Whether they manufacture, store or sell wholesale goods, warehouses generally hold large volumes of stock which would be expensive to replace if they were stolen or damaged. The same is true of the building itself and the equipment inside. This is why businesses need warehouse insurance. Without it, they won’t be able to protect their property, their workforce, their clients or customers.
Warehouse Insurance Policies
Companies can buy a single, comprehensive, warehouse insurance policy or separate policies that will offer full protection altogether. Whichever option they choose, however, their insurance cover should include:
- Buildings Insurance, including water, fire and accidental damage. Malicious damage is also included in some policies, or business can ask it is added.
- Stock Insurance, which replaces damaged stock.
- Content Insurance, which includes all the non-stock elements of a business that might be housed in a warehouse. For example, shelving, computers, and other equipment.
- Product Liability Insurance, which protects businesses if the products they sell are faulty.
- Employers Liability Insurance, a legal requirement for all warehouses who employ staff. This covers for accidents and incidents that happen in the warehouse itself, including the use of tools and equipment.
- Warehouse Public Liability Insurance, which provides cover against claims made by visitors to the warehouse due to a company’s negligence.
Where businesses use drivers to deliver goods, they might also want to consider additional insurance for forklifts or trucks used to make deliveries.
Because there are so many elements to warehouse insurance it is essential that businesses get it right. If they don’t, they could find themselves covering costs for replacing stock or equipment or liable if staff or visitors are injured.
Buying warehouse insurance
Do you have questions about warehouse Insurance? Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.