Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Why do Warehouse Clubs and Supercenters need insurance?
These businesses retail a general line of new commodities, including apparel, appliances, and furniture.
Your warehouse club and supercenter need insurance as this covers the costs of the covered risks that could otherwise destroy your business. Without insurance you risk paying for defense and court costs, for example, which without insurance can lead your business into bankruptcy.
What risks do Warehouse Clubs and Supercenters face?
Below are the common risks warehouse clubs and supercenters can face:
Your employee has been stealing money from your business over the past few months. You may have caught your employee, but the money that has been lost over the past few months can never be recovered.
A batch of the products you delivered to one of your clients is defective. The products have already been distributed and have been sold to the customers.
How much does insurance for Warehouse Clubs and Supercenters cost?
There is no fixed cost of insurance for warehouse clubs and supercenters as the cost of insurance for your business is defined by the size of your business, the coverage needed, and the number of employees you have. Without taking these into account, below are the average cost of insurance policies for your business: