Insurance for florists

Essential Insurance For Florists

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A rose is a rose and is beautiful indeed, unless that rose is delivered to the wrong person or to the wrong event or withers before a third party has the opportunity to enjoy it. That's why Insurance for Florists is very important. A retail florist must legally trade and protect earnings, liabilities and certain assets or be in danger of losing the very business that brings joy to so many people.

Public & Product Liability Insurance

These two insurances are "must haves" for florists. If an injury to a third party occurs or damage to a third party belongings whilst in a florist's shop, then that third party may very likely file a Public Liability claim. Public Liability Insurance protects you as the florist for injuries that occur on your premises or damages that are caused. For example, you are making a bridal arrangement for the bride to carry, and she enters the shop in her wedding gown. She bumps into a freshly painted sale sign and gets paint all over her wedding gown. That would be damages to her property, she would probably be entitled to file a public liability suit.

It is quite important for florists to have Public Liability Insurance that covers throughout the United Kingdom and not just in the shop. Often times, florists go to events like weddings to deliver and arrange floral arrangements, so make sure that your insurances covers both in and out of house. Cover under a standard policy for florists usually ranges from £1million up to £5 million and will likely include payment to claimant should you be found liable as well as legal expenses.

Any product a florist sells a third party including vases, plant food, and flowers that is found to be defective by the purchaser is also considered a cause for a claim, and Product Liability Insurance will usually cover the damages should the product indeed be of poor quality or defective. Product Liability and Public Liability Insurance for florists usually are sold as a package, Check various UK insurance websites to see what package deals are available.

Employers' Liability Insurance

If you have people working in your florist shop or hire extra help for special events, you need Employers' Liability Insurance. It is mandatory, and standard limits for florist are generally £10 million. This insurance works similar to Public Liability Insurance, but it is required and is for employees only. If an employee gets injured on the job whilst working or has damage to his property or becomes ill, Employers' Liability Insurance will likely handle the claim as well as legal expenses. If an employee is not longer employed but becomes ill because of the job, he is still entitled to file a claim, so make sure you have current and past records of all employees whether full-time, part-time, free-lance or contracted help.

Property Insurance

This cover consists of three sections: Buildings, Fixtures and Fittings and Stock.
If you own the floral shop you work out of, you need to insure the building for reinstatement costs. Check with a surveyor to determine the amount needed should the property need to be rebuilt. Keep in mind that the price you paid when you purchased the building might not be the price that should be insured, because property values go up and down and may not reflect the true cost of brick and mortar.

Fixtures and fittings should be covered for total replacement of these items should you suffer a total loss. The cover is determined on what is new and what is old, so all items must be listed as though you purchased them new or not. This is an item you might want to review with your insurance agent to make sure that inflation and other costs are taken into account, especially if your business is growing.

Stock is any items that you directly or indirectly sell to clients. This includes flowers, plants, vases, plant food, cards and other materials. These items should be insured for what it cost you to purchase them, not what you sell them for.

Seasonal stock increase cover should also be part of stock cover. It automatically takes into account differences in trading patterns, and increases stock values during different seasons.

Freelance Insurance For Florists

Often times a florist will work freelance during a particularly busy time of the year or during certain special events. The freelancer may work out of his home or at the events. Freelance insurance packages should include Public Liability, Employers Liability, Stock and Equipment Cover and Tools and Stock in Transit Cover. The Stock and Equipment is optional coverage for items that a freelancer might keep in his garage that belong to the business. Tools and Stock in Transit cover equipment and stock whilst a freelancer is travelling to a certain event.

Other cover for florists that are optional but worth discussing with an insurance agent are Assault Cover, in the event of burglary; Stock Deterioration Cover, should refrigeration or electrical supply fail and flowers are ruined; Commercial Legal Expenses Cover, protection to owner for commercial contract disputes, etc. and Good in Transit Cover (see Freelance Insurance).

About Claims

It is important that any claim to your policy should be reported immediately to your insurance agent. In most cases, insurance companies have a claim service telephone number that is available 24 hours a day. You should be pass on the details of the claim and expect to fill out a claim form. In the event of a claim, never admit you're guilty or take any action until you have made contact with your insurance agent and have confirmation to do so.