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Medical, dental, and hospital equipment and supplies wholesalers are exposed to a large number of risks, which can not only land them in legal trouble but also be financially devastating.
From employees tripping, slipping, or falling and breaking a leg to staff getting into road accidents while delivering medical supplies - there are many risks medical wholesalers face on a daily basis.
Having insurance in place will financially protect your business from any liabilities that may arise in the event of an accident that leads to a claim or a lawsuit.
How Much Does Medical, Dental, & Hospital Equipment Wholesalers Insurance Cost?
The premium you’ll be expected to pay for your insurance will heavily depend on a number of factors including the size of your wholesale company and the coverage you opt-in for.
But, generally speaking, the average medical, dental, and hospital equipment and supplies wholesaler pays around $160 per month on general liability insurance. This type of policy will protect your business from any third-party injuries and property damage.
Wholesalers in the U.S. also take out BOP or business owner’s policy insurance, which is a combination of general liability and commercial property insurance. It protects not only against third-party claims and lawsuits but also your commercial business property.
If your business employs staff, you’ll need worker’s compensation insurance. This policy costs the average American wholesaler around $200 per month or $2,400 per year. It provides protection against employee accidents and injuries at the workplace.
Wholesalers that make deliveries using company vehicles are also required to take out commercial auto insurance. This cover typically costs around $250 per month or $3,000 per year and will provide your employees, vehicles, as well as any third party involved with protection from financial liabilities in the event of an accident.
What Types of Insurance Do Medical, Dental, & Hospital Supplies Wholesalers Need?
Medical, dental, and hospital equipment and supplies wholesalers can take advantage of a number of great insurance policies to protect the financial standing and well-being of their business in the event of an accident.
Below, you can take a look at some of the most recommended insurance policies in the United States for medical, dental, and hospital equipment and supplies wholesalers.
The level of coverage you need to take out will typically depend on the size of your business and the level of cover you want to take out.
Why Do Medical, Dental, & Hospital Equipment Wholesalers Need Insurance?
Generally speaking, every business that deals with customers is recommended to have insurance. This is to protect the company and its financial standing from any liabilities that may arise in the event of accidents that result in claims and lawsuits.
For instance, if an employee slips, trips, or falls during their shift and breaks a bone - they can sue the company, which without insurance will have to pay for the compensation out of pocket.
If a company vehicle is out of delivery and gets into an accident, without insurance, they can be in big not only financial but legal trouble, which can make the company go bankrupt.
In rare cases, due to poor weather conditions, the facilities and the products within can get damaged, in which case, without insurance, the company will have to cover all of the costs out of their own pocket.
Whatever the case may be - getting your company insurance for all the risks it is exposed to is a great way of protecting not only the company and your staff but also your clients and everyone else involved.