Insurance for Equipment Wholesalers

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Frequently Asked Questions

Why do Equipment Wholesalers need insurance?

Establishments in this industry are involved in the wholesale of all types of equipment. This includes commercial equipment, such as air-conditioners, refrigeration, cookware, farming and gardening equipment, or industrial equipment such as metalworking machinery, drilling rigs, logging equipment, and mining equipment. Computer, medical, HVAC, transportation and other forms of equipment wholesalers exist in this industry.

Equipment wholesalers are responsible for the quality of the products sold to customers. Despite stringent quality checks, malfunctioning equipment can slip by and into your customers' hands. If that happens it can cause your clients' financial harm and your business will be liable. This is where insurance helps. Instead of paying for the legal expenses, court fees and settlements out of your assets, insurance will cover those costs. All it takes is just a monthly fee to get started!

What risks do Equipment Wholesalers face?

Wholesalers purchase equipment in bulk and resell to retailers for a profit. Your business, as a wholesaler, takes on many risks. It is important to protect your business from the common risks, and unknown risks, you face:

  • A product you sold has malfunctioned, causing their customers' financial harm. The customer sues the retailer and then you will be held liable as well.
  • Your warehouse catches fire. Some of your merchandise is damaged, and some is destroyed.
  • Employees become sick or injured on the job. Your business is responsible for the medical and rehabilitation expenses and lost wages.

These are just some of the many risks your equipment wholesaler business can face.

How much does insurance cost for Equipment Wholesalers?

The cost of insurance for equipment wholesalers varies from business to business. This is because insurance carriers often have several criteria to look for before they can give you a quote. The criteria that have a huge impact on the cost are your profit margin, the number of employees you have and the coverage you need.

To find out the amount of your insurance quote, take our a quick online assessment or give us a call.

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