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:
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.
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.