Stock insurance for small businesses

Stock is any goods or merchandise for sale in your small business. This could be the finished product or the raw materials, like wool or glue, that you use to create and sell. Stock insurance covers your most important assets, the things you actually sell to customers, and can replace it up to its purchase value if that disaster happens.

Lost, damaged or stolen, Stock insurance is one of those insurance covers that puts many of the small business owners we know at ease.

This insurance cover needs some attention to detail! Stock insurance does require a little work from you to make sure that in the event of a problem, you have recorded your stock levels accurately so that your policy claim can be paid to the right level.

Stock insurance is typically an additional cover that focuses solely on the protection of stock in the event of theft, damage, fire or loss.

This part of your policy can costs less than a monthly Spotify subscription but has the flexibility to cover your most valuable assets - your stock that you have invested time, money and energy into creating. It is important to understand where the items are stored (i.e. safely and securely) and the value of the items will change the overall cost of the stock insurance.

Keep this in mind and always have simple, easy to understand records of your stock and its value. There could be penalties if your small business fails to make records that will be used in the event of a claim.