Every year, I talk with hundreds of owners about how to keep their greenhouses safe. We usually start with the basics, like property insurance for a greenhouse structure or coverage for injured workers. These are must-haves for most growers.
But here’s what I often see: lesser-known policy options play an equally pivotal role in safeguarding businesses. In fact, it’s often the overlooked coverages that can make the difference between an unexpected financial loss and peace of mind.
Here are five insurance options that often go overlooked but could make a big difference for your business.
Inflation Guard Endorsements
We’ve all heard discussions around inflation over the past year. It’s impacting operating costs, pricing, and financial forecasts.
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There’s less discussion about how inflation has affected risk, though. Your greenhouse’s structures — and the materials needed to repair them — now cost more. It can leave businesses underinsured and without enough protection following significant damage.
An inflation guard endorsement provides automatic, periodic increases to your property coverage limits over time. This can help your greenhouse offset the continual, ongoing effects of inflation.
It’s one of the most valuable tools to make sure you have adequate protection to rebuild your property in the event of a loss.
The purpose of insurance is to protect your business from unexpected costs related to liability claims. But what happens when a loss is so large that it exceeds your traditional insurance coverage?
One injury or lawsuit could cause significant financial damage. If your business isn’t adequately insured, you could be left paying for these losses out of pocket.
That’s where umbrella insurance comes in. Umbrella insurance is an additional layer of liability protection that can help cover the costs of catastrophic losses that exceed the limits of your other insurance policies.
It’s extra peace of mind when you need it most.
Errors and Omissions Coverage
Oftentimes, growing high-quality plants also comes with providing professional services. But even the most careful businesses can make mistakes.
Think setting up flower arrangements and a pergola for a wedding. It’s the bride and groom’s big day. Then, suddenly … fire ants interrupt their vows! It turns out, the arrangements and pergola were set up on a fire ant hill. In the following days, the bride’s family wanted to sue the business.
That’s where errors and omissions insurance (E&O) can offer much needed protection. E&O coverage can help you pay for any damages or legal fees related to the services you provide.
Chemical Application Coverage
Pesticides are a critical tool for protecting your plants and premise. However, that same protection can also damage nearby properties if it’s not handled properly. Common risks include accidents while spraying another property or chemical drift.
Any of the above scenarios could pose a significant liability to your business. A pesticide/herbicide applicators endorsement can help you pay for the costs of defending yourself against a lawsuit, as well as damages you may be responsible for.
Cyber Liability Insurance
Most greenhouse operations rely on several types of technology. You may use computers, connected equipment, mobile devices, and Wi-Fi networks to streamline tasks.
The more connected operations become — and the more data your business stores — the more risk it could face in the event of a cyberattack. One data breach could result in the loss of sensitive customer information or financial records. In cases of ransomware, it could disrupt your operations and delay orders.
Cyber liability insurance can help protect your greenhouse from the financial losses caused by a cyberattack. This can include notification costs, credit monitoring for those affected, and legal costs.
Have a Conversation
No two greenhouses are exactly alike, and neither are their risks. The coverages I shared above are just a few potential options you might find helpful. When you know what tools are available to you, you can pick the best one for the job. The same goes for your insurance policy.
The best way to determine the right coverage for your business is to talk to your local agent or experts. Your agent can help you review your risks and recommend coverage updates that are right for you.
The ultimate goal is keeping you, your team, and your business protected.