Having on-site, refrigerated storage at your place of business is a requirement for all retail florists. Unfortunately, the minimal storage space provided by most floral display coolers and backroom refrigerators is rarely enough space to store perishable product during the holidays. The same goes for delivery vehicles. During peak holiday seasons there’s a good chance you will need to make multiple deliveries on the same day. Having an extra delivery van on hand could be extremely beneficial and help with the productivity and timeliness of your team. There are several other scenarios in which you may need to rent equipment or supplies, but what most business owners don’t realize is that they need to properly seek out insurance coverage for their temporary equipment. As a business owner, ask yourself if you are willing to take the risk of covering physical damage, loss of income and liability claims before denying coverage for your rented equipment. Hortica Retail Sales Specialist, Maria Shepherd, shares with us the importance of purchasing coverage for your rented, seasonal equipment.
Because your business does not own or maintain the refrigeration you rent, there is no telling what condition the equipment is going to be in. And because you are trusting it to preserve your valuable floral inventory, it just makes sense that you would want to do everything in your power to protect your assets from theft, spoilage, damage and complete loss.
On the flip side, you also need to protect your business in case something out of your control happens to the rented equipment. For example, if your customer hits a refrigerated box trailer parked in your parking lot, the leasing company may not be responsible for physical damages. In this specific case, you would need coverage in your business auto policy that will extend to the trailer that you rented.
A good place to get started is by determining whether your current insurance policies, such as your business owner’s policy or your business auto policy, will provide coverage for your risks when using rented items. Sometimes equipment damage and limited liability coverage may be built into the cost of the rental, while other times the equipment rental service will offer you the choice to purchase coverage. Some leasing companies will require you to provide evidence of coverage to assure your current policy extends to whatever piece of equipment or vehicle you rent from them.
To adequately protect your equipment and other rental items, be sure to work with a Hortica agent who can put together a complete equipment rental insurance package for you.