Keeping your shop running smoothly on a daily basis can be stressful enough, especially during peak floral holidays. Valentine’s Day was not only on a Sunday this year, but over a 3 day President’s holiday weekend to boot. This is a double whammy when customers want their flowers delivered to their loved ones at work on a weekday. As many referred back to their outdoor marque signs to let their customers know that they were open over this important weekend, it was a good reminder for owners to check and see if their signage is covered under policy.
Making sure that you have the correct type of insurance for your particular business can make a huge difference when it comes to the valuables in your store, your outdoor signage, and the building as well. Whether you own your shop or are renting the space, Hortica Retail Sales Specialist, Maria Shepherd, wants to make sure you are protected! When you own the building that your shop is located in or are required in a triple net lease to insure it, it is crucial to have the correct coverage. It is important to remember that you not only need to protect your items inside, but the building as well. In most cases, if you own your building including the contents that are in it, it should be covered by your business insurance policy. If your sign out front is not physically attached to your building, it may need to be specially scheduled or listed on the policy. If the signage is attached, it is usually rolled into the value of the building making it protected under your insurance policy as well.
You may be a small mom and pop flower shop that rents or leases instead of owning your own shop. Responsibility for damage or other potential issues to a sign or marquee on these buildings is dependent on what is stated in your lease agreement. Strip malls can also house many other types of leased retail spaces. In this situation, you only have your logo and name on a shared board along with the other shops in the strip mall. Tenants are typically not responsible for any potential damage to that shared or common signage. It is usually covered by their landlord through the landlord’s building insurance coverage. For leased locations, you also need to consider what’s outside your shop as well. Stores that have an awning with their shop name may be responsible for the length of the awning covering their particular store front.
Don’t let the small things like signage fall through cracks in your insurance. Make sure that you have the best insurance policy in place for your store.