11 Aug Insuring a Warehouse
Insuring a Warehouse
Purchasing Insurance for your Warehouse is a necessary part of protecting your business. There are many coverages and options to consider, which can cause some confusion. We will explain which coverages are essential for your Warehouse.
Insuring a Warehouse – Property Insurance
Property Insurance is an essential coverage for nearly every type of warehouse. However, different warehouses have different Insurance needs depending on several factors. It is important to take some time to recognize which property is yours and therefore needs to be covered. If you own the building, you need sufficient coverage for the building. If you just own the inventory, you should be Insuring this property as well. There are additional property coverages available for tools, machinery, or other equipment that you own for business use.
Insuring a Warehouse – General Liability
General Liability is an important and affordable coverage for warehouses. General Liability will cover bodily injury and property damage claims to third parties that are a result of your business operations. In addition, you can purchase additional coverages that are specific to warehouse operations. In many cases you can bundle your General Liability and Property Insurance into a single policy called a Business Owners Policy.
Insuring a Warehouse – Workers Comp
Workers Comp rates for warehouse employees tend to be fairly expensive in comparison to other types of businesses. Many companies that operate warehouses do not realize that classifying the employees correctly plays a huge role in the amount of Workers Comp premium they will have to pay. If the company operating the warehouse is a wholesaler, these employees may fall under the wholesale class code. If some employees are doing just clerical work off-site, they will likely fall under the clerical class code. Minor changes like these can make a drastic impact on the Workers Comp premium and your bottom line.
To learn more, give us a call at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.