Do you have Enough NY Commercial Insurance Coverage for Your Stock?
Your stock represents a valuable asset, and it
is also something that can be at variable levels of risk as it is moved around
between different locations. While the property clause of a NY commercial insurance
policy can usually protect your stock while it is on your premises, there may
be situations where that coverage isn’t adequate on its own.
Retail and manufacturing businesses regularly
carry and transport large quantities of stock. You may have enough space to
keep it all under your main roof, in which case, an appropriate level of
coverage as part of your property policy should be enough. If you have a
separate warehouse, you may require extra coverage. Moving your stock between
different premises also makes it vulnerable to damage and loss, so ensuring
it’s covered during transit is wise.
When you rent extra storage space for your
stock, be aware that the requirements for insurance may vary. You may have a
simple situation where the owner of a rented space has coverage for the
building and you just need to take out protection for your stock while you have
it in storage. However, check your lease agreement – as it is possible you may
also need to have coverage for the building.
It is a relatively simple thing to ensure that
your stock is covered against variable risks that you may face. Check through
your existing NY commercial insurance policy
to find out exactly what is covered and consider adding additional coverage if
needed to protect one of your most valuable assets.
