Wholesalers and manufacturers share common risks within their business, so it makes sense that they are protected with similar policies.
Specialist wholesaler and manufacturing insurance protects your business whether you are a large manufacturer with multiple factories, or a small sole trader making your own products.
What does wholesaler and manufacturing insurance include?
When you are choosing which types of insurance to include in your insurance package you must consider what applies to your business:
- The products you manufacture, store and sell – are they hazardous?
- Your staff – are their jobs dangerous?
- Factories and buildings
- IT networks
- Any seasonal increase in stock
As standard, your policy should include:
1. Employer’s liability insurance
As a manufacturer or wholesaler you are likely to work in a high risk environment with fork lift trucks and machinery. If an employee was injured by machinery or tools, they might seek financial compensation, which will not be a problem if you have employer‘s liability insurance to cover the cost of any legal fees, plus compensation.
2. Public liability insurance
If a visitor falls over in your office, factory or storage facility due to your negligence, your public liability insurance will pay out for any compensation needed.
3. Product liability insurance
As a manufacturer or wholesaler you are responsible for the products that you design, manufacture, or sell. Product liability insurance is a vital part of your wholesale and manufacturing insurance.
If one of your products causes injury to a third party or damage to their property, product liability can cover the financial cost and protect your livelihood.
4. Office insurance
Office insurance covers all the furniture, fittings and fixtures in your office, which would probably cost more than you think if you had to replace everything. This type of cover will protect your business against events such as burglary, fire and flooding.
5. Business contents insurance
It is essential to protect your business contents including any machinery, equipment and stock under your wholesaler and manufacturing insurance, so that your business runs smoothly and remains stable. Safeguarding against unexpected events can help protect your business, and ultimately this could prove vital. As a manufacturer or distributor, you could have large quantities of stock and this will allow your livelihood to be protected.