Home and Garden Retailer insurance – what kind and at what cost

Whenever you budget the expenses of your business, Home and Garden Retailer insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

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With the protection provided by general insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Home and Garden Retailer enterprise, you must consider how much financial liability you are taking on.

If your Home and Garden Retailer business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

Home and Garden Retailer Insurance

In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Home and Garden Retailer business?

What this means, for any Home and Garden Retailer business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Home and Garden Retailer business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.

In some states, like New Jersey, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.

When you are running your Home and Garden Retailer operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.

What does Home and Garden Retailer insurance protect you from?

For your Home and Garden Retailer business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Home and Garden Retailer business owner should know when negotiating the insurance needed.

The main types of insurance for your Home and Garden Retailer businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Home and Garden Retailer business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can sue you for compensation.

General liability insurance policy for your Home and Garden Retailer business covers you against claims coming from injury to visitors or damage to their property.

It protects your Home and Garden Retailer business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The usual level of general liability insurance for your Home and Garden Retailer business would be with a boundary of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Home and Garden Retailer insurance operations.

Professional liability insurance for your Home and Garden Retailer business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Home and Garden Retailer business for them, you can quickly be involved in a law suit.

Even if the case against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Home and Garden Retailer business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of Home and Garden Retailer insurance section below for average prices of professional liability insurance for your Home and Garden Retailer operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that the results didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to be aware of the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for results caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Home and Garden Retailer

Only you can know exactly how much insurance you need.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Home and Garden Retailer business

Be careful! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your car is involved in an accident.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The required value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your Home and Garden Retailer business needs specialized and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Home and Garden Retailer business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Home and Garden Retailer business’ equipment.

Commercial Property insurance

Any Home and Garden Retailer business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you may already have a substantial capital investment, as well as a big liability if there’s a mortgage.

Your physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Home and Garden Retailer business works in areas of high risk, like California or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Home and Garden Retailer business premises, there is a need for more supplementary cover than in warmer climes.

Because the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Home and Garden Retailer insurance section below to give some idea of the average prices per million dollars of property insurance for your Home and Garden Retailer business.

Temporary insurance by month, week or day for your Home and Garden Retailer business

Is your Home and Garden Retailer business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Home and Garden Retailer – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having the same risk cover.

The important feature of short-term insurance is that you purchase the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of larger business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Home and Garden Retailer business

You have the option to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP combines commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Home and Garden Retailer businesses, such as yours.

There are two limits that will dictate whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle risks.

Also, the size of your business will dictate whether you are permitted to take out BOP cover.

The normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual revenue.

As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Home and Garden Retailer business employees

In almost all states, it is mandatory to have workers compensation insurance when your Home and Garden Retailer business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.

The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you can’t take out your workers compensation obligations from private insurance companies.

Workers compensation charges are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Home and Garden Retailer insurance requirement is unique, there are enough examples of standard quotes from insurance companies for us to give rough guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Home and Garden Retailer businesses needs.

Types of insurance Price range
General liability insurance $716 – $913
Commercial vehicle insurance $1656 – $2725
Public liability insurance $291 – $735
Equipment insurance $498 – $1183
Product liability insurance $259 – $535
Commercial insurance $827 – $2122

Cost of insurance for your Home and Garden Retailer operations depends on many different factors.

We have reckoned these figures for small freelance Home and Garden Retailer businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they will be about 20%-30% lower.

The location and size and type of your Home and Garden Retailer business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

Also you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Home and Garden Retailer operations?

This is a general term used to describe standard insurance policies designed to protect Home and Garden Retailer business owners from risks like bodily injury, property damage, claims of negligence.

Does my Home and Garden Retailer business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Home and Garden Retailer business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Home and Garden Retailer insurance.

How much will Home and Garden Retailer business insurance cost?

On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

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