Winter weather risks can pose a serious threat for inventory dealers, especially if your product is out in the open and exposed to the elements. Winter weather risks for inventory dealers are hard to predict and can affect your inventory at any point in your supply chain, so it’s important to understand the dangers that [...]
Last year, we shared three claim examples that real inventory dealers faced, showing the variety of risks inventory businesses can experience. The variety of risks – and claims – continues. Read on to learn about three new claim examples from our insured dealers and how you can protect your business against similar claims. Inventory [...]
Summer storm risks for inventory can pose a serious threat to your business. The Congressional Budget Office has estimated commercial business damage from summer storms at $9 billion. Your business may be at greater risk if your product is located in vulnerable warehouses or out in the open exposed to the elements. These weather risks [...]
According to the National Oceanic and Atmospheric Administration, there were 4,436 hail-producing storms in 2022. While the heaviest hail damage is largely confined to the center of the United States, nearly every state has a risk of experiencing hail from time to time. And with hail costing billions of dollars every year, it pays to [...]
Managing inventory comes with many challenges, including how to reduce inventory damage. Damage to inventory can occur at any point in your processes. Some products are damaged at the time of receiving, others are damaged during handling and storage and some are damaged during shipping. All damages can impact your bottom line, so it’s important [...]
Carrying inventory is at the heart of your business but comes with significant risk. Inventory dealers make large financial investments to make sure customers get the goods and services they need, how and when they expect them. To ensure customer satisfaction and the profitability of your operation, it’s important to manage your exposures properly. Here’s [...]
Damage to your inventory and buildings doesn’t always occur as a result of theft. Unfortunately, customers, or even employees, can cause accidents and damage. Look at your business’s layout and parking lot structure to see if you can make improvements to prevent these accidents. Easy parking lot improvements With a few minor changes to your [...]
Because the inventory dealers have on hand changes frequently, Lockton Affinity offers a flexible billing benefit for Inventory insurance policyholders. This benefit ensures your coverage and billing adjusts to match your inventory, guaranteeing you never overpay for inventory you no longer have. Browse our frequently asked questions to understand more about this important benefit. FAQs [...]
There are numerous risks inventory businesses face. From theft to severe weather damage, your business can experience a wide variety of inventory damage. Read on to learn three recent claim examples from our insured dealers and how you can protect your business against similar claims. Inventory Claim Examples: Partial Theft The claim: A manufactured home [...]
Despite your commitment to risk management and proper procedures to protect your inventory, claims can happen. When an incident occurs, avoid the panic. Save this article on claims support from Lockton Affinity to ensure you remember how to respond to a claim correctly and efficiently if the time comes. Decide to file a claim It [...]