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In The Bloom with Maria: Changing your insurance coverage when your business changes

MariaWe’re in the heart of summer and wedding season. As Hortica Retail Sales Specialist Maria Shepherd found out, while some floral design studios decide it’s good business to branch out into wedding planning—the reverse can also be true. But as you add flowers and other goods and services, you may need to add some more to your insurance coverage.

Here’s why.

In the “Shop Profile” from the May 2016 issue of “Flowers&” magazine, author Marianne Cotter checked out a Michigan wedding planner who decided to go a step further with their business. The owners of Celebration Flowers and Gifts consider themselves to be a one-stop shop where they’ll take a wedding from concept to a perfect day.

At first, the business was appointment-only, working out of space in a professional park. While other wedding planners hire outside vendors for services and rentals, at Celebration, they rent their own silk flowers, bouquets and other specialty wedding items—from centerpieces and candelabras, to backdrops, glassware, and lighting. It’s something they feel sets them apart from other wedding planners.

As time went on, it became clear that real flowers were again becoming popular. As the economy improved, more and more customers wanted that special touch on their special day. So, they added fresh flowers. But soon, the question arose of what to do with the leftover ones. That led to crafting created arrangements and still more growth—this time in physical size.

The owners set up a storefront, increasing their space to 4,000 square feet. About half of that is used for rental storage—as well as the store’s stock of invitations, gifts for the bridal party, and tuxedo rentals. The rest was for flowers. At least at first. They’ve since expanded again, adding gifts and household décor.

It’s just one example of how flower shop owners are always looking to do more to meet their customers’ needs. There are many other stories just like this. Maybe you’re one of them. If you are, there are things you need to keep in mind—especially when it comes to insurance.

A change in business, can also mean changing the way you protect it. While what you’re planning may not be as drastic as what they did at Celebration Flowers and Gifts, any time you add space or other conveniences for your customers, take another look at your insurance policy. Additions may mean you need to make changes in liability, personal property, or even adjustments to your loss of business income or workers’ compensation coverages.

Talk to a Hortica specialist. We’ll sit down with you and have a conversation about your business needs and explain the insurance solutions that’ll make sure you’re protected for all your expansion and growth plans.

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