Property and Goods Insurance

Property and inventory insurance is insurance for your business’s property and inventory. An insurer distinguishes between a company’s property and its inventory. If you own a business or company, you likely have a significant amount of inventory. This includes items such as desks, computers, and office supplies, as well as specialized machinery and perhaps even stock. “Goods” refers to your trading inventory. These are all the raw materials and supplies you use to make your final product, such as semi-finished goods, cleaning supplies, fuels, and packaging materials. They include all the products you sell or use in the production of your final product. These items are essential to your business, so it makes sense that you wouldn’t want anything to happen to them. With inventory and goods insurance, both your inventory and your goods are covered in the event of damage caused by, among other things, fire, storms, and burglary.

Of course, a considerable amount of money has been invested in your own business. It makes sense that you’d like to save on costs wherever possible. However, precisely because so much money is tied up in your business, it’s wise to take out inventory and property insurance. Imagine if a fire broke out in your business premises, reducing a large portion of your inventory and property to ashes. Or what if there were a break-in and laptops and equipment were stolen or damaged?

Without inventory insurance, replacing these items will cost you a lot of money. What’s more, your business operations might come to a standstill, causing you to lose income as well. This is a major risk, especially for new entrepreneurs, since they often haven’t yet built up a large financial cushion to cover such costs. By taking out inventory and property insurance, you ensure that you’re covered for many of these types of losses.

Looking for the right inventory and property insurance? Premiums, coverage, and terms may vary by insurer. That’s why it’s a good idea to compare different options.

At Alpina, we take a look at your business, the inventory and goods you want to insure, and the coverage you need. Based on that, we can compare different insurance policies. This allows you to choose a policy that fits your business and the risks you want to insure.

Your business inventory, machinery, and stored (raw material) supplies can be severely damaged or even completely lost in the event of a fire or storm, for example. With inventory and property insurance, you can protect your business against the financial consequences of such events. Adequate security measures for your business premises may be an important requirement for obtaining this insurance.

Would you like to purchase inventory and property insurance? Please contact us. We’ll discuss your situation and the options available, and then we can arrange the right insurance for your business.

Property and contents insurance covers property damage caused by:

• fire
• storm
• lightning strike
• explosion

In addition to the insured amount, the insurance also provides coverage for, among other things:

• salvage costs (the costs incurred to minimize the damage)
• expert fees (the costs of assessing the damage)

Are you opting for comprehensive coverage? If so, you are also insured against damage resulting from the following events:

• runoff and precipitation
• burglary and theft
• vandalism and collision

The costs depend on a number of factors:

• The type of business
• The types of inventory and goods
• The quantity of inventory and goods
• The coverage you choose
• Any additional coverage

Inventory and property insurance is also often referred to as commercial property insurance. In insurance terms, however, we refer to it as inventory insurance when it pertains to business insurance. Home contents insurance is a personal insurance policy that allows you to insure the items in your home. However,personal home contents insurancedoes not cover your inventory and goods; for that, you must take out inventory and goods insurance.

The meaning of inventory and goods insurance isn’t equally clear to everyone. Often, people aren’t exactly sure what the difference is between inventory and goods. Your inventory includes items such as desks, computers, office supplies, specialized machinery, and stock. Your goods refer to your trading inventory. This encompasses all raw materials and auxiliary materials you use to manufacture your final product. Examples include semi-finished products, cleaning supplies, fuels, and packaging materials.