Insurance for hydroponic retailers by Prosura
The hydroponics industry has grown significantly over the last number of years. The levels of specialist expertise required to run a grow shop mean you put hours into your business every week.
While insurance might not be something you are quite so passionate about, it’s really important to get it right. But it’s not easy. Getting the right insurance for grow shops has been always been difficult as the insurance industry has traditionally shied away from hydroponic businesses on the basis of a misconception around moral risk. That’s where we come in. We’ve taken time with leading insurers, demonstrating the professionalism and low risk the industry actually represents. We’ve been able to develop exclusive insurance for hydroponic shops deals.
We offer a friction free, jargon light approach to ensuring you have the right cover in place – leaving you to get on with the day job!
What insurance does a hydroponic shop need?
Like any retail business, there are a number of ‘core’ covers that you’re very likely to need, and these fall broadly into three categories:
Liability Insurance
There are three principle types of liability insurance that you are likely to require:
• Employers Liability. Even if just part time or casual workers, if you have people working in the shop, you must have Employers Liability in place by law in the UK.
• Public Liability. This isn’t a legal requirement in the UK, but it rarely makes sense not to have it – particularly if you have physical premises that members of the public can visit. It protects you from claims that someone has become unwell, injured or suffered a financial loss as a consequence of your business activity.
• Product Liability. You can be held responsible if a product that you supply (sell) either causes illness, injury or damage to property, as well as if the product is deemed to be not fit for purpose.
Property and contents
Whether you rent or own the premises you run the shop from, its likely to be a condition of your mortgage provider or landlord that you have commercial buildings cover in place. And where you have retail displays, furniture and IT equipment, it makes sense to protect them too.
Stock cover
Hydroponic equipment is not cheap. Carrying adequate stock of heating and lighting equipment, grow tents as well as Air Conditioning and other stock is likely to represent a significant investment and a substantial proportion of your business value.
What else should be considered when buying hydroponic shop insurance?
Consideration should be made with regards to the way you operate your business. Do you also e-tail with an online shop on your website, or through third party e-commerce site like eBay or Amazon? Where you do you need to give thought to a number areas of potential liability:
- Cyber security. Do you hold customer details digitally? What would the impact be if there was a cyber attack or data breach?
- Goods in transit / out for delivery. You will need to consider what would happen if items were lost, stolen or damaged during delivery.
- Do you own any vehicles that you use in the business? It could be that you have a van that you use to deliver to customers locally, collect stock from suppliers or to move items from storage to your shop premises. You will need business vehicle cover in place to accommodate this.
Why buy Hydroponic shop insurance through Prosura?
Our broking team has significant experience placing insurance for hydroponic retailers and recognise the challenges that can be faced when trying to buy appropriate cover. With close working relationships with a number of leading UK insurers, we have markets available and the knowledge that goes with it.
We also offer all our hydroponic shop business insurance clients access to our FREE Digital Lawyer service – offering you access to legal advice and templates suitable for your business.
So, for a jargon and friction free approach to your grow shop insurance needs, get in touch with the Prosura team today.
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