TUESDAY, OCTOBER 12, 2021
Wholesalers must run their businesses efficiently. They have a vast quantity of products to manage and distribute while still keeping their shelves stocked. Any failure in the supply chain could lead to far-reaching problems, and the business could suffer as a result. Having the right insurance will make sure that the wholesaler has help available when issues arise.
It’s important to choose insurance options that are customized to address the unique risks faced by your wholesale business. While you will need policies that are beneficial for almost any business, the key is to tailor them to your specific operational needs.
Just a few of the policies that you might need to have include:
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General liability insurance—Liability coverage can help you cover legal fees, settlements and additional costs related to a suit if someone sustains bodily injuries, property damage, or other losses for which they blame the business.
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Business interruption insurance—Business interruption coverage can help you cover costs like payroll, regular bills, and similar expenses if an unexpected hazard that may cause you to cease operations temporarily. For example, you might have to close for a time after storms damage your property.
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Equipment breakdown insurance—An equipment breakdown policy may help you pay to repair essential equipment if it fails. The coverage will not pay, however, if equipment fails due to neglect or misuse.
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Commercial auto insurance—This type of policy offers liability, collision, comprehensive, uninsured/underinsured motorist, and other benefits to cover the risks of driving a business vehicle. You must insure business-owned vehicles with commercial auto insurance.
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Workers’ compensation insurance—This coverage can provide supplementary income, medical benefits and other financial assistance to employees injured on the job. Most businesses in most states are required to carry workers’ compensation coverage.
Further coverage that can augment your insurance portfolio includes cyber liability insurance, commercial crime coverage and product liability insurance, to name a few.
With the help of your Geswein Insurance Agency expert, you will be able to determine which plans are suitable for your wholesale operation. You’ll have our support in choosing the coverage limits, deductibles and other terms that will promise maximum assistance in case of any claim.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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