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 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.
- How much does stock insurance cost?
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.
- 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?
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.
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