As a professional florist, the chances are high that your enterprise is based on a unique business model and, because of this, you have specialised business insurance needs that differ from other businesses.
You face a different set of risks such as the safety of customers who visit your shop, weather-related mishaps that might delay or damage important orders, damage to or theft of your business vehicles, and a number of other challenges that may put the durability of your business at risk.
With the knowledge and understanding that, as a florist, you have a unique set of business needs and challenges, it is important to pose the question of whether you have thought about insuring your business, if you haven’t already done so.
Whether it’s your first time investing in business insurance, or you’re updating your existing policy, here are some essential business insurance products to consider:
Public Liability Cover
This type of insurance cover helps to protect your enterprise in case of an accident. What if a customer trips on the way into your shop or happens to fall on the premises? What if one of your employees is injured by one of your cutting tools whilst making up an order? Public Liability Cover may help to protect your business in the event of an accident claim by both customers and employees.
MiWay’s Public Liability Product automatically includes Employers’ Liability which covers your business for injury of any employee from or during the course of employment. A small business with even one employee (other than the owner) should consider this critical coverage as it can prevent legal implications in the event of an incident.
Even if your business does not manufacture any products, the South African Consumer Protection Act (CPA) includes “services supplied” in the definition of a product. Therefore, it is highly recommended that service providers also purchase Product Liability along with their Public Liability Cover as this will ensure that you are covered for any services rendered that did not meet the expectations of the consumer.
Stock, Specialised and Electronic Equipment Cover
Your refrigeration cases and floral containers, flowers, ornamental vases and business computers are just a few examples of the type of equipment that can be expensive to repair or replace if they’re damaged or stolen.
This type of contents cover may help you to recover the cost in case of a loss, such as theft or a fire.
It is important to take note of the fact that, if you do invest in this type of contents cover, the causes of loss/damage/theft will be noted on your coversheet.
Related: Florist Sample Business Plan
Business Vehicle Cover
As a florist, your delivery van is vital to the success of your business, as the chances are high that you will not be able to deliver or retrieve customer and market orders, which is why it is important to make sure that it’s protected! Business vehicle insurance covers the vehicles that you use for business purposes in case of accidents, hijackings, vandalism, or other unavoidable mishaps.
Goods in Transit Cover
In the event of an incident, Goods in Transit Cover may help you recover the loss of floral arrangements when they are being delivered to a customer, as well as fresh flowers that are being transported to your shop. You are able to either link your Goods in Transit Cover to a vehicle on the same MiWay Business Insurance policy to enjoy a lower premium or to have it on a stand-alone basis, depending on your needs.
Related: How To Become A Florist
Of course, no two florists – or flower shops – are exactly alike which is why MiWay allows entrepreneurs to customise insurance cover to best suit the needs of a particular small business!