Inventory Insurance
Protect Your Business Inventory with a Comprehensive Cover!
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 won’t disrupt your operations.
Discover how inventory insurance can safeguard your business and ensure continuity when it matters most.
What is an Inventory Insurance?
An inventory insurance, also known as a business contents insurance, covers damage to business property that is not fixed to the building and not intended for sale. These items can include office furniture such as desks, chairs, and computers, as well as machinery and other business assets that you use in your operations.
The insurance covers damage caused by events such as 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 is not covered by an Inventory Insurance?
Although an inventory insurance covers many risks, there are some exceptions. Damage caused by the following is not covered:
- Intentional acts or gross negligence
- Lack of maintenance
- Fraud within the company
- Natural disasters and groundwater
- Cyber incidents
- Goods: goods insurance is required here
- Data and software of computers and electronics
Inventory and Goods Insurance
If you want to insure both your inventory and goods, choose inventory and goods insurance. This insurance combines the coverage of inventory and goods insurance in one policy, making your management easier and clearer.
With this streamlined insurance, you benefit from consistent conditions and avoid gaps in coverage. This ensures that your assets are optimally protected.
This insurance is particularly suitable for retailers, wholesalers and manufacturers. So you can focus on running your business successfully with peace of mind.
Underinsurance Guarantee
Most inventory 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.
This underinsurance guarantee ensures you’re always accurately insured and fully compensated in case of damage.
Examples of Damage Covered by an Inventory Insurance
Example 1: Fire
A fire has irreparably damaged your machines and computers. The insurance compensates for the damage so that you can quickly resume work.
Example 2: Theft
After a break-in at your office, several valuable devices are stolen. Thanks to the inventory insurance, the value of these devices is reimbursed.
Example 3: Water
Following a severe storm, water damage occurs in your warehouse. The insurer covers the costs for replacing damaged equipment.
Why Do You Need an Inventory Insurance?
Without an inventory insurance, you run the risk of having to cover expensive repairs or replacement of your inventory yourself. This could have serious consequences for the continuity of your business.
With an inventory insurance, you are assured of financial support in the event of damage.
Would you like to discuss an inventory insurance with us?
What Does an Inventory Insurance Cost?
The cost of your premium depends on various factors, including:
- The total new value of your business inventory
- The type of inventory you want to insure
- The risk profile of your profession or business activity
- The location where the inventory is stored
- The construction type of the building where your inventory is stored
In general, the higher the risk, the higher the premium. For an exact quote, it’s best to request a proposal.
How to Request a Quote for an Inventory 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 insurance?
In addition to an inventory 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.
Would You Like to Take Out an Inventory Insurance?
You have come to the right place. Our expert advisors are ready to help you choose the right coverage for your business. We first map out your needs and risks and then offer independent advice that perfectly suits your situation.
Want to know more about your options and our services? Request a no-obligation consultation with one of our experts now and get advice on which insurance is best for your situation.
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Frequently Asked Questions
An inventory insurance is relevant for any business that owns commercial property that is not fixed to the building and not intended for sale. This includes, for example, office furniture, computers, machines, tools, and other business equipment. This insurance protects against damage caused by fire, theft, water damage, and other unforeseen events, covering the costs of replacement or repair.
Your inventory is insured based on its new value. In many cases, if the current value is less than 40% of the new value, the current value is reimbursed.
You only need to report the value of your inventory 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
This insurance, also known as commercial contents insurance, covers damage to business property that is not intended for sale. This includes furniture, equipment (such as computers and machines), and other business assets needed to run the business but not sold.
Goods Insurance
This insurance, also known as stock insurance, covers damage to goods that are intended for sale or processing. This includes saleable products, raw materials, and semi-finished products stored for commercial purposes.
In short, the inventory insurance protects your contents, while the goods insurance protects your commercial inventory.
An inventory insurance/business contents insurance is not mandatory.
