One truth is universal whether your wholesale business is big and booming or small but mighty: The right insurance coverage is a must.

Like most commercial insurance policies, wholesale insurance starts with the basics — general property and liability coverage. But, because the nuances of the wholesale trade industry are different for every company, give thought to how your wholesale business operates and the unique risks you might face. Then, talk with your insurance agent about ways to customize your wholesale business insurance policy to better help cover those one-of-a-kind needs.

Let’s break down three major reasons why customized wholesale trade insurance matters.

1. Accidents happen 

If your wholesale business deals in heavy, bulk items, or depends on machinery to shuttle goods around warehouses, then you know all too well that accidents can happen. Whether an employee gets hurt or a forklift malfunctions, there’s a plethora of scenarios that could leave your daily operations in a bind. And some of those misfortunes might be beyond basic commercial property or liability coverages. Be sure you’ve got coverages like workers compensation buttoned up.

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2. Vendors fall through

Suppliers and vendors are just as susceptible to bad luck as the rest of us. If something goes awry in their operations that you depend upon, you might find yourself in a jam. Things like prolonged power outages or delayed production can bring your business to a halt. Does your policy have the right kind of business income insurance in place to help you through those rough patches? 

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3. Cyber criminals

Criminals now include crafty computer hackers, adding a new layer of risk when it comes to theft. If your wholesale business leans on computers, as most do, give some serious thought to your cyber insurance coverage.

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In addition to reviewing the coverages within your policy, make sure your wholesale business has top-notch safety processes and procedures in place, so you’ll be less likely to fall victim to a preventable accident. Do you have fleet vehicles? Make sure your distracted driving policy is up to date. Climb a lot of ladders? Be sure employees know how to scale them safely. Some carriers, like UFG, also offer risk control services that can help you educate employees, identify and fix hidden dangers, and get your safety needs in check. 

Have questions about the coverages that might be best for your wholesale business? A nearby UFG Insurance agent can talk you through your options.