What does wholesalers insurance entail?July 12th, 2018
Just like any other enterprise, a wholesalers business will benefit from having comprehensive insurance when it comes to protecting future success. Wholesalers insurance incorporates various different types of cover that, together, are designed to provide some security against risk and enable better future planning. It ensures that, whether the risk arises from interactions with members of the public, the actions of your own staff or unforeseeable events that impact on key assets such as stock, your business has the protection it needs to continue to operate.
If your business is found to be liable for loss or damage to a person or property then you may face a substantial compensation claim. Compensation can be catastrophic because it has the potential to escalate significantly if liability is established. Wholesale insurance can provide protection against two key liabilities:
- Public liability – public liability insurance will provide wholesalers insurance cover for anything that happens to anyone who comes into contact with your business but does not work for you. That could be a member of the public, visitors or suppliers. If they are injured, or their property is damaged, then public liability insurance will give you a financial buffer against any compensation claim that they may make.
- Employer’s liability – this kind of liability can arise if one of your employees suffers injury during the course of their work for you and is entitled to claim compensation as a result. Without insurance in place to provide protection against employee claims – and the legal fees and expenses that can be incurred in managing them – the financial impact could be significant.
Protecting stock and assets
Unforeseen events can have an impact right across your business, from equipment that is damaged as a result of a burglary to stock destroyed by fire. Your business may not be able to function without its equipment, stock, contents or premises. Wholesalers insurance provides cover should anything happen to these crucial elements that might damage the potential of your business going forward.
There are many different factors that can affect business continuity and, if you have wholesalers insurance in place, you can protect against a number of them. For example, flooded premises that prevent you from fulfilling orders or a fire that damages premises and makes them unoccupiable. The purpose of business interruption insurance is to help you to bridge these problematic moments and ensure that your business can continue to trade. That may take the form of enabling you to trade from other premises temporarily or protecting your profit or fixed expenses. Whatever the solution, business interruption insurance will give you a chance to continue to trade even if the worst does happen.
Wholesalers insurance is essential to ensure the ongoing success and security of the business, no matter what happens around it. We can help you to find the ideal wholesalers insurance policy for you – contact us to find out more.