Insurance for Wholesale Businesses
The wholesale sector plays a vital role in retail and helping drive the economy forward. However, acting as intermediaries that purchase goods in bulk and resell them to retailers at a profit, wholesalers are not without their risks and subsequently need to protect their products and business from potential perils.
Through the whole of the supply chain and beyond, wholesale distributors have a wide range of risks to cover.
Wholesale insurance is designed to specifically cater for the unique challenges and hazards wholesalers face.
Such potential hazards that wholesale insurance can protect wholesaler distributors from include:
- Fire, theft or vandalism to a factory or warehouse threatening a wholesaler business’s products and stock.
- Wholesalers are also vulnerable to claims of negligence, with products failing to live up to contract standards and the threat of retailers potentially prosecuting due to a misunderstanding.
- Employees having an accident at the workplace and getting hurt on the job is another potential risk for wholesalers and one that having the right insurance in place can protect wholesalers from.
When writing wholesale insurance, it is important the underwriter understands exactly what the business does, from the point of purchase though to the distribution chain and to the end customer.
Nelson Policies at Lloyd’s provides a wholesale insurance product that is tailored to meet the unique needs of a whole business.
Our underwriters specialise in providing bespoke, tailored solutions for standard and non-standard combined business, including writing flexible products for wholesalers.
If a wholesaler deals with imports from China and/or exports to the USA and Canada, Nelson Policies at Lloyd’s can consider incorporating these unique wholesale business requirements into our wholesale insurance product.
Nelson Policies at Lloyd’s team of experienced and knowledgeable commercial insurance specialists will work with a broker to ensure the unique risks a wholesaler faces on a day-to-day basis are met, giving wholesalers peace of mind that their business, its premises, employees and products are covered.
Contact our commercial team today to find out more about Nelson Policies at Lloyd’s wholesale insurance.Back to Blog
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