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Seasonal increase in stock value – we’ve got it covered


As a retail business you’ll no doubt need to increase stock for busy periods like the run up to Christmas and bank holidays. This can sometimes cause some trouble when it comes to your business insurance.

Does your insurance cover you for the extra stock you have at some points throughout the year without making you pay for it all year around? bira insurance, designed and delivered by Towergate, provides a policy that covers bira members at key times of the year.

So, what is stock cover?

Stock insurance is different to the contents insurance for your business. To help you with your calculations, the stock aspects covers:

  • Materials and components
  • Goods in the process of manufacture
  • Finished products before, during and after delivery

Call the bira insurance team if you need help understanding the difference between your stock and your contents as this will help you accurately calculate your stock and contents insurance levels.

How do I calculate my stock levels?

It’s important to calculate the value of the stock based upon the cost price – what it is worth to you, not its potential value further down the sales chain or the retail price. If you don’t, you could be over-insured and end up paying too much for your insurance.

What are the benefits  of the bira insurance policy?

An added advantage of the bira insurance policy is that we take care of increases in stock at key times of the year.

bira members benefit from an automatic increase of 30% of stock sum insured in November and December and 14 days prior to Bank holidays at no additional cost. Throughout the rest of the year, we cover your standard insured amount, so that you only pay for the stock you hold at these times.

In addition, bira insurance provide full theft cover for stock. This means that claims for theft do not require forcible or violent entry or exit from the premises.

Our policy covers you for the highest level of stock you may have throughout the year by including seasonal variations. The insurance term for this is your ‘maximum value at risk’, which means the highest value that a complete loss of all your stock could cost you to replace. Insuring for a lower level of stock could leave you under-insured, and this could jeopardise your ability to claim should you need to.

Remember no one else understands how your stock moves through your business better than you and it is your responsibility to tell the insurer what your stock is worth to you. Rest assured, with bira stock insurance you are protected.

At bira insurance, we let you focus on running your business whilst we provide an insurance ‘safety net’ that includes flexible cover for your stock. If your stock is damaged, destroyed or stolen, you’ll get the funds to buy new stock based on the cost price of the old stock (not the RRP).

Find out more about bira insurance

 

bira insurance, Towergate and Towergate Insurance are trading names of Towergate Underwriting Group Limited. Registered Address: Towergate House, Eclipse Park, Sittingbourne Rd, Maidstone, Kent ME14 3EN. Registered in England with company number 4043759. Authorised and regulated by the Financial Conduct Authority.

bira insurance is a trading name of Towergate Underwriting Group Limited. Registered Address: Towergate House, Eclipse Park, Sittingbourne Rd, Maidstone, Kent ME14 3EN.
Registered in England with company number 4043759. Authorised and regulated by the Financial Conduct Authority.

 

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