One of the challenges of running a warehouse operation in today’s uncertain economy is protecting yourself against potential risks. Insurance is primary in most loss mitigation and risk reduction strategies, specifically warehouseman legal liability. This type of policy, often offered at specialist agencies that deal in logistics and maritime operations, covers you in the event of a bailment claim. They also cover standard losses such as fire, employee error and so on, but with the specific focus on handling losses to other people’s goods.
The Nature of Bailment
A bailment situation is often contained in a formalized document that states your liability as the warehouse and your client’s responsibilities. However, it’s also created by default when you accept goods to store or forward. A good warehouseman legal liability policy lets you further define the risks you’re taking during this process as well as covering you should loss occur.
In case the unfortunate happens and you have a disaster on your property, such as a fire or flood, you’ll need coverage that handles the loss, not only to your client’s goods but also to your own facilities. Warehouseman legal liability insurance is put together to fit your exact risk profile if you go to a reputable and experienced agency. Choose your insurance partner carefully, and you’ll get the peace of mind necessary to operate efficiently.