If you're in the landscaping supply business, you know that having a successful business is about more than helping customers care for their own yards. It's also about properly insuring your business so you can stay open for as long as possible. Just like you're the landscaping expert, an independent insurance agent can be your insurance expert.
With a variety of materials, tools, and plants available in your store, and people coming in and out of your store carrying and moving products, the smallest accident could end in financial turmoil. Your independent insurance agent is a knowledgeable resource when it comes to landscaping supply store insurance. Finding the proper insurance is essential for any business, so let's get started with available insurance options.
What Risks Does a Landscaping Supply Store Face?
Landscaping encompasses everything from lawn maintenance to planting trees, irrigation system supplies, yard preparation, and design support. In order to keep your store properly stocked, you will need space for your products, the right environment for your plants, which might include a greenhouse, and easily accessible products that your customers can move from your store to their cars.
With all of this inventory and the likelihood of customers and employees moving heavy and sharp tools and products, what were to happen if:
- A fire were to burn down your greenhouse?
- A customer dropped a bag of dirt on their foot, breaking it and demanded you pay the medical bills?
- An employee ran into a customer's car in the parking lot while moving pallets?
- Your watering system were to burst, flooding your store?
A number of catastrophes and accidents can put you in a financial bind quicker than you can open your doors. It's not worth risking everything you've worked for by not being properly insured.
What Types of Insurance Does a Landscaping Supply Store Need?
A landscape supply store like other businesses needs insurance to protect every aspect of its store. You not only need to protect your inventory but the property for your store and your employees that work for you.
In addition, you need to work with your independent insurance agent to determine any special policies you might need to add if you have special circumstances like automobiles, delivery, a greenhouse on-site, etc.
These are the basic insurance policies that most landscaping supply stores would need:
- General liability insurance: This is critical for any retailer or landscape supply store. It protects you from costs related to bodily injury or property damage that you or your employees cause to third parties. Your general liability policy will also cover your defense costs, court costs, and court-ordered judgments.
- Commercial property insurance: This should not be skipped if you own your building or have a large volume of expensive inventory. Should a fire, vandalism, smoke, theft or other types of event damage your property, business property insurance provides coverage for lost inventory, office equipment, computers, and more. If your inventory fluctuates seasonally, you'll want to pay close attention to the valuation of your business property.
- Building insurance: This is necessary if you own the building in which your store is housed. This coverage compensates your business for damage to the structure of the building that is caused by covered perils, such as falling objects, severe weather, and fire.
- Business interruption coverage: Also called business income coverage, this protects your earnings if your business is unable to operate because of damage caused by some type of disruption (fire, hail, wind, or equipment breakdown). This coverage, normally included in commercial property insurance, is usually quite affordable and invaluable if you are forced to close your doors for a period of time in order to make repairs. It pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: This is necessary if your landscape supply store offers delivery or has automobiles used only for business. Business auto insurance covers your company’s vehicles and drivers (cars, SUVs, vans and trucks) that are damaged or injured in a collision or some other type of event. If you or your employees drive personal vehicles for business purposes, you must have non-owned or hired auto liability coverage to protect your company in cases where an employee is in an accident while out making deliveries.
- Workers' compensation: If your employees become ill, get injured, or die from a work-related incident, this aspect of the insurance will cover the financial ramifications. Depending on the type of work being performed, this coverage is often mandatory in most states.
How Can a BOP Policy Help a Landscaping Supply Store?
A business owners policy, or BOP, is something that a landscaping supply store may want to consider if you qualify for it. BOPs allow small businesses that meet certain criteria to combine coverage from multiple insurance policies into one package. If your business qualifies for a BOP policy, it can save you money on your premium.
Your coverage under a BOP can include:
- Property: The building and its contents
- Property of others: In case your business provides a service on property like lawnmower repair
- Business income: Lost income and employee salaries while you rebuild after a disaster
- General liability: For any time that you might be sued
- Employee dishonesty coverage: In case an employee steals from you
Be sure to discuss whether a business owners policy would be good for your business with an independent insurance agent.
Additional Insurance Policies to Consider for a Landscaping Supply Store
In addition to the coverage types described above, landscaping supply stores will want to consider some of the following types of business insurance. Whether or not you need them depends upon your specific business needs.
- Equipment breakdown/boiler and machinery coverage
- Employment practices liability coverage
- Cyber liability coverage
- Flood and earthquake insurance
- Inland marine
- Umbrella insurance
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How Much Does Landscaping Supply Store Insurance Cost
The cost to insure your landscape supply store will be determined by a number of factors. Every store is different in size, offerings, and location which all can affect how much you pay. Some of the factors that will determine your premium include:
- Number of employees
- Claim history
- Yearly sales
How to Find the Best Coverage
Landscaping supply stores are unique businesses, and your business insurance coverage should be unique too. You need a customized mix of property and liability protection to make sure you stay in business as long as possible.
With the help of an experienced independent agent who specializes in landscaping supply stores, you can find a business insurance program that addresses:
- The size of your business
- The type of your business
- The number of employees you have
- The products you sell
- The services you provide
Your agent should provide you with multiple proposals from reputable insurance companies who specialize in landscaping supply store insurance. Contact an independent insurance agent today.