties. Commercial general liability is important because it protects the flower shop from third-party lawsuits, which are often costly to defend.
If someone slips on wet floors and sues you, this type of insurance will cover you in the event that they win their lawsuit. Insurance companies charge based on your risk, so your rates will be higher if you have more risks in your store.
Property coverage is critical to your flower shop. No matter what type of insurance you get, it’s important that you have this policy. Property coverage will protect your assets against damage or destruction due to fire, theft, vandalism, and natural disasters.
Business Interruption Insurance
If your flower shop is damaged by an unfortunate event, you could be out of business for a long time. That’s why it’s so important to have the right kind of insurance in place. Business interruption insurance protects your income when you are unable to do business due to damage or other setbacks. It will cover lost profits and additional costs that come with rebuilding or repairing your shop, like paying employees while they can’t work.
What About Workers’ Compensation?
One of the most important types of insurance for a flower shop is workers’ compensation insurance. This type of insurance covers your employees in case they get injured or become ill while on the job. It also covers them if they suffer from any work-related illnesses, like carpal tunnel syndrome or allergies. The best part? Workers’ comp is inexpensive and easy to get.
Workers’ comp coverage will protect your employees with no out-of-pocket costs to them whatsoever. You will be responsible for paying premiums and filing a claim if necessary, but it won’t cost any money to your employees. See? Flower shops face unique risks that other businesses don’t! By investing in insurance, you can ensure your business is protected from these risks.
One of the most common risks faced by flower shops is “last-minute shopping”. This is when an event, like a wedding, is coming up and someone rushes to your store in the last few days before the event. If they don’t have time to order flowers from your store, they order from a different store and then come back to you on Monday with complaints about how the flowers were terrible.
To protect against this risk, invest in some type of “timely delivery” insurance. This ensures that you are compensated for any customer who orders their flowers from another store just because yours didn’t offer timely delivery. Some insurance policies even cover losses caused by late deliveries.