Risk management Archives - LA Inventory

5 Actionable Ways to Protect Your Inventory from Damage

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 [...]

By | March 3rd, 2023|Risk management|

Common Inventory Risks and How to Combat Them

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 [...]

By | January 18th, 2023|Risk management|

Parking Lot Improvements to Reduce Inventory Damage

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 [...]

By | December 1st, 2022|Risk management|

3 Inventory Claim Examples and How to Prevent Them

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 [...]

By | August 1st, 2022|Risk management|

Tornado Safety for Inventory Businesses

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 [...]

By | March 21st, 2022|Risk management|

Flood Risks for Inventory Businesses

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 [...]

By | February 7th, 2022|Risk management|

Reducing Inventory Fire Damage

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 [...]

By | September 30th, 2021|Risk management|