What is Lumber Yard Insurance?
Running a lumber yard can be profitable when managed efficiently, but this type of business requires a substantial investment and that investment should be protected whenever possible. Lumber yard insurance helps protect Vermont lumber yards and the assets they have from a variety of potential risks.
Lumber yard insurance is a specialized form of commercial insurance that’s uniquely situated to protect lumber yards and similar businesses. In order to provide yards with multiple layers of protection, most of these policies are package policies that come with multiple individual coverages.
What Businesses in Vermont Need Lumber Insurance?
Any business in Vermont that maintains a lumber yard where boards are sold to contractors or do-it-yourselfers might find the protections in a lumber insurance policy helpful. The most obvious business that fits this description is a traditional lumber yard, but there are a couple of others that may want a lumber or similar policy.
Hardware stores that have a lumber yard likely need the protections found in a lumber policy, but these protections might not be fully sufficient depending on a store’s operations. Whether a lumber policy or a more robust hardware store policy is needed depends on a store’s specific circumstances.
Likewise, sawmills might also need the protections in a lumber policy as well as other protections. Whether a lumber policy or a more extensive sawmill policy is appropriate for a given mill is situation-specific just as it is with a hardware store.
Lumber yards, hardware stores, sawmills and any other businesses that aren’t sure whether this or another type of insurance is right for them should speak with an insurance agent who specializes in lumber insurance. A specialized agent will be familiar with the protections and limitations of lumber policies, and they’ll also know what other, similar policies are available. With their expertise, it will be easy to determine what type of insurance policy is best-suited for a particular business.