As independent stock takers in Cambridgeshire, covering the South East of England we are often asked by clients when completing stocktakes on their behalf if they need stock insurance. While we would never tell a client what they should or should not do, we give advice, information and guidance to help our clients make the right decisions for their business.

In this blog post we will talk about what stock insurance is, what stock insurance covers, if you want to add stock cover to your policy and if you should consider stock in transit insurance for your business. You should then be able to make an informed decision to decide if stock insurance is needed for your catering or hospitality business.

What Is Stock Insurance?

Stock insurance covers your stock if it was to be stolen, damaged or destroyed. Stock insurance will pay out to replace the stock that you no longer have. The cost of a stock insurance policy will depend on the value of your stock and the quantity of stock. It is important to remember that the insurance payment is based on the stock price of the item and not the retail price of the stock.

What Does Stock Insurance Cover?

Your stock insurance will cover the cost price of your stock. You will get the funds to buy new stock if yours becomes damaged, destroyed or stolen. Remember, the cost price of old stock is based on stock price, not RRP.

Could I Add Stock Cover To My Insurance Policy?

If you are happy with your current insurance provider and they offer stock cover then it may be worth adding this onto your current policy. However, shopping around could save you some money.  We can shop around for you or connect you with people that can get you a great price on your stock insurance.

When you are looking into stock insurance make sure you fully understand what it expected of you. For example, you may need to store stock in a certain way, in some cases you’ll need to inform your insurer if your stock levels grow in value or quantity. It’s a good idea to check your documents before purchasing your insurance for exclusions and excesses too.

Do I Need Stock In Transit Insurance?

Stock in Transit insurance covers your stock against risk of damage or theft while in transit. You may need this if you have more than one venue and take stock from one to another, or if you do outside bars for example.

Please feel free to contact me directly if you need help getting the best hospitality or catering business insurance.