The horticulture industry has varying segments, each of which has their own unique risks. Breaking down and identifying the industry makes the process of coverage and writing insurance policies a lot more efficient and effective.
The team at GrowPro, an insurance program designed for the green industry and their specific needs, has identified the unique segments of the industry in order to ease the process of writing effective coverage.
The industry breaks out into four segments, which include:
These are places where plants are propagated and grown to a usable size. They’re usually independent commercial operations, with or without greenhouses; and they typically have a mix of retail and wholesale customers.
These focus on large-scale production of floricultural products. They are typically wholesale operations, and have unique exposures, including the actual greenhouse and related equipment. They are often not adequately addressed through standard agricultural insurance programs.
Independent Garden Centers
Independent Garden Centers can be anything from a small, “mom and pop” operation to larger regional centers. Their primary focus is Retail.
Hybrids are operations that overlap, combining characteristics of more than one type of operation. These represent a unique risk, as multiple activities mean more exposure. The best example of a hybrid would be a nursery that also offers landscaping services.
These four segments represent the breakdown of the horticulture industry. They each have unique risks so it is important not to just throw a blanket small business insurance policy over them as coverage gaps are very likely to happen. Programs for the horticulture industry need to be designed around the unique risks that each segment runs into during daily operations.
For more information, visit GrowPro.