Business stock insurance for small businesses
If your business requires you to store stock on your work premises, then you may need some form of stock insurance cover in place. Stock cover can help to ensure that you are financially protected should the worst happen to goods while under your care.
Without the right business stock insurance in place, you could face expensive losses and disruptions to productivity in the event of theft, damage or loss. That said, choosing the right business contents and stock insurance will depend on the industry you’re in and type of stock and contents you have.
Aon can arrange business stock insurance as part of a busines insurance package, alongside other covers such as public liability and business contents.
The amount of business stock insurance you require will depend on the value of the stock you store on your premises. For example, businesses that deal with perishable items such as food may need stock insurance that can provide cover for unforeseen deterioration and spoilage. Likewise, if you work with high-end materials such as precious metals or high-value goods such as expensive tiling or rare woods, then you should consider the right stock insurance to cover it from risks such as loss and theft.
And if you hold stocks of material such as timber or bricks for your work projects, you should consider stock insurance to cover damage to those materials.
Business stock insurance not only applies to major retailers and warehouse operators. A wide variety of businesses, including hairdressers, builders, gardeners and more, can benefit from stock insurance cover - for example, products a beautician might use such as facial treatments.
What Does Business Stock Insurance Cover?
Protects stock and supplies
Should your stock go missing or get damaged stock insurance can cover you up to the limit of cover you choose.
Cover for goods in transit stock cover
This can help to ensure your goods are covered while being transported between different locations.
Add cover for business contents
Business contents insurance can help to cover business possessions such as office items, computers, phones and signage.
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Frequently Asked Questions about Business Stock Insurance
Why should I insure my stock?
When you store stock on your business premises, you are responsible for keeping it safe and secure. Even so, there will always be the risk of unforeseen circumstances to your stock, no matter how much protection you put in place.
Risks can come from fire or flooding, theft and vandalism, accidental damage during transport, and even spoilage in the case of food products. Without stock insurance, you could end up paying for all your lost stock and potentially face a loss in reputation.
Stock insurance can help to ensure that costs for products lost or damaged under your care will be reimbursed. This can include not only stock currently located on your business premises but also stock currently in transit.
You can also add business contents insurance to help protect business contents, including laptops, mobile phones, and even business items belonging to employees located on-site.
Aon can arrange business stock insurance as part of a business insurance package, alongside other covers such as public liability and business contents.
How much does it cost to insure stock?
The amount you will need to pay for your stock insurance depends on a number of factors, for example:
- What type of business you run. For example, the larger the business, the more you are likely to pay.
- What sort of storage and security you have to keep your stock safe.
- The overall value of your stock.
The level of cover each business needs for their business stock cover will be different depending on individual business needs. Work out how much it would cost you to replace all your stock, and you will have an idea of how much cover you will need.
Are there any limits on stock insurance?
When it comes to stock insurance, you need to comply with certain conditions in order for it to remain valid. If your stock grows in value or quantity, or you change the way you store it, then your cover may be affected. You also need to ensure that you secure your stock at your business premises or store. Additionally, stock insurance doesn’t provide cover for general wear and tear.
In order to make sure your cover continues to be right for your business needs, you need to let Aon or your Insurer know when anything changes. You can then review your policy to make sure you’re not left without cover.