Insurance for the contents of hardware warehouse

[Alexandoy]

I didn’t know that hardware stores (that usually have their warehouse at the back) are required to insure their warehouse, even the contents will do. That is imperative especially when there is lumber because wood is a fuel for fire. A few months ago a warehouse of lumber got burned and nothing was saved.

The complaint of warehouse owners here is the high cost of insurance particularly the fire insurance. I remember in the olden days when insurance companies suffered losses for paying so many insured warehouses that burned. There was a suspicion that some warehouses were intentionally burned for the insurance. But that is another matter. With insurance you will have peace of mind that your property is secured and recovery is possible when disaster strikes.

 

[Wole.K]

The fact is, as an owner of a hardware warehouse you know that there are some risks involved with owning your business. In addition to the risks that are inherent in any business, there are additional risks that can be associated with owning a hardware warehouse. One such risk is insurance for contents of hardware warehouse. The way that an insurance policy covers the contents of hardware warehouse is through physical damage coverage.

If your warehouse is damaged due to an earthquake, fire or flood, or by lightning, then you may need to have a policy that provides for the replacement cost of your stock as well as the physical assets of the business in question. Most business owner no the importance of insurance but decide not to get one because of the cost.

 

[Mika]

Warehouses can be insured, this insurance will cover fire or burglary. However, warehouse insurance comes under business insurance. Business insurance is different from personal insurance and what the policy covers depends on the insurance company. Some companies give 100 percent coverage, whereas some companies give 70-80 percent coverage.