If you operate from a warehouse there is a good chance that you are going to require insurance to cover all the stock and contents kept within your premises.
Being a retailer or a wholesaler your income is totally dependent on ensuring that those goods in your possession be kept as safe as possible, as any loss results in loss of income – so how do you ensure the safety of your goods? By having the correct and comprehensive insurance in place, of course!
Obtaining Terms
When acquiring quotations it’s good practice to understand exactly the value of how much you need covered, for your stock, contents, computers, fixtures & fittings, and so on.
It’s always better to over insure than to under insure when working out these figures – under insuring can have major implications not only on your policy at point of claim but also any potential pay out of an insured loss would be a substantial percentage less than the true value. In most cases this is worked out on the basis of the percentage you are under insured will be the same percentage less than what you insured for.
The worst that can really happen if you over insure, is that you pay more premium than you have to, when in reflection to the above, it’s not the biggest loss you could be making.
When acquiring terms give as much information the type of stock that is kept in the premises, detailing the breakdown of high risk/valuable stock – such as:
Tobacco / Alcohol / DVDs, CDs / Radio, Video Equipment / Computers, Computer Games / Jewellery, Watches, Precious Metal / Cameras, Photographic Equipment / Mobile Phones / Prescription Drugs / Power Tools
The above is just a very rough generic list of stock of high risk that is prone to potential theft, so it’s worth having a breakdown of any of the above in your possession when preparing figures for quotations.
We’ll also need to know the security of the premises, it goes without saying, the better the security, the cheaper the premium. If you frequently hold large quantities of goods or high risk stock underwriters could put terms on any quotation to meet a minimum security requirement.
If you’re not too sure on the signally method of your alarm (bells only/red care etc.) it’s worth researching this prior to obtaining a quotation and would be within your interest to get some quotations for an alarm to be installed and maintained should you not already have one in place.
We’re also need to know details of any additional security, such as CCTV, shutters, grills etc. and also the height of shelving for underwriters to assess the potential risk of personal injury.
Finally!… knowing where all stock is imported from is useful when obtaining quotes, as it speeds up the processes rather than referring and reverting at a later stage – exposure to certain geographical areas can come with premium loadings from certain insurers.
When you have these vast details to hand, pick up the phone and give our commercial team a call to obtain a quotation!
So for all your warehouse insurance needs, insure with the best, insure with Goldcrest.
