As an entrepreneur, you want the processes within your company to run as smoothly as possible. Unfortunately, something can happen that causes damage to the inventory. As a result, business operations may come to a (partial) standstill. With inventory insurance you can cover yourself against damage to your company’s inventory. Is your company’s inventory not yet insured, but are you considering doing so? Then read on. In this text we list the most important points to pay attention to when taking out inventory insurance.
1. Coverage
Who is looking for one inventory insurance business soon discovers that he can contact a large number of insurers for this. Most insurers cover you for damage to items that are not intended for sale, such as computers, cabinets, electrical appliances and so on. An insurer often pays out money if this damage is the result of burglary, theft, vandalism, water entering through the ground floor or basement and collision with the building.
Some entrepreneurs think that all inventory insurance is the same, so they take out with the first best insurer they come across. This is not wise, because there can be quite a difference in the coverage of an inventory insurance policy. Therefore, first check carefully what exactly you are insured for. In addition, pay attention to the matters that are not covered. This way you avoid surprises in the event of damage.
2. Goods
There is quite a bit of confusion about inventory insurance. For example, many entrepreneurs think that their stock is also covered by this insurance. Unfortunately, this is not the case, because it really only concerns items that are not intended for sale. Because your company’s stock is often worth a lot of money, we can well imagine that you also want to insure this. Fortunately, this is possible, because most insurers also offer inventory insurance. This insurance is also known as goods insurance. Are you taking out this business insurance? Then you are insured against damage to and theft of items in your business premises that are intended for sale.
3. Costs
Most entrepreneurs who want to take out inventory insurance mainly pay attention to the costs. Logical, because you don’t want to pay unnecessarily a lot for business insurance. We just can’t tell you exactly how much inventory insurance costs. This is because the costs depend on a number of factors. For example, an insurer looks at the address, the structural condition of the building in which the inventory is located, the industry in which you are active and the insured new value. If you want to get an accurate estimate of the costs, you can often calculate the premium on an insurer’s website.
4. Conditions
It’s not wrong to look at the price when you buy one inventory insurance want to close, but don’t let this distract you too much. Cheap inventory insurance may seem attractive at first glance, but that is not always the case. Unfortunately, many entrepreneurs only discover this when they file a claim for damage to their inventory. Do you want to avoid any surprises? Please read the conditions carefully before taking out inventory insurance. This way you know exactly what is and is not covered by this insurance.