Losing your stock would cause serious damage to your business and overall cashflow.
Stock insurance cover is usually purchased in conjunction with your business contents insurance. It can be arranged on a fixed sum insured, have optional seasonal increases, or if you do regular stock takes and values vary we can arrange cover on a declaration basis so you only pay for what you need.
We can also arrange a separate policy for stock if it is moved between locations by utilising a “stock throughput policy” which will also cover your stock in transit.
Do I need Stock insurance?
If your business suffers a flood or fire for example, which causes your stock to be damaged and rendered unsaleable, then the right cover will ensure you have the money to replace it. Cover should also incorporate work in progress to cater for the increase in value as raw stock moves through your business, to saleable product.
It’s important to ensure that the sum insured reflects your maximum exposure.
What does Stock Insurance Cover?
This can be tailor made to suit your business but the key categories are:
- General Stock. Tends to cover the standard stock but is obviously unique to a business, depending on the area they work in. Eg. Clothes shop it will cover the clothes, car sales, it will cover the cars.
- High Risk Stock. This cover is for high value stock that might be attractive to thieves. Eg. Cigarettes, alcohol, computers and mobile phones. You may have to review the security of your premises as part of purchasing this cover.
Optional extras
Depending on your business sector you may want to consider possible extensions to your cover.
- Shoplifting
- Accidental damage
- Deterioration of chilled or frozen stock
Why use a broker?
At J Bennett & Son we tailor the policy to suit you and your needs because every business is different.
You will have your own dedicated account manager, who will make it easy for you to switch from your existing insurer. We offer you flexible payment options, bespoke insurance solutions, specialist knowledge and impartial advice.
If a claim has to be made, we work with you, the insurer and the loss adjusters to get it settled as quickly and as satisfactorily as possible, removing the hassle and worry you may have. It’s why so many of our existing customers have been with us for over a decade.
We’ve been providing insurance that is built around you since 1908. For a personal approach to insurance and a chat about your needs, call us on 01494 450 450 or email us at insure@jbennett.co.uk today.
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