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Dealing with construction and mining machinery and equipment is no easy business. From costly breakdowns and road accidents during delivery to staff or customers getting injured while at the premises of your wholesale facility - these are all risks that can land your company in financial and legal trouble.
Without an insurance policy in place - your company can be held liable and will be required to pay for all the costs associated with the accident out of pocket - which can be very costly.
When you have insurance, your wholesale business will be freed from any financial liabilities, which will ensure that no unforeseen events can damage your company’s financial standing.
How Much Does Construction & Mining Equipment Merchant Wholesalers Insurance Cost?
The cost of your insurance will heavily depend on the size of your company and the level of coverage you opt-in for. The bigger the company - the more cover you’ll need and that will likely bump up the price too.
The average wholesaler in the industry, however, pays around $150 per month on general liability insurance. This policy will shield your business from any third-party property damage or bodily injuries.
Many businesses in the industry also take out BOP or business owner’s policy insurance, which is a combination of general liability insurance and commercial property insurance. This way - not only are any third party protected but so is your business property. It costs around $120 per month.
Wholesalers that employ staff must also take out worker’s compensation insurance. Such a policy costs around $200 per month and will provide cover for your staff in case they get injured or fall sick at their place of work.
For wholesalers who own company cars - commercial auto insurance is necessary, which costs around $300 per month. This policy provides cover for your company cars, staff, and any third party involved in the accident.
What Types of Insurance Do Construction & Mining Machinery Merchant Wholesalers Need?
Construction and mining machinery and equipment merchant wholesalers can take advantage of a number of different insurance policies to protect their business.
Generally speaking, the level of cover you need will depend on the size of your business, whether you have company cars/employees, the state you operate out of, and other similar factors.
For a more detailed breakdown of the most recommended insurance policies for construction machinery and equipment wholesalers - please take a look below.
Why Do Construction & Mining Equipment Merchant Wholesalers Need Insurance?
Getting your wholesale business insured is always a good idea. While there are many things you can do to make sure it’s safe for everyone involved - accidents are bound to happen and there’s not much you can do about that.
For instance, if an employee falls from one of the machines at the workplace and breaks their leg, they can sue you and without insurance - you’ll have to pay for their medical bills, hospital costs, lost wages, all other fees involved.
If poor weather conditions damage your wholesale facility - without insurance, you’ll have to pay for all of the repairs yourself, which can be very expensive if you have a large business. When you’re insured, you have nothing to worry about as everything will be paid for by the insurance company.
In other cases, wholesalers in the construction and mining machinery and equipment industry simply need to take our insurance before they can legally trade and sell to the public and other businesses.