Wholesalers & Distributors Insurance
Wholesalers and Distributors
Your wholesale and distributors business does not need the pricing or the cumbersome insurance boiler plate of a Commercial Insurance Package policy. A Business Owner’s insurance policy referred to as a BOP will work just fine for your business insurance needs. Aside from the low cost involved when purchasing a BOP insurance policy the insurance coverage afforded by this Business Owner’s insurance policy is very comprehensive.
The wholesalers’ and distributors insurance policy premium is driven by the property values you insure. The BOP policy does not contain a co-insurance clause. The BOP may not be subject to an audit at the end of the policy term. The BOP insurance policy continuously renews until you request that it is cancelled or if you stop paying premiums.
The wholesaler ‘and distributors ‘insurance policy can insure your real and/or personal property at your warehouse and comes with enhancements automatically included.
Computers and media including Lap Top computers which are covered on a world- wide basis.
Employee Dishonesty including ERISA up to $10,000 in any one occurrence.
Outdoor signs and landscaping subject to a policy limit which is generally $5,000.
Valuable Papers and Accounts Receivable insurance is included.
The policy can also include coverage for your items which are damaged or stolen during shipment.
All Section I property coverage is subject to your deductible which can be as low as $500 per claim.
Included in wholesalers insurance policy is coverage for your loss of business income and extra expense insurance for the actual loss you sustain for a period of 12 months. Depending on the insurance company you are insured with this period could be as much as 18 or 24 months.
Section II of your Business Owners insurance policy provides for Liability coverage. Your deductible does not apply to this section of coverage. The limit is generally $1,000,000 for each occurrence or claim and $2,000,000 in the aggregate. The aggregate limit is the most the company will pay in any one policy term for third party liability claims against you. This section of coverage provides coverage for your premises, products and completed operations, personal and advertising injury liability.
As with any insurance policy there are exclusions, restrictions and limitations. If you provide your independent agent at a good description of your operations he or she will be able to get your policy as customized for you as possible.
Some coverage you might want to add would be:
Data Breach insurance coverage which provides protection if sensitive or personal information you collect on your customers is hacked. This could be social security numbers, medical information or credit card information.
Hired and Non-Owned Automobile Liability insurance coverage protects you if you are sued for bodily injury or property damage caused by a vehicle not owned by you such as your employee who uses his or her personal automobile to run errands for your business. It also covers vehicle you hire or rent but not for the physical damage to the vehicle – just for liability protection.
Employees Benefits Liability insurance is also available under the) Business Owners insurance policy. This form of coverage protects your business if you are sued for errors or omissions in the administration of your group health plan.
Cyber Liability insurance is also available for the small Business Owner and should be considered to round out your insurance portfolio. You do not have to be a big corporation to be hacked like one.
Call EZ Center Insurance Services and see how we can streamline your insurance portfolio for you now.