Seasonal stock increases prompt insurance warning

Businessinsure is urging retailers to check that their stock is adequately covered by their insurance policies in the run-up to Christmas.

The specialist business insurance broker is warning that some stock insurance policies may not fully cover seasonal stock increases.

Managing director of Businessinsure Paul Roach (pictured) explained: ?This is the time of year when many companies significantly boost their stock to cope with the demands of the festive season. What some businesses don?t realise is that their stock insurance policies might not cover these increases which leaves them dangerously exposed.

?Good policies will automatically have provision for seasonal stock increases in place, but not all of them do ? so it makes sense to check now rather than finding out as a result of the worst case scenario.?

Stock insurance ? which also falls under the general term ?contents insurance? ? covers the replacement costs of a company?s stock due to damage or theft.

Paul added: ?For most companies, the nightmare scenario is that they arrive at work to discover that their entire stock has been stolen or damaged by fire or flood, overnight. Whatever the cause, the outcome is simple – within the space of a few hours their stock is gone. This is the time when businesses wants to be confident they?re covered for the full value of their stock.

?As the winter draws in, it has never been more important for companies to ensure that their stock insurance policies automatically adjust to take these seasonal increases into account.?

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