The 3 Types of Building Material Supplier Insurance Coverage Types That You May Wish to Consider
Running a building materials business is a lot of work.
When you’re not following up with inventory and vetting new product building materials suppliers, you’re managing customer expectations and dealing with staff.
Most of the time, these transactions are just another day at the office. But between your inventory and your building materials, there’s a lot of room for liability issues to crop up in unexpected places.
If the unthinkable were to ever occur, building material supplier insurance can make it easier to protect your business and ensure you are able to continue to operate despite suffering a loss.
1. Commercial General Liability Insurance – Why is it Important for Building Material Suppliers?
Any time you’re operating a business that operates out of a brick and mortar building, commercial general liability insurance is worth putting on the table.
As a building material supplier, you probably have a lot of heavy-duty products and equipment in your building. One fallen wood pallet or one wayward glance while operating machinery can have devastating consequences.
In addition to the bodily injuries or property damage scenarios that commercial general liability is known for covering, this type of insurance can also help with the costs of false advertising claims and tenants legal liability claims.
2. Commercial Property Insurance – How Can This Insurance Help Keep Your Costs Low?
You don’t need us to tell you about how much work a building material supplier has to do in order to stay on top of inventory and sourcing.
If a fire were to break out in your building, the partial or total loss of your inventory would more than likely be devastating. And beyond that, even general pieces of business equipment like a cash register or a debit machine can be hard to replace on short notice.
Commercial property insurance is often useful in these situations because of how it can compensate you for the cost of property that’s been damaged by an insured peril.
3. Products Liability Insurance – What Does it Cover for Building Material Suppliers?
As a building material supplier with a professional reputation to keep, it goes without saying that you do your best to deliver nothing short of high-quality products to your customers.
However, even in situations where everyone has done their due diligence, sometimes the flaws associated with a certain shipment of material don’t become apparent until the building’s already been sold. And even if your business isn’t liable for the flaws in the building, financing a lawsuit isn’t a cost that most companies can just absorb.
Products liability insurance coverage can make it possible for you to navigate the costs of litigation with minimal financial disruption to your business.
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The Reason Why You Should Hire a Broker for Building Material Supplier Insurance
Even within the same industry, different companies will have different insurance needs. Understanding the nuances of all the various options to choose from isn’t easy even in the best of times. If you want a policy that will give you the right amount of liability coverage, it’s important to hire a professional and experienced broker who can help you put together a solid insurance strategy.
Contact an ALIGNED broker for your FREE quote today.