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 [...]
Winter weather inventory risks can pose a serious threat 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 [...]
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 [...]
Over the last decade, we got used to having a fast, reliable global supply chain at our fingertips. But the global pandemic changed all that. Now, delays are common, which can put a strain on your customer relationships when supply can't keep up with demand. If not managed well, such supply problems could turn into [...]
Summer storms can pose a serious risk for businesses with inventory. In 2019, the Congressional Budget Office 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 are [...]
As a dealer, you know that things don't always go according to plan. Knowing what risk you face can help you be better prepared. While success in business always involves some level of risk, taking the right steps now can minimize the likelihood of an inventory loss, liability lawsuit or serious incident affecting the wellbeing [...]
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 [...]
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 [...]