Roadside accidents can happen, and when they do Commercial Auto insurance can protect your business. This insurance can pay for the damage to the vehicle, medical expenses of the driver, and defense and court expenses.
Commercial Property insurance pays for all or part of the costs when property damage occurs due to a covered incident. The covered incident can be due to fire, flood, vandalism, theft, or selected natural disasters. The insurance also covers the cost to repair or replace the contents in and outside of your commercial property.
Workers Compensation provides wage replacement and medical benefits to employees who become sick or injured in the course of their employment in exchange for the mandatory relinquishment of their rights to sue your business for negligence.
Businesses that fall under the warehousing industry provide storage for items such as farm products, private and general merchandise, foreign trades zone general merchandise, bulk petroleum, whiskey, lumber, fur, cold storage items, and documents.
Your Warehousing Services need insurance because, in the event of a significant loss or damage to your customer's goods where your warehousing service is responsible, insurance will pay for the cost to replace the goods that were lost. Without insurance, you'll risk paying for these expenses, which could possibly lead your business into bankruptcy. Your insurance is also useful when your business is being sued, regardless of whether this is a false claim or not.
Below are the common risks Warehousing Services can face:
A storm hits your warehouse and destroys most of your customers' goods. As you've entrusted your warehousing services to your customers, you are responsible for the cost of replacing these goods. It's not just your customers' goods that you need to pay for, but also for the cost to repair the damaged building and replace the equipment in and outside of your building premises.
Your client claims that because of fire, your warehousing services is negligent of taking care of the goods that they entrusted to you. Your client, therefore, sues your business for the damages.
There is no fixed amount of insurance for warehousing services as the cost of your insurance is usually defined by the number of employees you have, the size of your warehousing services, and the coverage needed. To find out the cost of insurance for your business, simply apply online and get your free quote delivered in as little as five minutes.
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