Stock insurance
Why do I need stock insurance?
Insuring your stock can cover the replacement cost if damaged or stolen. A difficulty can arise as stock figures for some businesses may fluctuate significantly. However, this can be overcome by building in seasonal fluctuations to your policy to avoid under or over-insurance.
Cover can also be adapted to look after stock that is perishable or reliant on temperature control, protecting your business from risks such as transportation delays or the failure of refrigeration or freezer equipment.
The most common way to insure stock is as part of a commercial combined or commercial package policy. If you want to insure your stock whilst it moves between locations, is carried by road, rail or air or is in temporary storage, then you may want to consider goods in transit or marine cargo insurance.
What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Payment of fines & penalties
Payment of ransoms & extortion
Cover for lost or disrupted income
Cover for physical injury/damage
The cost of phone hacks
Cost of notifying your contacts
Incidents at your outsourced service providers
Social media risks
