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Cargo insurance covers goods while they move. It usually stops covering them when they stop, which leaves inventory sitting in a warehouse — often the largest single concentration of value a small brand owns — insured by nobody in particular.
Cargo covers transit. Property covers a building and usually not somebody else's goods inside it. A 3PL's policy covers the 3PL's legal liability, which is not the same as covering your stock and is frequently capped far below its value.
Storage agreements typically cap liability per unit of weight, which is unrelated to what the goods are worth. A pallet of electronics and a pallet of paper carry the same cap, and the shortfall belongs to the owner.
Four questions decide whether a claim pays anything, and all four are answerable before goods are stored rather than after they are gone. Most operators have never asked any of them of the party currently holding their inventory.
Splitting inventory across locations costs efficiency and buys survivability. A single-site brand losing its warehouse loses the business, not a quarter.