Inventory and Goods Insurance
Protect Your Business Assets!
Do you want your business to keep running smoothly, even when faced with unexpected incidents like fire, theft, or water damage?
With the right coverage, you can rest assured that damaged inventory and goods won’t disrupt your operations.
Discover how inventory and goods insurance can safeguard your business and ensure continuity when it matters most.
What is inventory and goods insurance?
An inventory and goods insurance, also known as a business assets insurance, covers damage to all movable assets in your business. This can include office furniture, computers and machinery, but also your goods. The insurance covers damage caused by among other fire, theft, storm, and water damage.
The aim of the insurance is to ensure that you can quickly resume your business activities by receiving compensation that allows you to purchase new items or repair damaged ones.
What does an inventory and goods insurance cover?
An inventory and goods insurance covers, among other:
- Fire or damage from fire extinguishing efforts
- Water ingress from ground level
- Theft and vandalism after a break-in
- Storms and lightning strikes
- Precipitation and leakage
- Falling objects, such as trees or cranes falling on your business building
- Collision with your building
- Tenant’s interest up to a maximum amount
- Costs for damage mitigation
- Expert fees
What does inventory and goods insurance not cover?
An inventory and goods insurance does not cover, among other:
- Intentional acts or gross negligence
- Poor or lack of maintenance
- Fraud within the company
- Natural disasters and groundwater
- Gradual or foreseeable damage
- Data and software of computers and electronics
- During transport: here, a cargo insurance is required
- Cybercrime: if covered, only up to a limited amount. For broader coverage, a cyber insurance is needed
- Financial consequences of the damage: to cover this risk, a business interruption insurance is necessary
Underinsurance guarantee
Most inventory and goods insurance policies include an underinsurance guarantee, automatically adjusting your coverage when changes, such as acquiring additional items, increase the value.
With this guarantee, there’s no need for interim adjustments. By simply reporting changes annually, your coverage stays up-to-date, ensuring full protection.
The underinsurance guarantee ensures you’re always accurately insured and fully compensated in case of damage.
Examples of damage covered by inventory and goods insurance
Example 1: Fire
Your business premises are affected by a fire. Your machines and computers are irreparably damaged. The inventory and goods insurance compensates for the damage so that you can quickly resume work.
Example 2: Theft
After a break-in at your office, several valuable goods are stolen. Thanks to the inventory and goods insurance, the value of these goods is reimbursed.
Example 3: Water
Following a severe storm, water damage occurs in your warehouse. The insurer covers the costs for replacing damaged inventory and goods.
Why do you need inventory and goods insurance?
Without an inventory and goods insurance, you run the risk of having to cover expensive repairs or replacement of your business assets yourself. This could have serious consequences for the continuity of your business.
With an inventory and goods insurance, you are assured of financial support in the event of damage.
Would you like to discuss an inventory and goods insurance with us?
What does inventory and goods insurance cost?
The cost of your premium depends on various factors, including:
- The total replacement value of your business inventory and goods
- The type of inventory and goods you want to insure
- The risk profile of your profession or business activity
- The location where the inventory and goods are stored
- The construction type of the building where your inventory and goods are stored
How to request a quote for inventory and goods insurance?
- Contact: Call us or use our contact form.
- Risk Assessment: Schedule an intake to map out your risks and needs.
- Application Form: Complete our application form so that we receive all essential information.
- Quote: We request quotes, compare them, and present the best options.
- Choice: Choose the best quote and finalize your policy.
- Policy: Pay your premium and receive your policy.
What other insurances do business owners often take out alongside inventory and goods insurance?
In addition to an inventory and goods insurance, entrepreneurs often take out the following insurances:
What to do after a claim?
- Note the date and time of the damage.
- Report the damage as soon as possible.
- Take measures to limit further damage.
- Keep receipts for the costs of any measures taken.
- Do not dispose of damaged parts until they are released by the insurer.
- Take clear photos of the damage.
To report damage or for more information on the next steps, visit our informative page on reporting damage.
Do you want to protect your business goods and inventory?
Frequently Asked Questions
Business assets include all goods, inventories, office furnishings, machinery, equipment, and other assets located in your business premises. This not only covers business contents (inventory) but also the stock (goods) and other property essential to business operations.
Inventory and goods insurance is relevant for any company that owns business assets. This includes office furniture, computers, machines, tools, and other business equipment, as well as trading stock. This insurance protects against damage caused by fire, theft, water damage, and other unexpected events, covering the costs of replacement or repair.
Your inventory and goods are insured based on replacement value. In many cases, if the current value is less than 40% of the replacement value, the current value is compensated.
You only need to report the value of your business assets once a year. This automatically protects you against underinsurance for the following year. This means that any new inventory you purchase is automatically insured, regardless of its value.
Inventory Insurance
Inventory insurance, also known as business contents insurance, covers damage to business contents that are not intended for sale. This includes office furnishings, equipment like computers and machinery, and other assets needed for business operations but not meant for sale.
Goods Insurance
Goods insurance, also known as stock insurance, covers damage to goods intended for sale. This includes saleable products, raw materials, and semi-finished goods stored in the company for commercial purposes.
Inventory and Goods Insurance
An inventory and goods insurance policy combines both coverages, protecting all movable property in the business. This means that both inventory and trading stock are covered under this insurance.
In short, inventory insurance covers your business contents, goods insurance protects your stock, and inventory and goods insurance combines both for complete protection of your business assets.
Inventory and goods insurance is not legally required, but it is highly recommended if you have inventory and goods. Damage to these business assets can be costly, and replacing them could have significant financial consequences. By taking out this insurance, you protect your business from unexpected expenses.
