Originally published October 21, 2020. Last updated January 23, 2025. Managing inventory comes with many challenges, an important one being 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, some are damaged during handling or storage and others are [...]
Many inventory dealers wonder what happens when they have a claim. What claims are most common and what circumstances lead to those claims are also top questions asked by dealers. As one of the nation’s top insurance administrators, we see a lot of claims. Here are four of the most common claims for inventory and [...]
Winter weather is often unpredictable. Some years are mild, with barely any snow. Other years, winters are harsh, bringing freezing temperatures and heavy snow into areas not used to seeing it, and these conditions can impact your inventory and business. While you may be prepared for winter risks like low temperatures and snow, water intrusion [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Winter weather inventory risks can pose a serious issues for businesses. In early 2021, a single winter storm caused an estimated $15 billion in insured losses. Your business may be at greater risk if your product is out in the open and exposed to the elements. Winter weather inventory risks are hard to predict and [...]