Insurance for Small Cut Flower Farmers. Do I need it? What are my options??
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- เผยแพร่เมื่อ 20 ม.ค. 2022
- Insurance. Next to taxes, probably our favorite topic!
All kidding aside, insurance is important especially when it comes to any type of farming. Even if you're not selling food, there is still liability. In this video, I talk about what options are out there for the hobby farmer, including a farmer's market vendor type insurance policy.
Here is the link to the Farmer's Market Vendor Only Insurance: www.campbellriskmanagement.co...
This is Part 2 following the "Do I need an LLC and EIN video"? • Do I need a LLC and EI... - ภาพยนตร์และแอนิเมชัน
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I've been trying to find this sort of information and your videos (part 1- ?llc and this one) have been so useful. I really appreciate how you click through the online process... it makes it seems less scary!
I'm so glad I found your channel! I live in Texas, and I'm in the early stages of building my small vegetable and cut flower farm! This video and part 1 are so helpful! You have a new subscriber!
You are awesome! Love the details of your video. Thanks for your wealth of knowledge. 🙏🏼🤗
Interesting
Never thought about it at all..but im so small people would laugh big time...
Back when i was young..say 50...wish i would of grown flowers whenni had the acreage...
But i was thinking about crop insurance.
I always say, you are never too small to have an LLC ;-)
Ive seen about 10 different ways to make ribbon roses..thisnis the most interesting and well for me probably the easiest...the others require dexterity i do not have.
This is great info especially for budget planning. Do you have advice as well when it comes to sales tax for cut flowers. I assume every state might be different.
You’re right- every state is different. In NJ, we do have to pay sales tax for cut flowers and I plan to embed that in my prices. I use quickbooks for my business and it does a good job of tallying up how much I need to pay to the state on a quarterly basis but you could certainly do the calculation yourself. The tax is due 20 days after the quarter ends for us and I pay it online. Hope this helps!
@@bareflowerfarm thanks for the info. Thankfully cut flowers as direct sales from a farm are not taxed here in MD.
I'm so happy to find your channel! I'm trying to help some displaced farmers in Washington state by enabling them to grow their flowers on my property for a nominal yearly lease. My homeowner insurance company says they will cancel my insurance if i do this. The growers have Campbells insurance and are looking into adding me as another insured location, but this still may not work. I have beautiful floodplain dirt and just want to help them out and not just mow grass! So how can landowners solve this problem? Thank you for any suggestions 😊
Thank you
This was very helpful! Does the farmers market insurance also cover you if you sell on consignment at places like a coffee shop or bookstore? Or is it strictly farmers markets?
I appreciate you sharing this info!
It unfortunately only covers selling at a farmers market and no other location ☹️
Hi. Thanks so much for the info that you are providing. I am interested in starting a mini flower farm but I am also making soap as a hobby. Do you know if I would need to apply for a different insurance to sell soap or I could sell the soap under the same flower farm LLC ? Thanks
That’s a good question. I think it depends on 1) your insurance policy and 2) how you structure how you’re selling the soap and flower farm. For example, I sell soap too and keep my soap company under a different LLC. But that’s because it’s an established business of 9 years and it’s a very different business model (e-commerce). However, if you had a farm where you are also handmaking soap under the same brand, I really don’t see a reason why you couldn’t have it covered under the same policy assuming you bought a policy that covered both activities. I do buy separate insurance for my soap company under a soap guild and that is around $700 per year. Hope this helps!
@@bareflowerfarm Thanks. I really appreciate your advice.
If you plan to sell only through social media or wholesale (so no farmers markets) do you still need insurance?
I would say it depends and it depends primarily on your risk tolerance. If you don’t have employees, don’t have customers coming to your house for pick up, in my view there is less risk BUT it’s all dependent on what gives you peace of mind!
@@bareflowerfarm right now I’m doing a mix of growing some flowers in my apartment and some space in a backyard- I live in a big city so I was going to focus on selling through social media and I’m working on partnering with a local plant shop that doesn’t do flowers to act as the pickup spot, so no one would really be in my home? I’m just a nervous nelly I think lol.
So you main risk is less someone coming and tripping on ice- it’s more if someone has an allergic reaction or somehow their pet eats a poisonous flower. That being said, I would personally be OK with forming an LLC and making sure that if I’m selling anything toxic, it’s written/communicated to the customer. Based on my limited experience, I haven’t seen a ton of issues/lawsuits related to this. But if you’re a nervous nelly, then you may want to consider purchasing general liability insurance. The analogy I would give here is- you don’t live in a flood zone but there is a rare chance it may flood. Do you buy flood insurance? It’s up to you and your risk appetite!
@@bareflowerfarm those were my literal exact concerns! Lol, I have an old LLC I haven’t done anything with so I was planning on operating under that, I imagine for a limited first year operation that kind of insurance won’t be very much