Looking for warehouse insurance? You’ve come to the right place. ALIGNED can help you find insurance coverage for your warehouse with ease that fits your operations, prefernces and budget.
Warehouse Insurance 101
Protect your warehouse and your operations from risk with commercial insurance specifically designed for warehouses and warehousing operations. The right warehouse insurance policy can safeguard your business against day-to-day risks, like third-party claims of bodily injury or property damage, property damage caused by an insured peril like fire, water damage and much more.
Warehouse insurance coverage highlights
Warehouse insurance coverage differs between policyholders, but the following coverages are generally recommended and typically purchased:
- Commercial general liability insurance: Sometimes referred to as slip-and-fall insurance, commercial general liability coverage can protect your warehouse against claims of third-party bodily injury, property damage, and more. Under this portion of your policy, your insurer may cover the cost of medical expenses, repairs, legal fees, and more, up to the policy limit.
- Commercial property insurance: Commercial property insurance protects your warehouse and any business-related contents from property damage caused by an insured peril including the property of others in your care, custody and control. Insured perils vary but may include windstorms, fire, theft, vandalism, water damage, and more.
- Equipment breakdown insurance: If a piece of equipment in your warehouse suffers an internal failure, such as a mechanical or electrical breakdown, electrical arcing etc., equipment breakdown insurance could help cover the cost of repairing or replacing it. Even better, business income lost as a result of the equipment breakdown may also be covered by the insurance provider.
- Business interruption insurance: Business interruption insurance could safeguard your warehouse against lost income if it is forced to close due to damage from an insured peril. Insured perils vary but could include theft, fire, vandalism, and windstorms, among other losses.
- Commercial auto insurance: If your warehouse uses vehicles for business purposes, such as to transport items, you may benefit from commercial auto insurance coverage. Policies vary but may include third-party liability coverage, uninsured automobile coverage, accident benefits coverage, etc.
Is commercial property insurance necessary for warehouse and storage companies?
Yes. Commercial property insurance is an integral part of any warehouse insurance policy. Without it, your warehouse may not be protected in the event of theft, vandalism, or property damage caused by an insured peril like a fire, windstorm, earthquake, etc. Therefore, it is strongly recommended that all warehouse operators include commercial property insurance with their warehouse insurance policies. Your commercial property insurance policy also has to be specifically designed to accomodate the nautral fluctuations in values/levels of goods being stored.
Factors impacting the cost of warehouse insurance
The cost of warehouse insurance varies between policyholders as insurers use many factors to determine rates. For example, many insurance companies calculate warehouse insurance premiums based on details like the size and location of the warehouse or the number of employees at your warehouse. Keep reading to discover some of the main factors impacting the cost of warehouse insurance:
- The location and size of your warehouse
- Your insurance claims history
- Your policy coverages, limits, and deductibles
- The number of employees at your warehouse
- The annual and projected revenue of your warehouse
- The services offered by your warehouse
- The type of goods, products, materials etc that are being stored or allowed to be store at each warehouse
- Replacement cost of equipment, machinery etc.
Quality warehouse insurance solutions are just a click away with ALIGNED
Ready to purchase warehouse insurance? Get in touch with ALIGNED now. Our commercial insurance experts are always on hand to answer your questions and walk you through the process of working with an insurance broker. Give us a call or get started now by clicking here for a free quote.
