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Wholesalers Insurance

We make commercial insurance cheaper, faster, and exponentially more convenient for wholesalers.

Who Needs Wholesalers Insurance?

Popular examples of wholesalers include (but are not limited to):
– Clothing wholesalers
– Food & beverage wholesalers
– Electronics wholesalers
– Consumer goods wholesalers
– Medical supplies wholesalers
– Auto parts wholesalers
– Machine, equipment, and other industrial goods wholesalers

Who Needs Wholesalers Insurance?

Your wholesale business is exposed to many risks everyday that jeopardise profits and smooth operations.
Damage to inventory: A water pipe could burst in your ceiling, severely damaging your goods. Or a fire could break out at night, incinerating your store and everything in it.
Stolen goods / Robbery / Burglary: Shoplifters could easily steal your goods. Your store might even be robbed, or broken into and burglarised. As much as all business owners would like to trust their workers, 35% of businesses in SIngapore have experienced employee fraud.

 

Injuries to customers: Your customers might injure themselves while in your business premises. You could be held liable for personal injury damages.
Injuries to workers: Your workers might injure themselves while working. Singapore law allows employees to make Work Injury Claims against employers.
Lawsuits filed personally against Directors: If you are sued as a company Director or Officer, your personal assets like your house & car may be legally exposed.
Defective product causes injury or property damage: If the products you sell cause injuries or property damage to others, you could be sued.
Food poisoning from spoiled produce: If the produce you sell is spoiled and causes illness in customers, you could be legally liable for personal injury damages.
Non-payment of trade receivables: Your customers may default on payments to you for goods sold or services rendered.
Having comprehensive insurance policies is a fantastic investment into making sure your business profits are never unduly affected by such common threats.

What Insurance Do Wholesalers Need?

Wholesalers require a comprehensive suite of insurance to protect their business.
Due to the nature of its trade, wholesalers will need to create value in the supply chain by performing various functions (distributor, financier), otherwise it would merely be that of the transfer of goods from producer to consumer, making its role irrelevant.
There is foreign exchange risk between purchase & sale of goods, storage cost of inventories, liquidity risk when inventories are not sold off, distribution cost in transporting goods from warehouse to consumers, credit risk when buyers default on their credit payments…
Bankers & financial institutions are more willing to grant favourable trade facilities when the borrower has a robust credit management system. Without it, any incidents of loss or default in receivables collection could lead to possible bankruptcy of the company, should trade facilities be cancelled or reduced. As such, insurance protection is fundamental to its solvency & growth.

Top Recommended Insurance For Wholesalers

  • Protects you from non-payment of trade receivables.
  • Guarantees good cash flow. Very useful, especially if you have a few big sales accounts.
  • Increase your revenue by selling more on open terms.
  • Opens access to trade receivables financing  for your company.
  • Protects you from legal liability if your employees get injured or sick.
  • Pays for employee medical fees for injuries or illness.
  • Compulsory by law for workers performing manual labour, or any worker earning less than $1,600/month.
  • Very common insurance bought by SMEs.
  • Protects your goods while they’re being shipped in Singapore.
  • Pays for damage, loss, or theft of goods while packing, loading/unloading, and being transported.
  • Essential if you deliver goods to customers.
  • Protects you from legal liability if your employees get injured or sick.
  • Pays for employee medical fees for injuries or illness.
  • Compulsory by law for workers performing manual labour, or any worker earning less than $1,600/month.
  • Very common insurance bought by SMEs.
  • Protects  you from legal liability from products you  sell or manufacture.
  • Pays for lawyer fees, and legal damages for property damage or injuries caused by your products.
  • Particularly useful if you sell industrial goods, electronics, home appliances, children’s products, and other consumer goods in general.

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