Wholesalers Insurance
Quality Insurance for Wholesale and Distribution Companies
What is Wholesalers Insurance?
Wholesalers insurance is a catch-all term for any insurance policy protecting a wholesaler business, its premises, employees, legal expenses or business activities.
A wholesaler, for instance, might require a higher level of cover for its goods whilst in transit or what is also called marine cargo Insurance as wholesalers tend to send large quantities of stock at any one time rather than individual items that such business as a retailer would.
Similarly, given the scale of many wholesaler premises, borne from the fact they have so much stock to house, the cost of building insurance will often be much higher than that of a retail business, because the property’s rebuild value is likely to be significantly higher than that of a small high-street shop, for example.
What Risks Do Wholesalers Face?
Both wholesale and distribution businesses face a large amount of risk in their daily operations. From risk to their goods whilst in transit, through to the loss of stock to either damage or theft, wholesalers require more protection than most. And whilst the insurance types we’ll cover are rarely legal requirements, we believe that every wholesaler should protect themselves as thoroughly as possible.
What Does Wholesalers Insurance Cover?
Wholesalers and distribution insurance covers a wide range of insurance types, including:
Property damage/building insurance
This covers your business premises in the event of damage from vandalism, fire, flooding or any other natural disaster. If you rent your property, then your building insurance will usually be incorporated into your rental contract as part of the overall fee.
Business interruption insurance
In the event that your business is forced to stop operating for a time, business interruption insurance covers your lost income for that period; this might be something like a flood or fire, but it can also be due to the breakdown of essential equipment. In some cases, business interruption insurance will also provide cover when people are unable to access your business premises, be that employees or customers/clients.
Stock cover (including deterioration of refrigerated stock)
Wholesalers and distribution businesses house a lot of stock. Stock cover protects this in case of damage; should your warehouse’s refrigeration units fail, then any spoiled stock is also covered by this policy.
Money and assault insurance
This insurance covers your property/money whilst in transit. Should one of your employees be assaulted whilst cashing up, for instance, then this would cover associated costs. This policy doesn’t cover theft of stock from vehicles whilst en-route. This is protected by Goods in Transit insurance (which we’ll come onto shortly).
Product liability insurance
This insurance protects your business in the event that one of your products causes actual personal injury or property damage, as well as covering the associated legal costs/expenses.
Public liability insurance
This protects you in case your business causes damage to property, another business or a member of the public. Should a client injure themselves on your property and you failed to give them adequate protection, then this insurance would cover you.
Product recall insurance
This protects you from both first and third-party losses in the event that a product you sell is recalled for any reason (whether that be contamination or anything else). Unlike product liability insurance, which protects against actual bodily injury or property damage, product recall insurance can also protect against imminent bodily injury or property damage (as well as actual).
Goods in transit insurance
Also known as GIT insurance, this covers you should your stock be damaged, stolen or lost during transit. For instance, should one of your HGV fleet be robbed whilst driving between two warehouses, this insurance would cover your losses.
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Why Choose Insurance By Simply?
With a wealth of insurance industry experience under our collective belts, the team at Insurance by Simply will work with you to help get you protected. Nothing is too much trouble, and no request will go unexplored. Unlike many insurers, we’ll create an entirely bespoke and tailored wholesalers insurance policy for you. So, get in touch today!