How much does business insurance for florists cost?

Flower shops pay an average of $73 per month, or $879 per year, for a business owner’s policy.

A business owner's policy, or BOP, bundles general liability coverage with commercial property insurance to cover both third-party risks and your business property. It typically costs less than purchasing each policy separately.

A BOP protects against customer injuries, property damage, and vandalism, along with damage to your florist equipment and inventory. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s agents.

This is the average BOP for retail businesses that buy from Insureon:

Insurance premium: $73 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $1,000

Small, low-risk florist shops are often eligible for a business owner's policy.

Flower shop business owners may see higher costs if they choose to add endorsements to their policy. Insurance endorsements, such as business interruption insurance or equipment breakdown coverage, are often recommended to help avoid financial losses if a fire or power outage forces your business operations to cease for an extended period of time.

The cost of a business owner's policy is based on a number of factors, including the value of your property, where you are located, your business income, the number of employees you have, the amount of property coverage you need, and your specialty.

Florists pay an average of $41 per month, or $495 per year, for general liability insurance.

A general liability policy helps cover legal fees related to common third-party lawsuits from clients, including those related to customer bodily injury (such as a customer slip and fall incident), damage to a client's property, and advertising injury.

General liability coverage often includes product liability insurance, which can help protect your flower shop business in the event a customer has an allergic reaction to one of your bouquets or floral arrangements.

This is the average general liability insurance policy for flower shops that buy from Insureon:

Insurance premium: $41 per month
Policy limits: $1 million per occurrence; $2 million aggregate

The cost of general liability insurance depends on several factors, such as the coverage limits you choose, the size of your business, the amount of foot traffic you have, and any endorsements you may add, such as an additional insured.

Learn more about how your insurance premium is calculated and how to save money on your general liability coverage.

For floral shops, workers’ compensation insurance costs an average of $172 per month, or $2,057 per year.

This business insurance coverage helps pay for medical expenses when an employee is injured on the job. It also provides disability benefits to help cover lost wages while they're recovering and unable to work.

To comply with your state’s requirements and avoid penalties, florists need this coverage for their employees. It's also recommended for sole proprietors, as health insurance plans can deny claims for medical bills when an injury or illness is related to your job.

Most policies include employer's liability insurance, which covers the cost of lawsuits related to employee injuries. There's usually no limit to how much a workers' comp policy can pay for employee benefits, though it depends on state laws.

The cost of workers' compensation insurance depends on several factors, including the number of employees you have and the level of risk involved with their jobs.

You can save money on your workers' comp coverage by classifying your workers correctly and implementing a risk management plan to minimize employee injuries.

Flower shops pay an average of $59 per month, or $707 annually, for commercial umbrella insurance, which is available in $1 million increments.

This policy boosts the protection of your general liability insurance, commercial auto insurance, and employer's liability insurance. When a claim exceeds the limits of the underlying policy, umbrella insurance kicks in to provide coverage.

While umbrella insurance extends coverage limits for a number of policies, it doesn't apply to professional liability insurance, also called errors and omissions (E&O) insurance. This policy covers lawsuits over professional mistakes, including undelivered services and missed deadlines. Your business can expand policy limits for these for professional liability or E&O insurance coverages with excess liability insurance.

Florists may need commercial umbrella insurance if a landlord requires liability coverage in excess of $2 million.

For example, a landlord might require you to show proof of insurance for $3 million in general liability coverage before they'll sign a lease. In that case, you could carry $2 million in general liability insurance along with a $1 million umbrella policy to meet this requirement.

The cost of umbrella insurance depends on your risks and how much coverage you buy. You need to buy a certain amount of underlying coverage before you can buy umbrella insurance.

Flower companies pay an average of $167 per month for commercial auto insurance, or $1,998 annually.

Most states require this coverage for vehicles owned by a florist. For personal, rented, and leased vehicles used by your business, look to hired and non-owned auto insurance (HNOA) instead.

A commercial auto policy provides financial protection in the event of an accident involving your business vehicle. It can help pay for property damage, medical costs, and legal expenses.

The cost of commercial auto insurance depends on several factors, including the policy limits you choose, coverage options, the value of the vehicles, and the driving records of anyone permitted to drive.

Learn more about how to find affordable commercial auto insurance coverage.

Flower shops and other retail business owners pay an average of $57 per month, or $683 annually, for cyber insurance. You might also see this policy called cyber liability insurance or cybersecurity insurance.

Cyber insurance helps retail businesses recover financially after a data breach or cyberattack. It can help pay for customer notification costs, fraud monitoring services, and other costs necessitated by state data breach laws.

The cost of cyber insurance depends on the amount of personal information handled by your retail business, such as customer credit card numbers, along with the number of employees who can access that information.