Wholesalers and distributors manage a constant flow of products, encounter unique challenges, and need adequate coverage to keep the business intact in case of unexpected loss. Among the risks wholesalers and distributors face in the course of conducting business are:
- Fire, flood, and storms damage to a warehouse or products
- Thieves that target inventory and damage property
- Late shipments from suppliers
- Unpaid deliveries
Insurance Options for Wholesalers and Distributors
A wholesale or distribution business needs a comprehensive insurance package that includes property coverage for loss of inventory due to fire, transportation coverage to protect goods being transported, and product liability coverage to protect against defective product injury claims. Common insurance coverage for wholesalers and distributors includes commercial property, transportation, business liability, and product recall expense.
Commercial Property Insurance
To help cover costs of repairing or replacing damaged equipment or inventory in case of fire, vandalism, windstorms, or other unexpected events. This coverage can help minimize loss of income so you can return to business as usual.
To help protect your company when goods being transported are lost, damaged, or stolen.
Business Liability Insurance
To protect your business against liability for accidents, injuries, and mistakes. This coverage includes protection against claims of injury caused by defective products or perishable goods.
Product Recall Expense Coverage
To cover losses associated with products in the market that are recalled because of defects.
Cost of Wholesalers & Distributors Insurance
The cost of your business insurance package varies based on the specifics, including your business location, the number of employees, your property value, and the coverage options you choose. Our agent at Minnesota Employers Insurance Services can help you stretch your premium dollar while ensuring that your wholesale or distribution business has the coverage it needs.