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Stock Insurance

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How much does stock insurance cost?

The cost of stock insurance in New Zealand typically averages between 0.3% to 1% of the value of the business insured per year. This cost can vary widely depending on the type of business, type of stock, location and sum insured. 

What is the average cost of business stock insurance? 

In New Zealand, you can generally expect to pay between 0.3% to 1% of the value of stock insured per year. That means to insure $200,000 of stock, it would cost approximately $120 a month.

While this is a relatively accurate average, it’s important to remember that specific industries where stock is at higher risk such as jewellers or dairy’s, the premiums will be higher.

Understanding stock insurance cost factors

What influences the cost of stock insurance? Several variables can impact the premium you’re quoted, lets look at the crucial factors.

Type of Stock

Different types of stock carry varying risks. For example, perishable goods like food or flowers are at a higher risk of loss due to spoilage, compared to non-perishable items such as electronics or furniture. This difference in risk can influence the cost of insurance.

Value of Stock

Naturally, the more valuable your stock, the more it would cost to replace in the event of a loss. As such, insuring a high-value stock may cost more than insuring stock of lesser value. The value doesn’t just mean the monetary value; it also factors in the importance of the stock to your business operations.

Location and Storage of Stock

Where and how you store your stock can significantly influence the insurance cost. A business storing stock in a high-crime area might face higher premiums. Similarly, if your stock is stored in a manner or place prone to environmental risks, like flooding or fire, it might attract a higher premium.

Business Contents Insurance Provides Cost-Effective Protection for Your Business

When we talk about stock, we’re referring to the goods and products that businesses keep on hand. These items represent a significant investment, and their safety is crucial for smooth operations. Here’s how stock insurance proves beneficial:

Asset Protection

Your stock is a tangible asset. Protecting it means safeguarding the investment you’ve made into acquiring those goods. Any damage or loss could mean significant financial setbacks. Insurance ensures you get compensation, which can be crucial in recovering from unexpected events.

Ensures Business Continuity

Imagine losing your stock to a natural disaster or theft. The time it takes to replace these goods could halt operations. With stock insurance, you get the support to quickly recover and resume business, ensuring minimal disruption.

Peace of Mind

Being in business comes with its own set of worries. Stock insurance provides peace of mind, knowing that a significant portion of your business assets is protected. This comfort allows you to focus on growing and improving your operations without constant worry.

It’s crucial to have business stock coverage if you

  • You store stock in large quantities
  • Your location is prone to natural disasters
  • You deal in high-value items
  • Theft is a concern in your area

How can you save money on business stock insurance?

Even though business contents insurance is an essential part of running a business, it’s still possible to save money on it. Here are four effective ways to reduce the cost:

Use a Broker

Brokers like Gerrards have access to many insurance providers and markets that businesses do not have access to. This wide network allows us to compare many different offers and choose the one that gives you the best business contents coverage for the least amount of money. Think of us as your secret weapon for getting the best business contents insurance deals.

Bundle Your Policies

Insurance providers often offer discounts if you purchase multiple policies from them. This method, known as bundling, could allow you to combine your business contents insurance with other types of business insurance, such as liability or vehicle insurance, and save money.

Increase Your Excess

The excess is the amount you agree to pay out-of-pocket before your insurance kicks in. By agreeing to a higher deductible, you can reduce your premium. However, it’s crucial to ensure you can afford the business contents insurance excess if you need to make a claim.

Maintain a Clean Claims Record

Taking diligent care of your business contents and reducing the likelihood of claims can potentially lower your premiums. Ensure your business contents are secured properly and that regular maintenance checks are conducted to prevent unnecessary damage.

Top industries that need stock insurance

In New Zealand, stock insurance can provide comprehensive and cost effective protection for many industries

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