The Wholesaler & Distributor industry comes with numerous complex risks. Do you know that auto accidents are the leading cause of workplace injuries and fatalities in the U.S., averaging $65,875 in indemnity costs per claim?1 The indirect costs of an employee accident can be even more significant; 4 to 10 times more costly than the direct costs.
Commercial Auto Coverage
If you own or lease a vehicle that is used for business purposes, you may not get a compensation in case you meet an accident while using it for office chores.
If you own or lease a vehicle that is used for business purposes, then commercial vehicle insurance is an essential requirement for your business.
If your business is forced to undergo a work stoppage due to fire, you may not be able to work until the office is getting repaired.
Business income Covers losses that occur when work is interrupted or your office is closed temporarily due to a covered loss at your business.
General liability Coverage
If a customer gets hurt at your warehouse or an employee causes damage to a customer’s property while making a delivery, this insurance can help your business deal with these types of claims.
It helps protect you if someone sues your business for causing bodily injury or property damage. It can also help cover certain claims of slander and libel.
Workers’ Compensation Coverage
Workers’ compensation insurance is required by law in most states. You may need to pay for their medical costs for work-related injuries or illnesses.
The benefits can help pay for medical treatment, replace some wages from lost work time, and more. If your employee’s family sues you, workers’ comp can also help pay for your legal fees.
Crime Coverage
Crime exposure involves a number of transactions and accounts that can be manipulated if duties are not separated.
If your business has a crime insurance in place, you would no longer have to pay for legal expenses or damages to your goods if any.
Inland marine Coverage
While goods may come to the warehouse via contract or common carriers or trains, items are generally delivered to customers on trucks owned by the distributor. Goods can be damaged during transit by collision or overturn.
It covers your equipment, tools, and supplies as you move them from one job to another or while delivering your warehouse products to a client. Policies can also cover any equipment that you store away from your primary location.
The wholesale and distributor business can be a tough one. Fire, flood and damaging storms can harm your products and warehouse. Thieves can target your inventory and damage property just trying to get to it. And every part of your supply chain – from late supplier shipments to unpaid deliveries you’ve made – can impact your ability to pay bills and payroll. Make sure you have updated wholesalers’ business insurance coverage to protect you against such losses.
We will review your needs and help you evaluate which Wholesalers and distributors business insurance coverages makes the most sense. Talk to us today to know more.
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.