Why is insurance a must for florists?
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6 insurance policies every flower shop should consider
The following policies can help florists navigate lawsuits, accidents, injuries, and other small business risks.
Business owner's policy
A business owner's policy, or BOP, combines general liability coverage and commercial property insurance at a discount. Flower shops are often eligible for this bundle.
- Customer slip-and-fall injuries
- Damage to a customer's property
- Business property damage and theft
General liability insurance
A general liability insurance policy defends against third-party lawsuits, such as a customer who drops a floral arrangement and suffers an injury. It's often required for a commercial lease.
- Customer bodily injuries
- Accidental damage to a customer's property
- Defamation and copyright lawsuits
Workers' comp insurance
Workers' compensation protects flower shops and sole proprietors from work-related medical bills that health insurance won't cover. Most states require this coverage for your employees.
- Medical expenses from workplace accidents
- Disability benefits for injured workers
- Legal costs from work injuries
Cyber insurance
This policy covers the cost of cyberattacks and data breaches that expose customer information. It's also called cyber liability insurance or cybersecurity insurance.
- Data breach investigations
- Customer notification costs
- Fraud monitoring services
Commercial umbrella insurance
This policy covers the most costly lawsuits that exceed your general liability, commercial auto, or employer's liability insurance limits. It activates when the underlying policy reaches its limit.
- Customer injuries
- Auto accidents
- Employee injuries
Commercial auto insurance
Almost every state requires commercial auto insurance for vehicles owned by retail stores, such as flower shops. It covers costs in the event of an accident involving a delivery truck or other company vehicle.
- Legal fees from an auto accident
- Vehicle vandalism
- Vehicle theft
Florist insurance costs
From our customer data, here's a quick look at average florist business insurance costs:
General liability: $41 per month
Business owner's policy: $73 per month
Workers' compensation: $171 per month
Factors that can influence your retail business premiums include:
- Type of business, such as e-commerce or brick-and-mortar
- Products you sell, such as floral arrangements and celebratory balloons
- Number of employees
- Business income
- Types of business insurance purchased
- Deductibles and policy limits
- Claims history
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Common questions about business insurance for florists and flower shops
Will insurance cover my flower shop if it's forced to close temporarily?
Small businesses experience unexpected closures all the time. Whether it’s a weather-related event, fire, burst pipe, or another incident, managing a closure can be stressful.
Business interruption insurance is a popular policy for flower shop owners and helps businesses stay afloat while they get their doors back open.
This policy assists business owners in navigating costly closures by covering expenses related to:
- Rental and loan payments
- Employee wages
- Relocation expenses
- Tax payments
- Lost revenue and income
Business interruption insurance (also called business income coverage) will not cover property repairs, such as those caused by a fire or flood. For that, you'd need a commercial property insurance policy.
Business interruption insurance is often included in many commercial property and business owner's policies.
Are florists required to have product liability insurance?
State and local laws typically determine the types of coverage required for small businesses. While product liability insurance is rarely a state-mandated requirement for flower shops, it should still be considered to protect against potential risks.
You and your business could be held liable for customer injuries even if the mistake wasn't your fault. For example, if a bouquet is mislabeled by a wholesaler and a customer is exposed to an allergen, they could still sue your florist shop.
If a customer sues for medical bills, lost wages, or other damages resulting from an incident with one of your floral products, a product liability policy would pay for your attorney's fees and other legal costs.
Product liability insurance is often included in a general liability or business owner's policy (BOP), though it can also be purchased as a standalone policy.
This policy does not cover spoilage or contamination, such as flowers that wilted or became infested by bugs. You'd need a separate spoilage and contamination policy for that.
Does flower shop insurance cover shoplifting?
Shoplifting is an unfortunate reality of the retail industry, whether you’re a big box chain or a small floral shop. To navigate the potential financial losses resulting from theft, consider the following policies:
- Commercial property insurance helps cover the expenses of stolen business property, inventory, equipment, furnishings, and other items.
- Employee dishonesty coverage protects your business if an employee at your floral shop steals money from the company. You can add this coverage as an endorsement to a business owner’s policy (BOP) or commercial property coverage.
- Employee dishonesty coverage can also be purchased as a fidelity bond, protecting your business if one of your employees steals from a customer or other third party, such as a vendor.
What other insurance coverage do florists need?
These additional florist insurance policies are popular with fellow small business owners:
- Florists often rely on industrial refrigeration and other important, costly machines in order to operate. Equipment breakdown coverage helps cover the cost of repair or replacement when industrial equipment breaks down.
- Electronic data processing (EDP) insurance covers expenses related to computer data losses caused by power outages, surges, fires, and other incidents.
- If you or your employees plan to do work tasks, such as flower deliveries, using a personal, leased, or rented vehicle, consider a hired and non-owned auto (HNOA) policy. Commercial auto insurance doesn't cover vehicles that are not specifically owned by the company.
Speak to a licensed insurance agent today who can help you identify and plan for your insurance needs, pick the best policies for your floral shop, and compare insurance quotes to save money.
