As a wholesaler, you have to store lots of goods for sale. If these goods get damaged, you could suffer a big loss. Wholesalers are also at risk of employees getting injured. Get comprehensive Wholesalers Insurance today with Provide, in just minutes.
Coverage | Explanation | Importance for wholesalers |
Protects your business property against physical damage, e.g. fire, explosions, certain types of water damage, etc. Covers your inventory, business premises (e.g. office, warehouse, etc.), equipment, fixtures & fittings, & other contents. | Critical | |
Protects you against liability to third-parties for property damage or injuries. Â Â | Critical | |
Protects your employees if they suffer work-related injuries/sickness. | Legally required for all manual workers (e.g. goods packers, drivers), or workers who earn <$2,600/month  | |
Protects your business if your foreign workers require medical treatment. | Legally required for all S-Pass and Work Permit holders |
Claim Example 1: Goods packer injured while moving stocks
One of your employees was packing heavy goods for storage in your warehouse. Some of the goods accidentally fall off the shelf, hitting your employee. Your employee falls over, and suffers a fractured arm, and other injuries from the heavy goods. He undergoes surgery to treat his injury. His medical bill is $7,000. Under Singapore law, you must compensate your employees for work-related injuries/illnesses. With WICA Insurance, the insurance company would pay for your employee’s $7,000 medical expense.Â
Claim Example 2: Inventory gets damaged
The warehouse you store your goods in catches fire. The blaze destroys $100,000 worth of inventory that you had been planning to sell. If you have Commercial Property Insurance, the insurance company would pay for the cost of your damaged goods.Â
Claim Example 3: You injure someone else while delivering goods
You were out delivering goods to a client. While moving goods up to an office, you accidentally hit a member of the public. The injured person files a personal injury lawsuit against your company, claiming damages for their medical expenses, and for your negligence in causing their injury. With Public Liability Insurance, the insurance company would cover your i) legal fees to defend your company, and ii) damages/settlement costs.
Coverage | Coverage amount (example) | Premium |
$100,000 | From $39/month for a Wholesalers Insurance package deal  | |
$500,000 | ||
$10 million common law annual limit  $45,000 medical expenses cover per worker | ||
$10,000 | ||
$15,000 per worker | From $6/month, per worker |
