Insuring your stock can cover the cost of replacement should it be damaged or stolen. A difficulty can arise as stock figures for some businesses may fluctuate significantly – Sutcliffe & Co can get round the risk of underinsurance or the cost of over insurance by building in seasonal fluctuations to your policy.
If you have stock that is perishable or reliant on temperature control Sutcliffe & Co can extend your cover to protect you from risks such as transportation delays or the failure of refrigeration or freezer equipment.
Some types of stock are considered more attractive, therefore more of an insurance risk, for example alcohol, tobacco, precious metals, mobile phones. Make sure you declare valuable items.
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 you may want to consider goods in transit insurance or marine cargo insurance. If you are purchasing stock from a supplier or manufacturer, especially from abroad, you may be responsible for insuring the stock on its journey. If this stock is already insured on its journey by the supplier or haulier you may find their insurance gives limited cover and significantly increases the cost of the delivery, so you would be better off insuring it yourself.
For advice or a quote for your stock insurance call us on 01905 21681 or contact us here.