retail insurance

Florist Insurance

What Types Of Business Insurance Do Florists Need?

Do you love working with plants and flowers? Arranging them in ways that put smiles on people’s faces and bring happiness into their lives? If this is the case, it sounds like you’ll make the perfect florist. In Canada, there are immense opportunities for today’s florist. Not only will you be able to do something that you truly love and work in a field that you are passionate about, but you’ll get to make people’s lives better. And, this is not to even mention all the potentially lucrative opportunities. There are tons of them in Canada. Of course, this doesn’t mean that all this joy and pleasure doesn’t come without risks.

It does come with risk. Probably more than you’d imagine. These risks could not only potentially threaten your business and its financial future, but they could threaten the financial future of your family. This is something that you do not want to risk by any means. And, one of the best ways to eliminate such risks is by implementing the broad retail liability insurance policies. What are the right policies and how can they help you? That’s exactly what you are about to learn!

 

A Bundled Policy Of Business Owner’s Insurance And General Liability Insurance

Two of the most basic policies offered by today’s top insurance providers are business owner’s insurance and general liability insurance. While both of these insurance policies might seem as basic as they come, they can offer some of the biggest protection in the most threatening situations. Unfortunately, just because your bouquets bring great joy to your customers, it doesn’t make you immune to all the threats and risks out there. If anything it might make you more vulnerable. Regardless of the situations, that’s exactly where a compilation of these two policies can help out.

When you bundle business owner’s insurance with general liability insurance, you’ll be protected against slip and falls, damaged customer property, libel, and slander suits, customer injuries, damaged flowers, vases, as well as other inventory, and business interruptions. Yes, this is a lot of information thrown at you at one time. Basically, what it means is if a customer comes into your store and falls, this policy will cover the related medical expenses. If a customer’s vehicle is injured while sitting in your parking lot, these policies will pay to have the vehicle completely repaired.

If your flowers are damaged on-site or during delivery, these policies will pay to replace the inventory. The same goes for vases and other deliverable items. If you make an advertisement that harms another company’s name, these policies will cover the lawsuit that ensues. These policies also cover business interruptions, meaning that if you have to shut down for a specific period of time, the policies will cover whatever money, wages, or profits are lost during this time. You can clearly see that the compilation of these two basic Canadian policies is more than anything basic. They offer more than just your basic coverage, although they are basic plans.

 

Why Workers’ Compensation In Necessary

As a Canadian business owner, it is highly likely that you already know that workers’ comp is required by law. If you are going to have employees working on your site legally, you are required to protect them with what is known as workers’ comp. Even if this policy wasn’t required, only the dumbest of businessmen would pass up on it. And, this is because it not only protects your employees, but it protects you and your family in a huge way. The florist industry might not seem like a high-risked one, but you are constantly lifting vases, flowers, and arrangements.

Just the slight bend in the wrong direction and an employee could pull a disc or tear a muscle. It happens all the time and it could potentially happen to you. Whatever the situation, these are all events that could keep employees out of work for weeks, months, or maybe even years. If the event occurs on the job site, you are going to be held responsible for the ensuing medical expenses. Canada might have an excellent healthcare system in place, but even the most successful of businesses could not afford to cover these types of charges out of pocket.

Luckily, you won’t have to when you have a workers’ comp policy in place. This policy will not only step in and offer to cover the medical expenses, but it’ll cover the rehab to get the employee back at work, doctor’s visits, mental anguish, and any other court-related costs. Now, you might be thinking- court-related costs, what court-related costs? Unfortunately, sometimes when employees are injured in the job covering the medical expenses just isn’t enough.

They’ll likely end up feeling like they are owed more, which usually results in lengthy, long, and drawn-out lawsuits. Even a small claims lawsuit like this could get tied up in the courts, costing you thousands of unnecessary dollars in the process. No company wants to lose thousands of dollars in potential revenue, and you won’t have to with a workers’ comp policy. It’ll cover your lawyer fees as well as any other court-related costs.

 

Umbrella/Excess Liability Insurance Always Helps

Unfortunately, all good things must come to an end! What goes up must come down. Anyway, you want to put it, the same concept or theory can be applied to the policies mentioned above. While they are necessary and offer pertinent protection against real potential problems, they only offer so much protection. Meaning, there is a limit when they will be cut off. For instance, some insurance providers might only offer 1 to 5 mill on workers’ comp claims, whereas others might go as high as 10. Some companies might offer 3 mil on libel and slander suits. Whatever the situation is, you need to know and understand that there are limits to what insurers can offer.

This doesn’t mean that the charges will stop there just because your insurance stops. No, and this is why excess coverage is needed. It’ll do pretty much what you are thinking it’ll do. It covers any excess amount that goes over the original coverage limit. For instance, if your employee’s medical expenses exceed 1 mil and your coverage only offers 1 mil, the excess coverage will cover the additional charges. However, as you probably already imagined, this type of extra coverage only offers so much protection as well, meaning there will be a point when coverage is cut off.

 

Getting Covered

It doesn’t take a master strategist to see that insurance is necessary for Canadian florists. It also doesn’t take a genius to see that the above policies can help in a number of real-life scenarios. This much is clear, but what’s not clear is how to get covered. Luckily, this is the easy part. All you have to do is get in touch with a quality provider like ProfessionalsCoverage and they’ll set everything else up for you.

 

 

 

 

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Other Types of Retail Insurance We Provide:

If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of retail industries.