Greenhouse business trends impacting insurance in 2024

Added on 20 December 2023

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Greenhouse business trends impacting insurance in 2024

As we approach the new year, it’s time to anticipate what 2024 may hold for your horticultural business. Growing your operations and maximizing profits is undoubtedly a priority. It’s equally important to anticipate potential challenges and ensure your insurance coverages adapt to changes within your business.

Each year, our Hortica team monitors emerging risks to help greenhouses prepare and protect their business. That includes updating your insurance policy. What worked well last year may now leave you exposed.

Let’s take a look at some key trends projected to influence horticultural and floral businesses in 2024, including tips to help you prepare.

Review Property Values and Coverage Limits

The value of your business’s property may have increased substantially since your last formal valuation. That means your current coverage limits may fall short following a significant loss. Think of larger, unexpected risks like severe weather damage.

Talk with your agent ahead of time to discuss the replacement costs of your business. You may need to increase building and business personal property limits to keep your business protected.