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Financial Benefits and Cost Considerations
The cost of insurance for cold storage facilities can vary significantly based on factors such as location, size of the facility, and the value of stored goods. On average, businesses can expect to pay between $500 and $2,000 annually for basic coverage, with more comprehensive plans costing upwards of $5,0001. While this may seem like a significant investment, the potential savings from avoided losses and damages can far outweigh the costs.
Real-World Examples and Statistics
A study by the International Association of Refrigerated Warehouses found that the global cold storage market is expected to reach $212 billion by 2025, growing at a CAGR of 12.1%2. This growth underscores the increasing demand for reliable cold storage solutions. In a notable case, a food distributor avoided a $100,000 loss in spoiled goods thanks to spoilage insurance after a power outage disrupted their operations3.