Florist Insurance Tennessee Policy Information
Florist Insurance Tennessee. Florists sell flowers, flower arrangements, planters, related items, gifts, and novelties. While customers may select and pick up flowers at the shop, most orders are taken over the phone with shops providing delivery service for their customers. Peak seasons include Valentine's Day and Mother's Day.
If you've achieved your dream of owning a flower shop, then it's important to protect yourself with TN flower shop insurance as soon as possible. If you're wondering why florist insurance is a necessity, then take a look at the top reasons listed below. By understanding more, it will be clear why taking out a policy as soon as possible is critical for the health of your flower business.
Florist insurance Tennessee protects your flower shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Coverage for Property Damage
When it comes to protecting the property itself, it's essential to have property damage coverage. This will cover you in the event that a fire occurs, there's a damage from a break-in, or there's any other physical damage occurs to the property. The limit will depend on many factors, including the amount of coverage you feel is adequate. An agent can help determine the ideal florist insurance Tennessee coverage options for your policy specifically.
*Tip: An additional consideration to make is whether or not you should add special endorsements and/or supplemental policies to provide you with extra coverage. For example, what if there was a flood that damaged your building and flowers? In these situations, you'd need a commercial flood insurance policy to cover the damage to the building and contents inside of your store. Another example is spoilage insurance, which will replace inventory that's lost as a result of outside failures, such as a broken thermostat or fridge.
Workers Compensation Coverage for Illness or Injury to Employee
If an employee were to be injured on the job or become ill due to an allergic reaction, workers' compensation would help provide coverage for their medical expenses. This is required in most TN for any non owner employees, and it's strongly recommended no matter where you live.
Coverage for Delivery Vehicles
If you provide delivery services, then it's crucial to have the proper florist insurance Tennessee commercial vehicle coverage for any cars or trucks used for the business. There are several different types of vehicle coverage to choose from, including:
- Standard Commercial Vehicle Coverage: For business-owned vehicles, this insurance is mandatory. In order to take out a policy, most insurance companies will require license information for each person who needs to be covered for driving. While this helps protect you, it's important to keep in mind that those with a negative driving history may be denied for coverage. This type of policy is not only for the authorized driver but also for the vehicle in the event of a collision.
- For-Hire Coverage: If you use vehicles that are rented or borrowed to deliver flowers, then this insurance is essential. It's also important if you plan on hiring an outside service to take care of deliveries, even if they aren't employees. This will extend liability protection so you're covered in the event of an accident.
- Non-Owned Coverage: If you have employees who will be delivering flowers in their own vehicles, then it's important to have non-owned auto insurance coverage. This is crucial even if each individual already has personal auto insurance, as the coverage may not extend to situations where they are delivering on the job (which could leave you with a lawsuit).
Employee Dishonesty Coverage
In situations where an employee stole from your business or participated in illegal activities, this florist insurance Tennessee would kick in.
Business Income Coverage
If a disaster were to force you to close your flower shop, this coverage would provide you with income until you could open your doors again (normally up to 12 months).
Liability Insurance for Employment Practices
If you were to be sued by an employee for discrimination, illegal business practices, sexual harassment, etc., this insurance would cover punitive damages as well as legal defense expenses.
Tennessee Florists Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Water on the floor due to watering of plants or spilling of vases is common and must be attended to quickly to avoid slips and falls. Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Delivery service to customers' premises could result in property damage losses should the driver destroy property belonging to the customer.
Products liability exposure is normally low. Plants with poisonous properties should have warnings to the consumer.
Workers compensation exposure is from lifting which can cause back injury, hernias, sprains, and strains, from slips and falls, and injuries from cuts and punctures. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Employees making deliveries are exposed to road and traffic hazards, and may carry heavy and awkward plants and arrangements through congested areas. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are moderate due to the possibility of power outages, and malfunctioning or overheating of refrigeration units. Any smoke or fire will result in significant loss to all fresh flowers. Power outages of refrigeration equipment can result in high spoilage losses. Equipment should be maintained on a regular basis, with backup generators available. Due to seasonal fluctuations, values must be carefully reviewed and anticipated from a coverage standpoint.
Flower shops generally sell live or growing plants, shrubs, bushes, trees, and flowers. These items may be protected in a structure such as a greenhouse, or outside exposed to loss from wind, rain, or other natural elements. These structures may not be designed to withstand the forces of nature. Older greenhouses may be made of glass subject to frequent breakage. Newer greenhouses are simply frames with plastic coverings, which need frequent replacement as they tend to yellow or cloud in the weather and block out necessary sunlight. Special programs and coverages are available to protect the structures and the growing plants or crops.
Due to dependency of the business on sales for Valentine's Day and Mother's Day, even a small loss occurring right before these peak times could result in a large business interruption claim.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank reconciliations. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises. Delivery drivers should not collect money.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, goods in transit from deliveries, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises.
Commercial auto exposure is significant since delivery is a normal part of this operation. Although flower shops do not generally guarantee delivery times, peak seasons, such as Mother's Day and Valentine's Day, can substantially increase the volume, which can put pressure on drivers to drive more recklessly. All delivery drivers must have acceptable MVRs that are checked regularly. Vehicles should be regularly maintained with documented records.
Buying Florist Insurance for Your Business
Purchasing florist insurance can provide you with the protection that you both and want need for your business. In order to ensure you select the limits and specific coverage options that are right for you in particular, it's recommended to work with an experienced agent. With their expertise and knowledge, they will help you minimize risks and ensure your business is fully covered for whatever comes your way.
Do you need to make sure you don't overspend so you can keep your business running smoothly? Fortunately you can compare quotes for various florist insurance Delwarepolicies to ensure you're able to keep within your budget while still getting the protection you need.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2022, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2022.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Florist Insurance Tennessee quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other TN cities & Tennessee counties near me in The Volunteer State.
Also find Tennessee TN local small businesses by General Liability Class Code and learn about Tennessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.