Lumber Yard Insurance in Vermont
What is Lumber Yard Insurance?
Operating a lumber yard require significant investments, and those investments ought to be protected whenever possible. One way that Vermont lumber yards can protect themselves from a variety of risks is by purchasing lumber yard insurance.
Lumber yard insurance is specialized commercial insurance for lumber yards and similar businesses. So that these businesses receive the protections they need, lumber yard policies typically come as packaged policies that have several coverages within them.
What Vermont Businesses is Lumber Insurance Right For?
Most Vermont lumber yards should have lumber insurance, as well as most any other businesses that sell boards to do-it-yourselfers or contractors. These businesses may include traditional lumber yards, sawmills and hardware stores.
Whether lumber insurance is right for sawmills hardware stores depends on their other coverages needs. While these businesses are likely to need the protections that are offered by lumber insurance, they may also need protections that aren’t widely available through lumber policies. If this is the case, another commercial insurance policy probably ought to be purchased.
Businesses that are unsure whether lumber insurance or another type of commercial insurance is right for them can speak with an agent who specializes in these policies. An insurance agent who's familiar with the coverages that lumber policies provide can make an informed recommendation regarding what type of policy to get after reviewing a business's particular situation.
What Coverages Are Available Through Lumber Yard Policies?
The precise combination of coverages that a specific lumber yard policy makes available is dependent upon the policy's terms and conditions. Nonetheless, many policies usually offer the following coverages:
- Premises Liability Coverage, which might cover commonplace accidents occurring on a lumber yard's property
- Product Liability Coverage, which might cover accidents that involve products after they're sold
- Employment Practices Liability Coverage, which might cover discrimination claims made by employees
- Commercial Auto Liability Coverage, which may cover accidents involving yard-owned trucks or vans
- Umbrella Coverage, which may give broad additional liability protection with high limits
- Building Coverage, which may cover a yard's building and other structures on the property
- Contents Coverage, which may cover a yard's saws, other machinery, shelves, inventory and other items
- Equipment Breakdown Coverage, which may cover vital equipment if it breaks down and requires immediate repair
- Business Income Coverage, which may cover revenue decreases that follow some natural disasters
Is Workers' Compensation Available Through Lumber Yard Policies?
Most lumber yards are required to carry workers' compensation coverage because they have employees. This coverage generally protects against workplace injuries, which are certainly a concern when working in a lumber yard.
Whether workers' compensation is purchased within a lumber yard policy depends on the particular policy, however. While it may be purchased as part of a lumber yard policy, the coverage is more often acquired via a stand-alone policy that provides only workers' compensation.
How Much Do Lumber Yard Policies Cost?
Premiums for lumber yard policies vary, as they're based on many different factors. Some of the details that can impact policy rates include a lumber yard's:
- Annual sales
- Equipment used
- Past claims history
- Chosen coverages and limits
To see how much insurance will cost in a specific situation, lumber yards can speak with an independent insurance agent. Independent insurance agents aren't associated with any one insurance company and therefore, can request quotes from multiple insurers within the state. This makes it easy to see what coverages each insurer offers and how much they charge for those coverages.
How Can Vermont Lumber Yards Get Lumber Yard Insurance?
For help finding lumber yard insurance, contact the independent Vermont insurance agents at T.S. Peck Insurance. Our agents will work with you to assess your lumber yard's unique coverage needs, and then will help you compare policies that meet those needs. With our assessments, you can be confident in the policy that you ultimately choose.