WEDNESDAY, JANUARY 26, 2022
Managing inventories, equipment and facilities can expose your wholesale and distribution company to some unique risks. This is in addition to the usual risks businesses face, such as property damage or the loss of essential records.
In order to protect your wholesale business from financial loss, you need wholesale insurance. Contact the Iten Agency to find out more.
Does My Business Need Wholesale Insurance?
There are several reasons why your business should consider wholesale insurance, such as the following:
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Property damage from fires or severe weather
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Theft of materials
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Accidents involving commercial vehicles
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Supply chain interruptions that result in costly delays
Having the right insurance coverage can help protect your business from considerable financial loss.
What Types of Coverage Do Wholesalers Need?
Wholesale insurance includes several different types of commercial insurance:
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Commercial property insurance helps cover owned or rented equipment and the location of your warehouse or distribution center.
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General liability insurance helps protect you if someone sues your business for causing bodily injury or property damage. This does not cover mistakes from your professional service, so make sure you look into professional liability insurance for that type of coverage.
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Product liability insurance helps cover injury to others and property due to products you sell or provide.
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Business income insurance helps recover lost income when you cannot run your wholesale or distribution business due to property damage.
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Equipment breakdown insurance helps protect your business’s mechanical, electrical and computer equipment from unexpected breakdowns.
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Commercial auto insurance helps cover legal bills, medical expenses and property damage if your business’s vehicle is involved in an accident.
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Crime insurance can provide coverage for loss of money, securities and other assets due to employee theft, fraud by third parties, theft of property and social engineering.
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Inland marine insurance helps cover products, materials and equipment transported on land.
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Employment practices liability insurance helps cover claims filed by workers who claim your business has violated their legal rights through wrongful termination, discrimination, retaliation or harassment.
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Cyber liability insurance helps protect your business from data breaches and other cyber security issues.
Be sure to discuss your wholesale business’s needs with an agent at Iten Agency before deciding on the appropriate coverage.
How Much Does Wholesale Insurance Cost?
The cost of wholesale insurance will depend on the policies you choose. For more information on the cost of your policy, contact your agent.
Learn More About Wholesale Insurance
At Iten Agency, we are committed to helping protect your business with the appropriate insurance coverage. Contact your agent today to learn more about wholesale insurance.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
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