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Lumber yard insurance is a specialized form of commercial insurance that’s uniquely situated to protect lumber yards and similar businesses.
• Lumber yards
• Hardware stores
• Sawmills
• Building Coverage
• Contents Coverage
• Equipment Breakdown Coverage

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.

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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.

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What Coverages Do Lumber Insurance Policies Provide?

While most lumber policies make multiple coverages available, the exact mixture of coverages that policies provide can vary and is often somewhat up to the business that purchases a policy. Depending on the particulars of a policy, there may be a range of property and liability coverages available.

Property coverages normally protect physical assets against damage, destruction and loss that occur in covered incidents. Some of the different property coverages that a policy might have include:

  • Building Coverage, which may cover permanent buildings on the insured property
  • Contents Coverage, which may cover saws, machinery, computers and inventory on the insured property
  • Equipment Breakdown Coverage, which may cover malfunctions of saws, forklifts and other essential equipment
  • Business Income Coverage, which may cover revenue losses that follow certain natural disasters

Liability coverages usually protect against liability lawsuits and claims that other parties file against a business. If a lumber yard faces a covered liability lawsuit, the applicable coverage will probably help pay legal defense fees and any settlement that arises from the suit. The following are some of the various liability coverages that a lumber policy might have:

There are still more coverages that a lumber yard might need. One of the most noticeable other coverages is workers compensation, which usually protects against workplace injuries and illnesses. Whether this is purchased within a lumber policy or alongside one depends on the lumber policy. In either case, an insurance agent who can assist with lumber policies can likely also help with workers compensation.

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How Can Lumber Yards in Vermont Get Lumber Yard Insurance?

For help insuring a lumber yard in Vermont, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have the expertise needed to help you find a lumber yard insurance policy that’ll give your yard robust protections, and we can provide policy options from many insurers in the state

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