[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]With material shortages causing the cost of supplies to rise, it seems logical to stock up on materials while you can to keep yourself in business and safeguard yourself.<\/span><\/p>\n

Aside from being costly in the first place, stockpiling your supplies might not be such a good idea, especially if anything goes missing or is damaged. This is because your insurance might not actually cover the extra supplies you\u2019ve purchased.<\/span><\/p>\n

Given the rise in the value of your materials and the fact that you might have purchased more for the future, you\u2019ll need to make sure that your stock sum insured reflects this.<\/span><\/p>\n

Whether you have your materials listed in your property damage policy, or you\u2019re covered for offsite storage under your Contract Works policy, it\u2019s important that you review this to make sure the total sum insured is in line with how much it would cost to replace your supplies if anything goes wrong.<\/span><\/p>\n

It\u2019s best to chat to an adviser about making sure you have cover where you need it, especially if you\u2019re covered under a Contract Works policy. This is because any <\/span>offsite<\/span>off site<\/span> coverage usually requires you to prove that the materials have been allocated to a particular contract that\u2019s already underway. If you\u2019re just storing materials offsite for some time in the future, they might not actually be covered under your Contract Works policy.<\/span><\/p>\n

Now\u2019s the best time to look at the cover you have in place, especially with the rising costs. As we\u2019ve seen, when times are tough and materials are expensive, that\u2019s when you see an increase in activities like theft and vandalism, particularly within the construction industry.<\/span><\/p>\n

The last thing you want is to be underinsured should the worst happen, so get in touch with us. With yards of industry expertise, our team will make sure that you\u2019ve got just the right cover in place to prevent you from being out of pocket, and potentially out of business.<\/span><\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_id=”related-post”][vc_column][vc_custom_heading text=”Related articles” font_container=”tag:h2|text_align:center|color:%2313143e” use_theme_fonts=”yes” el_class=”title my-5″][vc_basic_grid post_type=”post” max_items=”4″ element_width=”3″ orderby=”rand” item=”918″ grid_id=”vc_gid:1658870763961-184d63b9-b891-5″ el_class=”related-posts mx-auto mt-3″][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]With material shortages causing the cost of supplies to rise, it seems logical to stock up on materials while you can to keep yourself in business and safeguard yourself. Aside from being costly in the first place, stockpiling your supplies might not be such a good idea, especially if anything goes missing or is […]<\/p>\n","protected":false},"author":1,"featured_media":6058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9,7],"tags":[],"class_list":["post-6055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-tradesmen"],"acf":[],"yoast_head":"\n