Florist Insurance In Massachusetts
Florists in Massachusetts have the power to make any special occasion as memorable as possible. From weddings to baby showers and birthdays to apologies, flower shops have the ability to arrange beautiful centerpieces and bouquets that will make a perfect impression.
On the other hand, owning and operating your own flower shop requires a well-skilled balancing act. You must work hard to keep your customers happy and keep your perishable merchandise healthy, all while continuing to grow your business. The very last thing that you need weighing on your mind is a financial blow from widespread property damage or a devastating lawsuit.
Late one night in March of 2015, a flower shop caught fire. Even though the firefighters were able to get the fire under control before it spread, the shop was put out of business for a number of months. Opening less than a year before the fire broke out, the owner had worked long and hard to turn the florist shop into a booming business.
Though walking through the charred remains of her shop brought her to tears, the owner took some comfort in knowing she would be able to rebuild quickly because of her Flower Shop Insurance. Even though the shop had to be gutted and fully restored, the doors were opened once again in under eight weeks.
That same month, a vehicle drove through the window of another flower shop early one afternoon. In what the shop owner referred to as a frightening experience, the car crashed into two other cars in the parking lot before exploding through the glass store front.
Instances such as this makes obtaining a quality Florist Insurance policy an essential part of the success of a business. When you are faced with a worst case scenario, you will not be left in the ashes wondering if your floral business will be able to endure such a setback. Fortunately, your policy will provide you with the financial backing that you need to take care of all of the unexpected expenses.
Flower Shop Business Owners Policy
Also commonly referred to as a BOP, a business owners policy is an affordable Flower Shop Insurance package that provides small businesses like your with the most essential coverage elements.
With this package, you will have access to the following:
- Comprehensive coverage - With a BOP, you receive bundled coverage that includes your General Liability Insurance, business interruption insurance and Commercial Property Insurance all for a lower premium rate.
- Coverage for lost income - If a property claim forces you to close the doors on your flower shop for a while to finish repairs, you will still have bills to pay. Fortunately, this policy will provide you with up to a year of lost income, which will make it possible to continue paying utility bills, rent, mortgage payments, payroll and other expenses.
- Single cost-effective premium - Since all of these coverage types are combined into a single plan, you will only have to pay one premium. In addition, you will save money as opposed to purchasing each type of coverage separately.
Some exceptions apply to business owners policies. Talk with your insurance agent to determine if your flower shop is eligible for this type of coverage.
Workers Compensation Coverage For Flower Shops
In the state of Massachusetts, all businesses with any number of employees is required to carry Workers Comp coverage. You have delivery persons, floral designers and other flower shop employees that are essential to making sure the demands of your customers are met and all orders are filled quickly and correctly. However, even in the safest environments, accidents that lead to employee injuries, illness or even death do happen.
You may have a cashier that claims their carpel tunnel syndrome is due to ringing up customers and writing out orders all day, every day. One of your floral designers could cut themselves while trimming stems, requiring a trip to the emergency room and few stitches. A shop worker could slip on a freshly mopped floor and fracture their wrist.
With Workers Compensation insurance in place, not only are you adhering to state laws, but you will also be able to cover the related expenses of such incidents without draining your bank account. Therefore, you will be able to pay employee medical expenses for injuries endured while on the job, without taking a single dime out of your own pocket.
While these are the most important types of coverage to include in your Florist Insurance policy, they are not the only ones you may need. For example, if your flower shop delivers using company vans or trucks, you will need to invest in commercial vehicle insurance. Inland marine insurance may also be necessary to protect your products while they are in transit. In addition, to make certain you are protected against all liability claims, you may want to consider purchasing umbrella insurance as well.
You have worked hard to build your flower shop, do not let a little thing like inadequate Flower Shop Insurance take it all away from you. The peace of mind that you get from proper floral insurance is well worth the small price you pay for your premium. Act now before it is too late.