Greenhouses are growing.
Sorry for the pun, but it’s true. Not only is the greenhouse and horticulture industry one of the most important in this day and age, but also, it’s proven to be a rather sound investment. Greenhouse businesses were estimated to be worth more than $32 billion worldwide in 2022, with a projected growth rate of 8.8% annually over the next six years.
We could be talking about a $72 billion industry by 2032.
It goes without saying, but that’s big business and essential business. Climate change has cast some uncertainty onto industries like traditional farming, with rising temperatures, a need to reduce our water consumption and with less arable land than prior generations of farmers had.
One of the leading solutions to combat these imminent challenges is horticulture, and that importance is reflected in the resources being put into the industry year after year. But like any business, greenhouse growing is not without risks to both the product and the business, which is why proper coverage is critical.
We’re going to touch on the best ways to protect your greenhouse clients, the future of the industry, and customized insurance programs that can help horticulture businesses grow and prosper for years to come.
A booming greenhouse industry means (positive) change
This is a unique industry, but it’s also one presented with an enormous opportunity in the years and generations ahead. Let’s face it: we’re staring at food security concerns in the not-so-distant future and in some areas, they are present-day concerns. We’re also monitoring decreased crop yields in areas where the climate is changing more rapidly, and we need to know how that impacts food supply and production in other parts of the world.
Those challenges are real, but there is a solution: greenhouses.
Controlled environments
With greenhouses, produce is grown in settings that are most favorable for individual crops. Growers regulate light, temperature and humidity, which results in higher yields and better quality products.
Longer growing season
The growing season never ends, as a matter of fact. Greenhouses can grow crops all year long and maintain steady production even when traditional farming has to take a break due to weather.
Protection from danger
Weather hazards, natural disasters, extreme heat, pests and diseases…these are real curveballs for traditional growers. And they can have significant financial impact with major losses. Greenhouse farming eliminates those risks (for the most part) by controlling the growing environment and constantly monitoring the conditions within the nursery.
Resource conservation
In extreme conditions, traditional farming can really stress resources such as water, fertilizers and other nutrients. Greenhouse growing preserves valuable resources while still producing high yields and high quality plants.
What is most important to horticultural clients as their businesses grow?
There’s no more important asset than equipment and resources. Contractors who perform greenhouse work are on the job every day, using tools and other materials to ensure efficient operation in the safest manner possible.
When we’re talking about insurance for greenhouse and horticulture clients, commercial contractors’ equipment coverage should be top of mind. It should be the No. 1 priority. Without proper coverage, your clients’ business could endure devastating losses when the unexpected happens.
The importance of having tailored commercial contractors’ equipment coverage
The combination of GrowPro, an industry-leading insurance product with customized coverages for growers, along with EquipmentEdge from NIP Group, is the one-two punch that clients need.
Whether it’s a hydroponic farm, hemp growing operation, or vertical farm operation, GrowPro offers your clients expert guidance on greenhouse insurance coverages and risk control, plus proper valuation of your client’s operations, property and equipment.
And when factoring in EquipmentEdge, those two programs solve a lot of the problems brokers face. It is often difficult to find coverage for clients in these industries, and NIP Group’s Edge series is specialized monoline insurance products crafted for over 50 classes in the construction and agricultural sectors – including greenhouse growers of all sizes.
Protection against damages or loss
A monoline insurance product like EquipmentEdge will safeguard your clients’ greenhouse business against damages and loss (including theft). Quality covers offers necessary support and protection so that your clients can recover as quickly as possible and continue operating their business.
Continuity for the business
When losses and/or accidents happen, a lack of quality coverage can have a significant impact on the business including a pause in operations. GrowPro and EquipmentEdge will help growers maintain the status quo and keep things moving.
Coverage for mobile equipment
EquipmentEdge and Grow Pro provide best-in-class coverage for owned, leased/rented or borrowed equipment. This is especially important because, among the many assets a greenhouse business has, equipment losses are often the most damaging.
Ability to adapt to new technologies
There are advancements happening all the time, particularly in horticulture. Drone technology, and artificial intelligence (AI) are just a couple of new technology introductions over the last few years. GrowPro is tailored specifically for your clients so they can adapt new technologies and still be covered.
Financial protection against natural disasters
Greenhouses are generally sturdy and well-protected, but disaster can still strike at any moment. EquipmentEdge and GrowPro will help greenhouse businesses in the event of extreme events like tornadoes, hurricanes or fires.
GrowPro is an industry-leading insurance offering for greenhouse businesses
Customized coverage isn’t the only thing your greenhouse clients receive with GrowPro, even though it’s critically important. There’s more available with our insurance offering that supports businesses and contractors – which means that no matter the issue, there’s a specialized team available for support.
GrowPro is available nationwide and offers a comprehensive suite of insurance coverages including property, liability, commercial auto, inland marine, cyber and more.
A dedicated claims team supports each account and offers advice and counsel when problems arise. Each client receives access to GrowPro’s extensive resource library that includes information on safety, training and other best practices.
Among the other benefits of writing coverage with GrowPro and EquipmentEdge:
- A wide variety of covered horticulture risks including greenhouse growers, vertical farms, hemp, nurseries and hydroponic growers.
- A dedicated team of insurance experts with more than 35 years in the greenhouse industry.
- Specialized coverages not available through traditional insurance providers.
- Insurance coverages that are designed specifically for horticulture contractors and their businesses.
- Competitive pricing that includes flexible payment plans and premiums that are, in many cases, lower than major carriers.
- Superior customer service led by a team of expert claims professionals and account managers.
EquipmentEdge supports contractors and protects their assets
GrowPro is the largest greenhouse-focused insurance program of its kind and carries an “A+” rating from A.M. Best. Brokers and clients benefit from a program that’s strong and stable, and an experienced team that’s intimately aware of the risks associated with this important work.
If you’re interested in learning more, please get in touch with a member of the GrowPro team to see how this tailored insurance offering can benefit your clients.
