Flower and gift shops are staples in towns large and small. From independent businesses to multi-national franchises, these shops are an important part of the local economy. There are thousands of flower shops in the United States. There are many thousand more stores that offer general gift items, such as greeting cards and handcrafted products.
If you are a florist or own a gift shop, make sure you have insurance coverage to protect your business from unforeseen issues.
Let’s take a closer look at the risks associated with running a floral and gift shop and how you can reduce unnecessary risk for your business.
Risks of Running a Floral Shop
Small businesses can be devastated by a single claim, which is why it’s so important to accurately assess all of the risks facing your company. Unfortunately, many shop owners do not ever stop to consider such risks, which may include:
- Slip and fall accidents
- Customers dropping heavy objects (pots or gifts) on their feet or legs
- Allergy and other health-related claims
- Delivery risks
- Other accidents that cause liability risk
Liability Insurance for Florists & Shop Owners
Liability insurance protects your business and pays for any financial obligations related to someone getting injured on the business property. It also protects your business by covering the cost of your legal defense and settlements/awards if you are sued for an injury or property damage that occurs on your business property.
It’s also important to find a policy that also protects your business if you are affected by a fire, theft, vandalism, storm damage, or other loss. This coverage is essential for your flower and gift shop because it protects your business in most circumstances.
Cover Your Inventory
Flowers, gifts, and equipment associated with your inventory can be rather costly. If your flower shipment is damaged by equipment failure, your business could lose a significant amount of money. If you purchase insurance coverage that protects your equipment and inventory, you can prevent your business from being negatively affected by equipment failure that is out of your control.
In addition, it is important to have a policy that protects you from inventory theft. Theft usually occurs when you least expect it and may even be instigated by an employee. Talk to your insurance agent about how you can protect yourself from theft of inventory.
Small Business Needs
You’ll also want to purchase workers’ compensation coverage for your employees. If your business makes deliveries, you’ll need a commercial auto insurance policy to protect your business and your employees if an accident should occur.
Find Coverage for Your Flower and Gift Shop
Kincaid Insurance offers business insurance policies that are tailored to the needs of your small business. Our independent insurance agents will work with you to find coverage that protects your business without pushing you over your budget. Contact Kincaid Insurance today by calling 1-877-888-5506.Request a Free Quote