Looking for a Warehouse Inventory Insurance? On this page you will find all information about these insurances, how to choose the best insurance for your situation and how to take care of the next steps.
Affordable Warehouse inventory insurance
Are you looking for affordable and above all good warehouse inventory insurance? Preferably with good service? Then calculate the premium for Warehouse inventory insurance online now. You can take out inventory insurance separately, of course it is also possible to take out property insurance in addition to inventory insurance. This combination is called Warehouse inventory insurance.
What is a Warehouse Inventory Insurance?
Curious about the meaning of property and inventory insurance? You’re not the only one. After all, what is an inventory insurance and which goods are or are not covered by it? We are happy to explain what an inventory insurance is.
Inventory insurance insures the damage to your business inventory caused by, for example, theft, storm or fire. For example, your business inventory consists of machines, equipment, cars and office furniture. In fact, all goods present in the premises where you are located as an entrepreneur and which you need to carry out your work.
Two types of goods can be distinguished. Business goods and trade goods.
- Commercial goods is, for example, the stock that you sell or consume in the making or preparation of the final product. These are, for example, raw materials, semi-finished products, end products and packaging materials and the like. So it is the goods that are produced within the company or the goods that are traded. The measure of value for goods is usually the market value. This is usually understood to mean the purchase price plus costs incurred. For semi-finished and finished goods, the cost price and additional costs usually also apply as a value measure. Sometimes insurers speak of replacement value.
- Company goods are goods that are used for the operation of the business. These include cleaning agents, fuels and the like.
Now we hear you thinking, “What’s the difference between inventory insurance and contents insurance?” The difference is that a household contents insurance is private and thus your home is insured. With a property and inventory insurance it concerns the business inventory, i.e. business goods. The insurance resembles each other, but the difference is in the piece of business and private property.
Cost of a ‘Warehouse inventory insurance’
Curious about the Warehouse inventory insurance costs per month?
The inventory and property insurance costs of course differ per entrepreneur. The costs depend on the branch in which you work and the amount of business inventory. Below are some conditions of the goods inventory insurance:
Insured values
You can take out your inventory insurance at new value or at replacement value. To insure new value, the inventory may not be older than 3 years in most cases. Commercial goods are usually insured for your purchase value on the inventory insurance. The expected profit is usually not co-insured. If you trade seasonal items, it is advisable to contact your insurer in advance.
Comprehensive hazard insurance (UGV)
Depending on the type of risk, a policy will run on extensive (UGV) or extra extensive conditions, so that theft/break-in, water damage and other dangers are also covered.
Burglary
Under the inventory and property contents insurance, theft is only covered after the building has been burgled or the part of the building occupied by the insured has been broken into (burglary). Under the comprehensive risk insurance (UGV) inventory and property insurance, damage as a result of vandalism is also covered when the perpetrator has entered the building unlawfully.
Water damage
Water damage is covered to a limited extent. Covered are the following water damage on an UGV:
- Damage caused by the unforeseen ingress of precipitation, rain, snow, slush and hail through roofs, windows, balconies as a result of overflowing or leaking roofs, gutters or above-ground drains;
- Unforeseen outflow of water from water pipes, the appliances connected to them, sprinkler systems, central heating systems and air conditioners. A number of policies require a sudden occurrence of a defect. This is not always the case. Think of a drain hose from a dishwasher that shoots out of a drain pipe;
- Fracture and leakage of an aquarium. In addition to the water damage caused by the breakage, many policies also cover damage to the aquarium itself and its contents.
Storm damage
A storm is defined as a wind with a force of 46 feet per second or more, or wind force seven. According to meteorologists, however, this is a strong wind. In the event of storm damage, there is an excess of two per mille of the insured amount for company buildings, which may be a minimum and a maximum depending on the specific insurance.
Deck-clause
There is a ‘deck-clause’ in almost all policies insuring commercial movable property. Broadly speaking, this clause means that when goods are stored (below ground level), they must be at 3 to 5 inches from the ground, on decks for example.
Calculate your Warehouse inventory insurance fee
Curious about the costs of your Warehouse inventory insurance? You can calculate the Warehouse inventory insurance premium quickly and easily online. To calculate an inventory insurance premium is as follows:
- Navigate to the relevant page where you can calculate the premium;
- Fill in the requested information;
- Click on calculate premium;
- You can see the premiums and conditions of the compared companies;
- If you wish, you can fill in your details for an offer or you can take out an inventory insurance directly;
You can opt for comprehensive coverage for damage to inventory, machinery and goods (also leased) and tenant interests. This cover only applies if these items are located within buildings.
Want to expand your business insurance?
If you take out the inventory insurance and the goods insurance, you will receive a discount on the costs you incur to prevent or limit damage. If you wish, you can extend your business contents insurance with cover against damage caused by, for example, flooding water and precipitation, burglary and theft, vandalism and collision.
Advantages of inventory insurance and property insurance
- Covers damage to your business property and stored goods.
- Loss of turnover is also co-insured.
- Sharp premium.
- Extra: include your inventory and property insurance in the total business insurance package and benefit from extra premium advantage.
Insurance checklist for warehouse inventory
For your business premises, you have building insurance and inventory and property insurance. In the event of fire or another calamity, it is important that the insurer has no reason to reject the damage or only pay out a certain part of the damage. Therefore use this checklist.
Was the premium paid on time?
Make sure that the premium invoice is paid within the set period of time. Usually this is 30 days.
Is the sum insured correct?
Make sure that the sum insured on the policy corresponds to the actual value.
- Building insurance – In the case of building insurance, the sum insured is the rebuilding value of the property. This is independent of any sales value. A value assessment can offer a solution. This offers absolute certainty.
- Inventory insurance – With inventory insurance, the insured sum is based on the new value of your business inventory. Therefore, do not include the book value as a starting point. This is usually too low. Inventories can also be valued.
- Goods insurance – The sum insured under the goods insurance is based on purchase value. These values can usually be obtained from the administration.
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- Please note that stocks may fluctuate throughout the year. Insurance solutions can be found for this as well by reporting the amount of the stock monthly.
- Does your company manufacture products? Then the stock must be insured at cost price. This includes labour.
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Are all clauses adhered to?
There are clauses on almost all policies. If the clause is not complied with, there is usually no or limited cover in the event of a claim. What are the most common clauses?
- Burglary clause -Is an alarm required? Have this set up by a certified company (BORG). They know exactly which alarm is sufficient. Very important: also conclude a maintenance contract.
- Fire extinguishing clause – Sufficient fire extinguishers must be present in all business premises. Again, conclude a maintenance contract to keep the extinguishing agents ready for use.
- Always ensure that no flammable material is stored against the building. Pallets and containers should be at least 50 feet from the building. Store these items inside as much as possible after closing time.
- Electrical installations – Most fires are caused by short circuits. Insurers require electrical installations to be checked periodically (usually every 3 or 5 years) by a qualified fitter. This is a very important provision.
- Flammable work – This is a very special clause. It stipulates that you must supervise if work is carried out by third parties using open fire. You must also check whether this company is taking the correct measures to prevent fire. A good example is the plumber who will provide the roof with new roof leather. Many fires have arisen from this work.
More tips to stay well insured and damage free
In the case of a change in activities or capacity -will you undertake other activities that increase the risk of damage? Discuss this with your advisor. For example, did you not used to do welding activities and are you going to do so now? If so, these activities must be included in your policy.
- Rent or vacancy – Are you going to rent out a property? Discuss this with your advisor. Your policy needs to be adjusted accordingly. The same applies to vacancy. The coverage is often adjusted because the risk of damage increases in the event of long-term vacancy.
- Prevent water damage – Place goods in a warehouse a piece of the floor. For example, using pallets. In the event of water nuisance, your goods will remain undamaged.
- Organizational measures – It is wise that every employee knows how the extinguishing agents work. Most fires start small and can be extinguished at an early stage. Also make sure that nowhere in your building is smoked.
If your company is affected by a calamity, the work will come to a complete or partial standstill. As a result, your income is lost, while your fixed costs continue to run. The business interruption insurance reimburses the reduction in gross profit. Most business interruption insurances have a payout period of one year. However, this term is not always sufficient. A risk management specialist will help you choose the right term.
Calculate and take out your warehouse inventory insurance
If all the above information is correct, you can easily find out your insurance premium and compare all the different insurances. Would you still like more information about a specific insurance? Then first go through all the steps on our website and then proceed to the results, from these companies you can request additional information regarding the insurance, premium and conditions.