Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a botanical garden.
This article will discuss the primary insurance coverage for botanical gardens, general liability insurance, as well as additional policies that are appropriate for this industry.
Botanical Gardens’ General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR A BOTANICAL GARDEN
Example 1: A visitor strains an ankle after tripping over a stray pebble placed in the centre of the route. Their medical expenses are likely to be covered by general liability insurance.
Example 2: A guest’s possessions are taken from the coat check during a benefit for endangered flora, resulting in serious identity theft. Any legal claims brought against the botanical gardens for carelessness will be covered by general liability insurance.
Example 3: A prospective donor arrives to your facility and encounters a rare plant. They have an allergic response some days later and sue the gardens for their injuries. General liability insurance may cover the expenses of fighting or settling the lawsuit.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Botanical gardens in the United States typically pay between $400 and $1500 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Botanical Gardens Require Additional Coverage
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all botanical gardens should have are listed below.
Insurance for Commercial Property
Commercial property insurance will be required to cover both the plants and the buildings on the site from natural and man-made calamities. Damage to the grounds and facilities, such as greenhouses, visitor check-in booths, and information centres, will be covered by this kind of insurance. A botanical garden is heavily exposed to the weather, thus owners want comprehensive property insurance to protect their plants.
Insurance for Business Interruption
In the event that the botanical gardens must close due to a covered cause, business interruption insurance will reimburse the loss of revenue. For example, if a severe storm damages the greenhouse, this insurance will cover the lost earnings while you are closed for repairs.
Insurance for Workers’ Compensation
Workers compensation insurance protects your workers if they get hurt on the job. If your workers will be dealing with heavy equipment, potentially hazardous plants, or doing duties that may result in harm, you may wish to acquire coverage in excess of the legal minimum.
Insurance for Professional Liability
This insurance covers errors done by personnel on the job, such as neglect to visitors, investors, or business partners. The botanical gardens’ personnel will collaborate with a variety of organisations, including community and commercial interests. A significant lawsuit might occur if they provide incorrect information or mislabel plants.
Insurance for Commercial Vehicles
If you utilise commercial vehicles to move plants and equipment, commercial insurance is required to cover both the vehicles and their contents.
Coverage Options for Some Botanical Gardens
In addition to the insurance listed above, your botanical garden may need other forms of coverage based on particular elements of your business. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Umbrella Liability Insurance for Businesses
This kind of insurance will pay for any excess expenditures incurred as a result of liability claims that exceed the limitations of general liability. Medical expenditures, legal fees, and reputation repair efforts may incur additional costs.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.