As the owner of a wholesale or distributors business, you know it doesn’t come without its challenges. With that in mind, you need to find the right insurance policies to keep you, your employees, and your business protected. Consequently, there are several things you need to take into consideration when determining the coverage you need.
Every business is different. As a result, the coverage needed by one wholesaler company may differ from another. However, no matter what coverage you’re looking for, you can rely on Texas Insurance Agency.
Whether you’re looking for an Insurance policy to cover your warehouse and the equipment inside it or looking to protect products in transit, our agents are here to find you the very best policies. With us on your side, you’ll find the precise coverage you need at a price that’s right for you.
Wholesale Distributors
Every industry comes with its risks, and wholesale distribution is no exception. In fact, the most common cause of workplace accidents across America is road collisions and vehicle damage. For that reason, you need the right coverage in place to ensure your business stays operating as smoothly as it should.
There are several insurance policies to consider in this industry, some of which are highly recommended by or required by the law. The size of your business will play a big role in determining the precise coverage you need. However, it is always a good idea to have General Liability Coverage and Property Insurance in place.
Not only will these policies cover damage to your place of work, but they can also protect you and your company against lawsuits and liability claims from employees or third parties. For example, Workers Compensation is needed to protect your company against the cost of injuries sustained by employees.
Medical Equipment Wholesalers
Medical professionals require a plethora of tools, accessories, and equipment. When something goes wrong with these supplies, it’s not uncommon for the wholesaler to be held liable. With that in mind, several insurance policies are available to keep you covered in this and several other situations.
Firstly, Product Liability is crucial if you’re hoping to protect your company from being liable for faulty equipment. Additionally, General Liability is a must. This type of insurance is required by almost every business, regardless of which industry you work in.
By having this coverage type, you and your company will be protected against liability should a patient or doctor be injured by a piece of equipment you sold.
Other Insurance Policies required or highly recommended include the following:
- Workers Compensation
- Property Coverage
- Commercial Auto Insurance
So, what type of coverage can these insurance policies offer you?
Product Liability
Product Liability Insurance covers products designed, manufactured, or distributed by your company. Due to the importance of medical equipment, it is no wonder there are higher risks involved in distributing these products. However, with the right coverage on your side, you won’t have to worry about being held liable or finding yourself on the receiving end of a lawsuit.
This is because Product Liability covers the policyholder in the event a lawsuit arises after the use of an insured product. These products can include anything from walkers to syringes to wheelchairs. If a claim is filed, the damages, legal fees, and settlement charges will all be handled by the insurance company.
However, in the event your product causes damage to somebody else’s property, Product Liability will not keep you covered. Instead, you will need Property Damage coverage to stay protected in this situation.
Property Damage
If your business or one of your products causes damage to another’s property, you’ll need to rely on Property Damage coverage to keep you protected. This coverage may be able to pay for the cost of the damage or the loss of use of the property.
To learn more about this coverage type and how it could benefit your business, call Texas Insurance Agency today.
General Liability
This insurance type covers common business risks and protects small businesses and large businesses alike, against the costs of lawsuits. Some of the risk covered by the insurance policy include the following:
- Harm caused by a product
- Customer Injury
- Damage to a customer’s property
- Libel and other advertising injuries
Coverage Options for Wholesale Companies
General Liability offers a variety of coverage options. In the event of client injury, this policy will protect you and your company from paying medical bills, attorney fees, and even funeral expenses in a fatal accident.
Even better, this policy doesn’t just protect you against these costs in the event of a customer injury. It can also protect you in the event a delivery driver is injured. However, if you’re looking for coverage in the event an employee is injured, you’ll need Workers Compensation.
If you run a smaller wholesale business, your general liability insurance can be bundled with commercial property insurance and BOP (business owners policy). By bundling these insurance policies, not only are you receiving more coverage, but you’re paying less. Speak with Texas Insurance Agency today to learn the full extent of these policies and your bundling options.
Commercial Auto Insurance
This insurance type is designed to provide coverage against costs of damage sustained by company vehicles. This could be anything from a van to a truck to a tractor-trailer. It’s not uncommon for vehicles to suffer collisions or road accidents, and work vehicles are no exception. With that in mind, this coverage policy can keep you from paying for several expenses, including the following:
- Medical Bills of injured drivers
- Legal Bills if a lawsuit is taken out
- Costs of damage to the vehicle
This insurance type also covers the cost of theft and vandalism regarding your company vehicles. Weather conditions have also been known to cause vehicular damage. For example, a tree branch can be blown down in a vicious wind and break a window. If this were to occur, your Commercial Auto Insurance would still cover the costs. That is why it is a highly popular insurance option for business owners.
If your wholesale business owns delivery trucks that are frequently used, then this insurance policy is for you. Speak with Texas Insurance Agency today to learn the many ways this policy can help you save.
Workers Compensation
This insurance type covers lost wages and medical bills as a result of a workplace accident, injury, or illness. No matter what industry you work in, accidents are bound to happen. Whether an employee injures their hand on a piece of equipment or slips and falls, your company could be held liable.
That is why carrying Workers Compensation is so important. This insurance type will prevent you from paying the cost of medical bills and lost wages when an employee is recovering from an injury or illness. Employers Liability Insurance is also highly recommended. This is because it can keep you covered in the event an order clerk, a wholesaler employee, or a packager sues you due to an injury.
This insurance type will cover the cost of attorney fees, settlements, and court costs. Having the right coverage could mean the difference between your company succeeding or not. With that in mind, Texas Insurance Agency is here to help.
Call today to see why we are the most sought-after insurance agency in Texas. With us on your side, you can rest easy knowing yourself, your company, and your employees are covered.
