Are you wondering what type of insurance policy is best for beekeeping? If YES, here are 6 best commercial insurance for beekeeping in 2022. Beekeeping is a very complex occupation that requires considerable knowledge and skill. Therefore, beekeepers are always advised to invest substantial time and effort to cater to their bees, hives, and equipment. If you are a commercial beekeeper, you will be thrilled to make your living by doing something you love.
As a commercial beekeeper, have it in mind that you and your business are exposed to some very real threats that could negatively affect your future plans. Owing to that, acquiring bee insurance is imperative to adequately protect your beekeeping operations, your workers and hives from damage, product and injury liability.
Note that your business will have to face certain industry related risks no matter how many protections are put in place. From unforeseen injuries to unanticipated defects or flaws in honey products, adequate insurance can help you lessen these risks.
Your business will need protection from theft and vandalism, and if visitors to your premises are injured by your bees, they may choose to institute a lawsuit. By fortifying yourself with the right coverage, you safeguard yourself from little business risks and major perils alike.
Also note that you offer yourself peace of mind when you know that you have done everything in your capability to safeguard your colonies and your business. Therefore, it is very important for both hobbyist beekeepers and commercial beekeepers to understand that they require adequate and carefully selected beekeeper insurance, as their homeowners’ insurance may not cover their hives.
What is the Best Commercial Insurance Policy for Beekeeping in 2022?
Beekeeper insurance offers more complete coverage for beekeeping activities and will more or less cover liabilities related to injuries and damage to hives and bees. Also, note that it covers the certificate of liability required to sell products at markets and craft fairs and product liability for the products sold.
As a commercial apiarist, it is imperative to speak to a commercial insurance broker to help you put together the right beekeeper insurance plan. Nonetheless, here are insurance policies every commercial beekeeper should consider:
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As a commercial beekeeper, have it in mind that a good percentage of care and equipment go into this practice. These fragile instruments, containers, and bee populations are vital to the ongoing success of your operation. It falls on you to seek the best possible way to protect them and this insurance policy is a must-have.
Note that this insurance does not only cover office buildings and factories; your hives and beekeeping equipment, as an outdoor property, can also be covered. In case of perils such as fire, theft, and vandalism, the loss you sustain will be compensated.
Note that this type of beekeeper insurance sees to the legal costs that follow personal injury or property damage claims, for example, if a customer is stung and experiences an anaphylactic reaction. Although businesses are not legally mandated to carry general liability insurance, operating without it is quite risky, especially for a beekeeping business.
If your business is sued, you could end up facing fees totaling hundreds of thousands of dollars (or more). Therefore, an adequate general liability policy is very important to help compensate for these damages and also help prevent this type of event from negatively affecting your business.
This insurance offers coverage for: liability damages; collision or comprehensive physical damage to your business auto; medical expenses for injury to occupants of your business auto; and damages suffered by occupants of your auto due to the negligence of an uninsured or underinsured motorist.
Whether you transport your hives for pollination services or take your honey to sell at a local market, beekeepers tend to use professional vehicles, and these are not covered by personal auto insurance, so you will require business auto coverage.
Have it in mind that Beekeepers who employ workers are expected to purchase workers comp to cover the cost of workplace injuries. This type of insurance covers medical costs and lost wages for work-related injuries and illnesses.
And while workers’ comp laws vary by state, your beekeeping business will need a policy in place as soon as you hire your first employee. Even when not required by law, this policy provides important protection against medical expenses and employee lawsuits related to workplace injuries.
Business Interruption Insurance
This type of insurance is very vital for beekeepers, especially those who depend on the ongoing productivity of their bee populations to make products for consumers. In a situation where unforeseen disaster strikes, a tornado or a fire, note that having commercial property coverage may not be enough. Business interruption policies enables a business recoup losses suffered during the time spent resuming the business.
Product Liability Insurance
A good number of beekeeping operations generate extra revenue by acquiring honey and other bee-based materials, which they can turn around and sell. Note that if any of your products are found responsible for damages of any kind to a customer, things like this can result to a serious lawsuit.
Nonetheless, it is pertinent to protect your business in the event of product-caused damages with a product liability policy. You can never tell how your inventory will be used or managed by consumers, so this type of insurance is very crucial especially if you sell material goods.
Companies That Offer Commercial Insurance Policy for Beekeeping
Companies that offer commercial insurance policies for beekeeping include:
Texas Insurance & Financial Services, Inc.
According to reports, Texas Insurance & Financial Services Inc. combines beekeeper insurance policies into one portfolio that seeks to protect businesses against risks such as product liability insurance, general liability insurance, commercial property insurance, and more.
This insurance firm was mainly started to see to the insurance needs of beekeepers and also provide them with an insurance premium discount. Over the years, this company has distinguished itself from other insurance companies that try to categorize beekeeping under farm, crop, or agriculture insurance.
Beekeeping Insurance Services
Beekeeping Insurance Services is well renowned in the business and they work with beekeepers to leverage the USDA’s Apiculture Insurance Program, which covers bees and honey if there is a decline in precipitation that negatively alters activities.
Since the size and activities of beekeeping businesses vary, beekeepers will have diverse insurance needs. Also note that your business location, the value of your equipment, and the types of services you offer to customers, the products you sell, and the number of employees you have, are all factors that will influence the types of coverage you need for your beekeeping business. Although you may not need all these kinds of coverage, however, it is always advisable to speak to a commercial insurance broker to find out more.