Oregon Wholesalers Insurance
Getting The Right Coverage For Your Business, Fast And Easy!
As a wholesale distributor, you have specific insurance needs for your business. This depends on the type of products you distribute, company logistics, employees, equipment, and transportation. It’s vital to get the right kind of Wholesalers Insurance coverage for your business or you could be facing financial disaster at any moment. Here is an example.
Dan worked very hard to build his wholesale grocery distribution business. In the beginning, Dan’s insurance needs were simple, because he only had three trucks, one warehouse, and five employees. In just a few years time, Dan’s business grew from a small company to a distributorship that employed 18 people. He provided many kinds of products to over 30 grocery stores in his county and two neighboring counties.
Things were going very well for Dan and everyone in his business, until a major power failure from a storm affected his refrigerated warehouse. Plus, the problem happened during a long holiday weekend, when Dan and several of his employees were out of town at a convention, more than a thousand miles away.
The power was off for four and half days and his refrigerated warehouse was full of products. In addition, his customers could not take delivery because they had no power also. As a result, Dan lost almost everything in the warehouse and filed a claim with his insurance agent. To his surprise, his Distributor Insurance policy would not pay, because he didn’t take out business interruption insurance. Dan’s losses were so great that his company could never recover, and this tragedy could have been avoided if he had the right kind of insurance.
What Is Wholesale Distributors Insurance?
An insurance policy for wholesale distributors should cover all aspects of the business. For example, you need a way to protect your employees, warehouses, equipment, vehicles, property, offices, and products.
Who Needs This Kind Of Insurance?
Anyone that operates a business distributing wholesale products needs insurance for wholesale distributors. This coverage is vital, whether you run a business with one truck run from a garage, or a company with an entire fleet of trucks and several warehouses.
What Does A Typical Policy Cover In Oregon?
There really is no such thing as a typical policy for a wholesale distributor, but most policies should cover these things:
- Property insurance – this includes warehouses, offices, and any real estate that your business owns. If your rent, you still need property insurance, but you need a different type of insurance to cover contents.
- Inland marine insurance – also called cargo insurance. This covers your products while they are in transit.
- Vehicles – do you have company cars? Maybe you own a fleet of trucks. You also might have trailers and some of them may be refrigerated units. You should have Wholesalers Insurance that includes liability and damage coverage for these vehicles.
- Equipment Insurance – you might own a wide range of equipment like lift trucks, power jacks, specially tools and equipment, refrigeration equipment, and warehouse HVAC systems. These things need protection.
- Offices – if you have offices, you will need to insure their contents. This includes computers, printers, copy machines, fax machines, furniture, and such.
- Employees – you are required by law to carry workers compensation insurance coverage. This is an excellent benefit to provide to your people. It will take care of them if they are hurt on the job and cannot work for an extended period of time.
- Liability Insurance – A Distributor Insurance policy covers liability insurance for injuries on your property. You also need liability for all your vehicles, including warehouse vehicles.
- Liquor Liability Insurance – Host the occasional event/tasting/party? Better have coverage for the people who are consuming alcohol on your premises!
Is Optional Coverage Available?
There are many options to consider and it depends on your business needs. That is why it is important to consult with a professional on the matter. For example, if you distribute refrigerated products, what will you do if your refrigeration equipment breaks down? You should consider refrigeration breakdown coverage with your Wholesale Distributors Insurance policy, to protect you from losses.
If something happens that keeps you from doing business for days or weeks, this could be disastrous. Business interruption insurance will reimburse you for losses like this.
Many companies should think about an umbrella liability policy that will cover the business for amounts in excess of one million dollars for a large range of liability issues that standard policies will not cover.
You also may wish to consider life insurance. In fact, if you need to borrow money for business uses, creditors usually insist on this coverage. It is also a good idea to take out life insurance if you have business partners, so everyone’s interest can be protected.
The Benefits Of Customized Distributor Insurance
When you come to Ferranti-Graybeal Insurance Agency Inc, you have the advantage of experience and an independent agency. Jason Graybeal has been in the insurance business since 1999 and he has inside knowledge on the wholesale distribution business, because his family owns Graybeal Distributing. They are the largest beverage distributors in the Eastern part of Oregon and have been in business since the 1950s.
In 2010, Graybeal Insurance became Ferranti-Graybeal Insurance Agency Inc, when Jason acquired Ferranti-Leavitt Insurance in Hermiston, and they now have two locations to better serve customers.
You can be assured of the best rates and insurance options when you choose an independent agency like ours. They are not bound to any one insurance company and they specialize in individual solutions for you and your business.
Don’t wait until it’s too late to find out if your Wholesale Distributors Insurance is sufficient. Contact Ferranti-Graybeal Insurance Agency Inc today for a no obligation consultation. In Hermiston, call 541-567-5523 and in Pendleton call 541-276-3551 or you can go to the website contact form for more details today.