Garden Center Store Insurance

How to Properly Insure Your Garden Center Store

(Proper coverage can be the difference between total shutdown and a flourishing business)

Garden center store insurance

As the owner of a garden center store, you understand the difficulties and challenges that come with running a unique small business. You’ve worked tirelessly to build up your business, but is it adequately protected? Would you be prepared if a disaster or other mishap threatened to shut you down? Not all insurance policies are alike, and it’s essential that you carry the proper amount of coverage. 

An independent insurance agent can assist you in evaluating your needs so you can select the most thorough and affordable coverage. There’s no better feeling than being prepared. 

Why Do You Need Business Insurance for Your Garden Center Store? 

An endless number of risks come with operating a business. Even despite every precaution being taken, accidents can still occur. Thorough insurance coverage is part of a strong overall risk-management strategy that can ultimately prevent your store from closing in the event of a calamity. Here are a few examples of events that could put you at risk: 

  • A tornado destroys your building and most of your garden inventory
  • A customer trips over a pot and breaks their arm from a fall
  • A delivery driver gets into an accident 
  • An employee is injured on the job and needs medical care

According to the Insurance Information Institute, 40% of small businesses fail to carry insurance because of cash constraints, but this could be a fatal mistake. 

What Kind of Business Insurance Do You Need for Your Garden Center Store? 

You’ll need a couple of basic policies to start: 

Commercial Property Insurance 

Commercial property insurance is essential for every business as it protects you from catastrophic events like natural disasters, severe storms, fires, vandalism, and more. Without property coverage, your garden center store is at risk for huge financial losses and potentially permanent closure. Property insurance covers your building and the contents inside. 

Commercial Liability Insurance

Another necessary form of coverage is business liability insurance. Liability protection is important for events in which your business is found responsible for damages against someone else. There are three parts to this policy:

Coverage A: Bodily injury and property damage liability

This protects against losses resulting from bodily injury or property damage due to negligence or liability on the part of your business. 

Coverage B: Personal and advertising injury

This covers you if an individual or business were to take legal action against you in the case of libel, slander, defamation, invasion of privacy, or copyright infringement in your advertising.

Coverage C: Medical payments  

This pays out limited medical costs for injuries suffered by a non-employee on your business premises.

Business Owners Policy

A business owners policy (BOP) is an affordable way to combine multiple types of coverage into one policy. A BOP is typically made up of both property and liability insurance, along with any other coverages an agent recommends for you. 

Do You Need Additional Insurance Coverage? 

The need for specific policies varies from business to business. You may find the following policies useful and necessary: 

Workers’ Compensation 

When you have employees working for you, accidents can occur. A workers’ comp policy pays for medical care and lost wages if an employee is hurt at work. Each state has different laws regarding coverage, so check with your state for clarification. 

Employment Practices Liability

Unfortunately, having employees can result in certain claims such as wrongful termination, discrimination issues, and harrassment. Employment practices liability insurance protects you from these types of damages. 

Business Interruption

Did you know that 90% of smaller businesses close within a year after a disaster if they can’t open again within five days? Considering those odds, not many small businesses can afford to shut down, even for a short amount of time. Business interruption insurance provides you with income based on what you were earning so you can pay for your expenses during a time of shut down after a loss to your property. 

Commercial Auto

If your garden center store utilizes vehicles for delivery or other work-related activities, it’s important to have commercial auto coverage in case an accident occurs. 

Business Crime

Business crime insurance protects your business from crimes like employee dishonesty, robbery, theft, and other crimes. 

How Much Will Business Insurance Cost for My Garden Center Store? 

The cost of business insurance can vary, even between two similar businesses. Factors like the size of your establishment, number of employees, and other risks can influence premium prices. 

The cost of insurance is one of the top concerns among small business owners. An independent insurance agent can work with you to find the best coverage for your needs. 

The Benefits of an Independent Insurance Agent 

Independent insurance agents are able to access a multitude of insurance companies, ultimately finding you affordable and comprehensive coverage. Agents are accessible for any changes or questions you might have as your business needs evolve, so you’ll be protected without overpaying. 

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TrustedChoice.com Article | Reviewed by Paul Martin

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