Stock is one of the single most important assets for businesses in the retail sector. It is the source of your profit and it is also an investment which will be lost if the stock becomes damaged or wasted. To ensure the continued health of your business, it is important to ensure your stock is protected against unexpected disasters. There are several ways to go about doing this.
There are many kinds of business insurance available, and one option provides protection for stock. This is invaluable for businesses in the retail sector. If a disaster such as fire or flooding damages your stock and renders it unsuitable for sale, your insurance will compensate you for the loss. If most or all of your stock is affected, this can make the difference between your business going under or surviving in good health. Without this insurance, you will have lost all the money spent on sourcing the stock, and will have to spend yet more money replacing it.
It is often a good idea to combine this with business interruption insurance. If you are unable to trade for a period of time following a disaster, you will be compensated for the income you would have expected to make in that time. This can help your business stay healthy in the time it takes to replace lost or damaged stock.
Of course, in an ideal world you won’t have to rely on insurance because your stock won’t be spoiled. And while this can never be guaranteed 100%, there are steps you can take to decrease the likelihood of your stock being damaged.
If your business deals with food, a simple but effective method for protecting chilled and frozen goods is to use temperature protection such as a TPS Insulated Roll Cage Cover on each roll cage. These are simple, insulated covers that just slip over the top of a roll cage. In the event of a refrigerator or freezer developing a fault, however, they provide significant added protection for goods. With excellent heat retention, they can help keep your good fresh until the equipment is repaired or new storage can be found, preventing large amounts of wastage.
Standard safety measures
Never underestimate the importance of standard safety measures when it comes to protecting your business and your stock. For example, never neglect fire safety. You may think a fire is unlikely, but if a fire breaks out the effects can be disastrous. Even if the building is left undamaged, your stock can be devastated leading to significant costs for your business.
Similarly, it is a good idea to exercise full precautions against theft, especially if you deal with valuable stock such as electronics. Alarms and related security systems are one of the single most useful investments your business can make. So are security measures such as alarmed security tags on valuable items and security cameras which have good coverage of both the shop floor and the warehouse area.