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 [...]
According to the National Oceanic and Atmospheric Administration (NOAA), about 1,200 tornadoes hit the U.S. each year. As one of nature’s most violent storms that can cause death, injury and destruction within seconds, it is crucial to have a plan in place to protect your staff and customers in the event of severe weather. Tornado [...]
Floods happen quickly and the conditions for flash flooding aren’t always obvious. In 2022, flood repair costs for businesses are expected to top $13.5 billion and cause more than 3 million days of lost business operation combined. Exposure to water quickly causes damage, which is why it’s important for inventory businesses to know the risks [...]
Inventory insurance can be confusing. There are a lot of terms and conditions you won't hear in everyday conversation, meaning it can sometimes feel like you're reading a different language. With our Inventory Insurance 101, you will be able understand the terminology, so you feel confident about your choice of insurance and how to go [...]
Fire risk exists on a continual basis for the inventory industry. According to NFPA, the National Fire Protection Association, there’s little variation by month, day of the week and time of day when it comes to the average number of inventory fires. Fire sources run the gamut, from arson to lightning to equipment failure, although some [...]