Wholesale Trade

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How Wholesale Trade and Insurance Connect:

The wholesale trade industry provides over five million jobs in the United States. Of the many wholesale trade businesses in this country, the majority are small and employ 20 or fewer workers. Each type of wholesale trade business specializes in the sale and distribution of a specific category of goods.

If you own a business within the wholesale trade industry, you might want to consider the ways in which you might safeguard your company’s livelihood by obtaining an insurance policy designed to protect your specific needs in this sector.

Finding the right insurance for your business may not always seem straightforward, but we are here to help.

Read on to learn more about what kinds of coverage your business might need.

Who Needs Wholesale Trade Insurance?

The Wholesale Trade industry is made up of companies that deal with the intermediary process of the distribution of products and merchandise. Generally, production companies pass their products on in bulk to wholesalers who proceed to distribute the products to retail outlets. Business types that fall into the wholesale trade industry include automotive merchant wholesalers, construction material merchant wholesalers, and furniture merchant wholesalers, but merchant wholesalers can deal with virtually any category of large-scale wholesale merchandise.

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CoverWallet's Insurance Checklist , you'll find a list of insurance types needed for your specific business or industry.

What Insurance Do Wholesale Trade Businesses Need?

Due to the nature of this industry, companies can face many hazards, both with employees and merchandise, and must take measures to ensure they are protected. Insurance providers understand this heightened need and subsequently offer several coverage options. It is important to protect your investment with an appropriate insurance policy that is designed specifically for the wholesale trade industry.

General Liability Insurance

General Liability Insurance is the most general insurance umbrella. It can protect your wholesale trade business from accidents and other mishaps, whether the result of a slip-and-fall accident or other, more severe injuries. General Liability usually applies to two categories:

  • Property Damage: Will ensure your establishment has coverage if you or one of your employees damages or destroys someone else’s property. This includes the building or premises you are working in.
  • Bodily Injury: Will provide your business with protection if you or one of your employees injure or inadvertently harm someone while working. This insurance type will take care of all medical care for the injured party and will also cover your legal fees if a claim is made against your company.
You’ll Need This When...

You open the doors of your business. As a wholesale trade professional, you face several risks that can threaten the financial well-being of your business. No matter how carefully you work, there are inherent risks involved when your business works with clients every day.

For Example...

If a third-party delivery person is injured by machinery while bringing a shipment of cargo to your establishment, general liability insurance would be able to cover any medical expenses or legal fees involved in the accident.

Commercial Property Insurance

If you have a mortgage or a lease, you are likely required to have property insurance. Regardless of its nature, every business is vulnerable to a variety of potentially damaging situations that can affect a property and keep the company from running smoothly. No matter what, your business will need adequate insurance to safeguard against property damage in the event of a natural disaster, fire, or another unforeseen event.

Property insurance will cover the physical assets of your business in the event of property loss or damage. A good policy will include physical property, such as buildings, equipment, as well as less obvious assets like computer records. Property insurance will also protect against a variety of natural disasters and can be tailored to cover a variety of different damage causes. Overall, your Wholesale Trade business should prioritize a Commercial Property Insurance Policy that covers necessary repairs to your office in the event of any damage so that your business can get back on track as quickly as possible.

You’ll Need This When You…

Start your business, sign a lease, or begin a mortgage on your property. If something were to happen to your business space or equipment, your company might have to close until the necessary items were replaced or repaired. As a business owner, this can mean lost business and the inability to serve your clients.

For Example...

If your property is damaged in a fire, this insurance will cover the replacement of your covered items.

Other Insurance Types to Consider

  • Inland Marine Insurance: Many businesses transport goods, materials and equipment over long distances. Inland Marine Insurance insures the value of those assets as they travel across roads and highways. In the case of an accident or theft, the value of these materials will be covered by this policy.

How Much Does Wholesale Trade Insurance Cost?

Insurance rates vary depending on different factors including location, claim history, business size, and type. You can get a more accurate insurance quote by identifying the specific needs of your business.

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