Krywolt Insurance works with wholesalers to ensure their status as the middleman is protected. If you run a B2B business that operates as a wholesaler or an intermediary between a vendor and purchaser there are special considerations for your insurance. Whether you touch the products, store them, transport them or even see and inspect them, we can work with you to ensure you are insured.
Calgary wholesaler insurance is a package of insurance coverage designed to protect wholesale and warehouse business owners from paying out of pocket for expenses such as inventory replacement, property damage mitigation and legal defense costs in the event that something goes wrong. As a B2B wholesaler who transports and stores goods on the behalf of customers, you are exposed to some major risks that could lead to serious financial losses and even shut down your business for good if you don't have the protection afforded by the right Calgary wholesaler insurance coverage. The brokers at Krywolt Insurance have the specialized expertise necessary to find the best insurance solutions for your unique business coverage needs.
If you run a business-to-business wholesale operation in Calgary, AB that acts as an intermediary between manufacturers and purchasers by transporting and storing retail goods, it's critically important that you have the best Calgary wholesaler insurance coverage available on the insurance market.
Imagine if a fire broke out at your warehouse and all the stock you were holding for a client was destroyed. Not only would you have to pay for costly fire damage mitigation to get your commercial space back in useable condition, you would have to soak the cost of the destroyed inventory, manage to keep your business afloat while repairs were taking place, and could even have legal action brought against you by your clients for disrupting their supply chain and causing them to break contracts with their business partners.
Needless to say, the astronomical costs involved could lead to financial ruin if you didn't have the support of a Calgary wholesaler insurance provider. That's why it's so important to have the right business coverage in place to protect you against unforeseen expenses and help you get back on your feet quickly following an incident such as fire, flooding, theft, vandalism or even non-payment by a client.
There is no one-size-fits-all solution when it comes to Calgary wholesaler insurance. Your business is unique, and your insurance policy needs to be unique as well so it can adequately protect you against the specific perils you are most likely to encounter. When you speak with an experienced Krywolt Insurance wholesale broker about your business plans, we'll be able to come up with a list of recommendations for what types of Calgary wholesaler insurance you really need. Depending on how you run your business, here are some of the types of coverage you should consider.
As a wholesaler, your commercial property is likely a pretty critical part of your business operation. You need somewhere to store, sort and sometimes assemble goods—and without that space, you simply can't function and bring in revenue. Commercial property coverage is the part of a Calgary wholesaler insurance policy that will help you recover the cost of repair or restoration to your commercial property, up to the limits outlined on your policy, following an unfortunate event such as a fire, natural disaster or theft.
In Calgary, AB, commercial property insurance falls into one of two categories: all-risk or named perils. Despite the name, an all-risk policy does not protect you against literally all possible risks, but it does give you a broad range of coverage that applies to many common or likely perils, except the ones that are specifically excluded on the policy. Named perils coverage, on the other hand, only applies to the risks that are named on the policy—in other words, the "named perils."
You may purchase goods outright from a manufacturer and then sell them yourself to retail vendors, but many wholesale and warehouse businesses store and transport their clients' stock without actually owning it themselves. This practice, while very common, does present some serious legal risks and complications for the wholesaler. In all likelihood, there's no set value that applies to every shipment you receive—the value varies widely according to what is in a given shipment. At the same time, you may be moving high-risk products, items that need refrigeration or perishable items with a strict time limit for transport.
If goods are damaged, destroyed or stolen while in your possession, it can cause major problems for your clients that will compromise their supply chain, disrupt their revenue stream and cause them to fail to meet their contractual obligations. You may require your clients to purchase their own contents in storage coverage before you store items for them, which is a solid practice. But if they can prove that the financial loss resulted from your negligence, they can bring legal action against you to recover the loss. Warehouse legal liability on your Calgary wholesaler insurance will protect you against paying out of pocket for legal defense fees and settlement costs should you be sued for negligence at your warehouse that caused financial loss to your client.
If you store inventory that belongs to you rather than your client, it's necessary to include stock and inventory coverage as part of your Calgary wholesaler insurance. Commercial property insurance offers remuneration for damage to your business property specifically—it does not extend to the inventory that is stored in the building. For example, if the Bow and Elbow Rivers were to burst their banks again and cause another major flood in Calgary, it could cause severe damage to your commercial property and destroy a large portion of your inventory. If you have stock/inventory insurance in place, your insurer will provide funds to cover the financial loss of the damaged or destroyed inventory.
Wholesalers occupy a middle position in the supply chain, so both manufacturers and vendors rely on them to maintain a delicate balance and keep the goods moving along the chain as required. But as we all know, life happens—and if one party encounters a major financial or political problem that prevents them from paying what they owe you, it can throw a wrench in the works that creates a serious headache for every party along the line. For that reason, accounts receivable insurance is a particularly important addition to your Calgary wholesaler insurance.
Should a client default on a payment to you because they were unable to meet the obligation for financial or political reasons, your accounts receivable coverage will allow you to receive compensation from your insurer. That allows you to keep the supply chain in operation without suffering undue losses yourself or compromising your ability to maintain your contracts with other clients.
If a catastrophic event like a fire or flood occurs that puts your business out of operation, the costs of damage mitigation, repair, restoration and replacement will be handled under types of coverage such as commercial property insurance, equipment breakdown insurance and stock/inventory insurance. But the processes of repairing your building, replacing equipment and rehabilitating damaged inventory isn't going to happen overnight. While those necessary tasks drag on, you'll be left without a way to bring in revenue, which means you'll struggle to handle costs like rental fees, employee wages and more. Business interruption coverage protects you against the loss of business income by reimbursing lost revenue while you're recovering from a disaster. It may also cover additional expenses such as employee wages or the cost of a temporary location and rental equipment, depending on how your policy is written.
During your normal business operations, you probably have to move a lot of cargo from place to place. Whether you are shipping gigantic pallets of goods halfway around the world or just having a couple boxes delivered to local purchasers in Calgary, it's important to have some type of cargo insurance in place on your wholesaler insurance. Calgary, AB wholesalers will need differing types of cargo insurance depending on where and how they are sending shipments. In general, cargo insurance protects you against financial losses related to issues such as non-delivery of cargo, theft in transit, failure to pass customs clearance, collision damage, accidental loss, jettisoned cargo and other perils. It does not protect against losses incurred because of inadequate packing or flawed products.
There are basically two broad categories of cargo insurance: inland cargo protection (sometimes called inland marine insurance) and marine cargo protection, which is also referred to as ocean marine insurance or maritime cargo insurance. Inland cargo insurance protects goods that are being shipped over land via truck or train. It may include coverage for shipments that are going to or from the United States, but generally speaking, it's intended for domestic land shipments that are being transported within Canada. Marine cargo insurance is intended for shipments that are being transported over water via ship or airplane.
When it comes to wholesaler insurance, Calgary, AB residents are not legally required to have coverage. In fact, business insurance in general is not mandatory in Canada for most professionals. That being said, it would be a serious mistake to go without insurance protection for your biggest investment, your business. Being forced to pay money out of your own budget to cover major expenses such as property damage mitigation, theft, loss of inventory, legal defense fees, settlement costs and more could spell the end for your commercial operation.
Most business owners don't have the ability to soak those kinds of expenses on their own, which is why it is so crucially important to the well-being of your business that you have the right Calgary wholesaler insurance protection. The expert brokers at Krywolt Insurance will work hard to find the best options for your unique insurance requirements so you can rest easy knowing you are safe from sudden financial loss.
Because there's such a wide range of coverages and rates will be influenced by a number of important factors, it’s difficult to provide even a general estimate for what your specific insurance premiums may be for wholesaler insurance. Calgary, AB brokers from Krywolt Insurance will be able to give you a quote once we've had the opportunity to learn more about your business and your operations.
You need a Krywolt business insurance expert to be able to define all the possible risks associated with your business, so you can get the best possible coverage to ensure that a single simple accident or oversight doesn't lead to financial ruin for your Calgary wholesaler operation. You know your business; we know the risks and the ways to protect you from potentially crippling financial losses.
When it comes to the rates for wholesaler insurance, Calgary, AB premiums are impacted by factors such as:
You can count on your Krywolt Insurance professional to put together a package of Calgary wholesaler insurance that will protect you against the perils you are most likely to encounter, so you can have the peace of mind that comes with knowing you are protected against whatever life throws at you.