Business insurance is essential no matter what type of business that you run. Insurance protects you should something unexpected happen. By opening your own business, you know how much work went into getting it started and maintaining it. You don’t want all that work to go to waste, nor do you want to squander your livelihood by losing your business. Your employees and your property need to be properly insured for you to administer your business how you want and the best that you can.
Greenhouse Operations
You have special considerations when it comes to insuring a greenhouse operation. A greenhouse nursery faces unique issues not found with other businesses. Your product is fragile and takes a lot of lead time before you sell your products. A greenhouse takes a lot a dedication, patience, know-how and a special touch.
Consider the Issues That Can Arise
The insurance for this kind of operation can be really expensive and also confusing to navigate through because of the many issues a greenhouse faces. It’s important that you pick the proper coverage for your circumstances to protect your employees and your business. You don’t want to overpay and buy too much coverage, but you also don’t want to be underinsured. Not purchasing enough insurance means that you could lose your business. Here are the many different types of insurance that you need for a greenhouse operation.
Property Insurance
Property insurance is especially important in a greenhouse setting. All of your product is contained within this location. Your product faces dangers from weather and accidents since greenhouses are fragile structures compared to sturdy, brick-and-mortar buildings. Your product is fragile and needs a lot of attention in order to grow and thrive since small plants are vulnerable to weather extremes, diseases, insects, and weeds. Property insurance will protect both your building and the contents. Plants generally have a pretty long lead time, so damage to your product is much more devastating than it is to other businesses that can just acquire new product in the same condition.
Consider Natural Disasters
Depending on the area, you need to make sure that you acquire coverage that makes sense. This includes flood insurance, wind insurance, and coverage for hurricanes and earthquakes. Talk to your insurance agent about any valuable plants that you grow to make sure you’re getting the level of coverage that you need for those as well.
Liability Insurance
Liability insurance is also a necessity since it protects you against claims filed due to negligence of the owner, employees and the business.
Consider the Potential for Injuries
The conditions of your greenhouse are unlike those in other businesses. Because of the nature of your product, it is far more likely that the ground could be wet from watering and that could lead to someone falling and becoming injured.
Workers’ Compensation and Disability
Make sure you have coverage if one of your employees sustains an injury on the premises. The conditions of a greenhouse, such as a slippery floor as mentioned above, can provide an ideal setting for an injury.
Keep Hazardous Conditions in Mind
Your employees, as well as your customers, could easily slip and get hurt. Mishaps with a shovel or cutting tools may also happen, and your employees could hurt themselves carrying heavy loads or adding cargo to vehicles. Insurance protects you from lawsuits and losses due to injuries of your employees. A lawsuit can drain all of your finances and you could lose your business entirely.
Business Interruption Insurance
Due to the nature of your business, business interruption insurance is also important. If something happens, such as a flood or a fire, your entire greenhouse or garden center could become unusable.
Getting Through Tough Times
At that point, you would shut down your business to repair the place and restock your inventory. Business interruption insurance helps you get through this rough patch so you have peace of mind as you restart your business from the ground up to its former glory.
Life and Disability Insurance
If something were to happen to you or an essential employee that causes death or disability, protect your business with life and disability insurance.
Keeping a Business Going
Your business is important to you, and you want it to be safe following a death or disability. This is especially important in a business with a partnership. Each partner needs to carry life insurance that names the other as the beneficiary to protect business assets.
Commercial Auto Insurance
Depending on the exact nature and business model of your greenhouse, you may have the need to maintain a commercial vehicle. Maybe you make deliveries or transport your products. If this is the case, it’s important for you to obtain commercial auto insurance.
Consult with a Pro
You have several special considerations to take into account when insuring your greenhouse operation. Consult with an insurance professional to assess your specific situation. An insurance agent guides you to the correct products for your financial needs.
You put a lot of work into getting your business off the ground, so it’s important that you buy the correct insurance to cover every possible angle of your operation. Plus, insuring your business against losses means you and your customers enjoy your business for the years to come.
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