![]() ![]() ![]() Legal liability insurance helps the warehouse provider pay for this type of loss or damage. If your inventory is adversely affected by one of these issues, your warehouse provider could be held liable for any product loss or damage. Also known as “warehousemen’s legal liability insurance” or “warehouse operators legal liability insurance,” this special type of insurance exists to safeguard against inventory loss or damage due to facility maintenance issues, or gross negligence on the part of employees. (IRMI)īefore diving into the coverage, loss valuation, and risk management, it is helpful to understand the basics of warehouse legal liability insurance. Previously referred to as warehousemen’s legal liability insurance.” – International Risk Management Institute, Inc. “Warehouse Operators Legal Liability Insurance (is) insurance coverage against liability that might be incurred by businesses that store property of others for a fee. What is legal liability insurance and does your warehouse provider have it? It is never too late to ask these questions and put your mind at rest. But if you are already working with a warehousing company, do not despair. Ideally, you should ask them before you enter a relationship with your third party logistics (3PL) provider. “What can I do as a supplier or manufacturer to minimize risk?” “If my inventory is lost or damaged, how would those losses be valued?” “Exactly what is covered by liability insurance?” “Does my warehouse provider have liability insurance?” You may also find the following questions running through your mind: If you find the prospect of someone else overseeing your inventory to be a bit unnerving, you are not alone. And if you work with a warehousing or fulfillment provider to store your goods, you are essentially entrusting someone else to deliver that protection. As a manufacturer or supplier, you know firsthand how critical it is to protect your inventory. ![]()
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