Stock insurance for small businesses
Right now there is an army of small businesses running in the UK. If you are part of that army, one of the things that you should consider is stock insurance to help cover any loss or items that you just cannot trade without. If your merch goes up in flames or the ingredients you need to bake your products get damaged, this insurance cover is designed to help.
Stock insurance can offer protection for your small business, helping to cover against theft, accidental loss or damage to your products.
Lukango has partnered with Markel Direct, who underwrite and administer the policies, to make stock insurance available to small businesses.
Find out more about small business stock insurance below, or click here to get a quote:
Stock Insurance protects you if your stock is
Damaged by flooding
Stolen
What is stock insurance?
Simple stock insurance is a type of cover that relates to specified risks such as fire, theft or accidental damage to business stock, depending on the terms and conditions of the policy.
Lukango has partnered with Markel Direct, who underwrite and administer the policies, to make stock insurance available to small businesses.
Support in relation to these policies is provided by Markel Direct’s UK-based team, who can be contacted online or by phone.
You can get stock insurance specifically tailored for what you need in a few minutes.
Get stock insurance for your small business from our insurance partner Markel Direct and:
- Helpful insurance products for your business
- Remarkable same day cover
- Support from experts in the UK
Do I need stock insurance cover?
There is no legal requirement in the UK for a business to hold stock insurance. However, stock can be exposed to risks such as loss, damage or theft, which may affect a business’s ability to trade if the items involved are central to its operations.
Businesses often invest time, money and resources into creating or sourcing the products they sell. Stock insurance is a type of cover designed to respond to specified events involving business stock, with the intention of addressing certain financial impacts depending on the policy terms and conditions.
Some people compare this type of cover to a figurative “magic wand” because of the way it is designed to address particular stock-related incidents, although it is subject to policy limits, exclusions and conditions.
Frequently asked questions about Stock
- What is stock insurance?
Stock insurance is a type of business insurance that relates to goods a business holds for sale, as well as materials or components used to produce those goods. This can include finished products, raw materials and items stored for the purpose of being sold.
Stock insurance can cover loss or damage to stock in certain circumstances, such as theft, fire or accidental damage, depending on the insurer and the terms of the policy. To understand what is covered and how it applies to your business, you can speak to Markel Direct, Lukango’s insurance partner.
- How much does stock insurance cost?
The cost of stock insurance can vary depending on a number of factors, such as the type and value of the stock, where it is stored, the level of cover selected and the insurer providing the policy.
Because of this, there is no single fixed price for stock insurance. To find out what options and pricing may be available for your business, you can speak to Markel Direct, Lukango’s insurance partner.
- Did you know that in the event of a claim against your stock insurance you will need to be able to justify the value of the claim?
When a claim is made under a stock insurance policy, insurers will usually need information about the stock involved, such as what it was and its value, in order to assess the claim. The exact information required and how it is used will depend on the insurer and the terms of the policy.
To understand how claims are handled and what information may be needed, you can speak to Markel Direct, Lukango’s insurance partner.
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