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!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Why do Warehousing Services need insurance?
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.
What risks do Warehousing Services face?
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.
How much does insurance for Warehousing Services cost?
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.