The operations of any business may include various risks and exposures, but employers in the wholesale industry may face some particularly unique situations. It’s imperative for your company to conduct its due diligence by assessing potential issues and planning for unexpected incidents. Furthermore, adequate insurance coverage is integral to risk management and loss control.
The insurance experts at Iten Agency have over 50 years of experience helping businesses in Davie, Port Orange, Daytona, Daytona Beach, Palm City and throughout Florida acquire optimal insurance portfolios.
Types of Wholesale Insurance
Ideal insurance for wholesalers is likely to include several types of coverage. Regardless of specific distribution and products, in general, most businesses in the wholesale industry should make sure they acquire the following coverages:
- General liability—This insurance is necessary to protect your business from damages if you are liable for an incident involving a third party, such as:
- Bodily injury
- Property damage
- Personal and advertising injury
- Commercial property—This coverage insures property that you own or rent to operate your business, including:
- Business interruption—If your company’s regular operations are disrupted, this coverage can provide critical financial relief for the following expenses:
- Rent or mortgage payments
- Relocation costs
- Lost income
- Workers’ compensation—If an employee is affected by a work-related illness or injury, this coverage can help cover resulting costs, including:
- Medical treatment and rehabilitation
- Disability and death benefits
- Lost wages
- Commercial auto—This insurance can protect your business from losses related to company vehicles, including liability for third parties’ damages and repair costs.
- Cyber liability—If your business experiences a cyberattack or data breach, this coverage can protect you from the resulting losses and help you recover.
How Much Does Wholesale Insurance Cost?
Insurance providers must weigh several criteria before being able to provide clients with a quote. In the case of businesses in the wholesale industry, our agents will generally consider the following factors of your business:
- Number of employees
- Services and products offered
- Equipment and property
The specific details of your insurance portfolio and the inclusion of any additional components, such as surety bonds, may also influence your costs.
Get the Right Coverage
Success in the wholesale industry requires companies to operate efficiently, reliably and safely. Without proper insurance coverage, even minor or infrequent incidents and errors can result in significant consequences for your business’s finances and future.
Fortunately, Iten Agency is here to help. Our agents will work with you to understand your company’s specific coverage needs and craft a suitable insurance portfolio. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.