Compare quotes for stock insurance

What is stock insurance?

Stock insurance covers the costs of replacing your stock if any of it is lost, stolen or damaged. 

This type of cover can be added as an extension to your business contents policy. The cost of your policy will depend on the value and amount of stock insured, while any insurance payout will be based on the stock price of the item, not the retail price.

Does your business need stock insurance?

If any part of your business relies on selling stock, goods or merchandise, this type of cover could be essential. Businesses that typically consider stock insurance are:

• Manufacturers
• Traders
• Pubs and restaurants
• Cafes and coffee shops
• Fish and chip shops and takeaways
• Hairdressers & beauty salons.

When comparing business insurance quotes, you might find stock is covered as a standard part of your package if, for example, you take out a shop insurance package. To find out more, speak to the tech-enabled insurance team at Bionic.

What does stock insurance cover?

Adding stock insurance to your business insurance policy will protect the standard stock your business deals with on a daily basis. If you sell clothes, for instance, all the clothes you stock will be covered.

If you deal in ‘high risk’ stock, such as cars or high-end jewellery, policy costs are usually higher to reflect the higher risk and cost of repairs or replacement, and your insurer might need you to improve security at your premises, by installing door and window locks, as a condition of cover.

Remember, if you employ any members of staff you're legally obliged to take out adequate employers' liability insurance, and if your business in any way deals with members of the public, it's also worth looking at have public liability cover in place as part of your business insurance package.

Are there any limits and exclusions on stock insurance?

As with any insurance policies, stock insurance has conditions you need to stick to, in order to make sure your cover is valid. These limits and exclusions are included because there are certain things that can alter the risk of your stock being stolen or damaged, and subsequently change the policy price. 

Here are some potential policy conditions to look out for:

• Your cover may change if your stock level grows in value or quantity
• Your cover may change if the location in which your stock is stored or sold changes
• Your stock may need to be stored in a certain way

Make sure you keep your insurer updated on any changes to your circumstances, otherwise your policy could be voided. And always check your policy documents for more information about exclusions.

How to compare stock insurance

The simplest way to make sure your business is covered against the unexpected is to speak to the team at Bionic - we talk your language and won't waste your time, working with you to just find the right policies you need, with no unnecessary extras.

Protect your business now - give our tech-enabled team a call to speak to compare stock insurance quotes from the UK’s most trusted insurers and adapt your insurance to suit the needs of your business.