Having the right insurance for your business plants the seed for a stronger financial future. When a costly claim or lawsuit is made against your horticulture business, even basic coverage can help dig you out of a financial hole. This liability and workers’ comp insurance covers the costs when certain unexpected situations happen.
Below we provide an overview of four basic insurance policies – general liability, property, commercial vehicle, and workers’ comp – that can help safeguard your greenhouse or plant grower business.
General Liability Insurance
If a third party claims your employee or work environment caused them injury or physical damage to their property, you might be held liable for paying the bill(s). Even if not at fault, these claims are common and can be costly. For example, a customer breaks their arm from slipping and falling on wet leaves in the aisle of your nursery garden center.
To protect your plant grower business against the high costs of property damage, bodily injury, and personal or advertising injury claims, general liability insurance is necessary. This popular policy covers the costs of related legal fees, third party medical expenses, and much more.
Structures, stock, equipment, and other business property can be expensive to repair or replace. This property loss often results from fire, extreme weather, and theft. During winter, for example, a greenhouse roof collapsing from the weight of snow and ice damages your stock, supplies, and everything else it crashes on top of, in addition to interrupting your horticulture business operations.
In case of an unfortunate incident, property insurance is designed to help you get back to business after a loss of your stock, structures, equipment, or commercial and business personal property.
Commercial Vehicle Insurance
If an employee causes an accident when delivering plants, going on a sales call, or driving a company vehicle for any horticulture business related purpose, you could be responsible for paying the damages. These costs significantly increase when a third party is injured as a result of the accident,.
For greenhouse and nursery garden centers with traveling employees, a commercial vehicle insurance policy is essential. This policy covers the expense of physical damage repairs to a covered auto, as well as the potential defense and payment of bodily injury claims to a third party.
Using sharp gardening tools, lifting heavy equipment, spraying chemicals on plants, and other daily tasks could result in injury or illness for an employee. Even with safety procedures in place, accidents can still happen. For example, an employee is hurt after tripping on a hose being used by another employee to water plants. When employees are hurt on the job, this policy covers the resulting medical costs and lost income during recovery, as well as potential litigation expenses. Workers’ compensation is a legal requirement in most states, and a necessary policy when running a business with paid employees.
These four fundamental insurance policies better protect horticulture and plant grower businesses. To fill any gaps where you would not be financially protected, additional coverage can be added to each policy.
Find insurance coverage for your business. NIP Group’s GrowPro insurance program includes general liability, property, commercial vehicle, workers’ comp, and other important coverages that can be custom-tailored to your operational and financial needs. For information on insurance coverage specific to your needs, visit nipgroup.com/programs/growpro or contact your broker.
Please note: All coverages are subject to conditions, coverage limits, limits of liability, limitations, and exclusions as contained in the policy.