Planning the year ahead is crucial for an independent business and within the retail calendar there are key moments/ holidays such as Easter, Valentines, Halloween, Mothers/Father’s Day where regular shopping habits change and activity increases. One of the busiest seasonal peaks between October & December is known as the ‘The Golden Quarter’ –which can for some retailers account for up to 80% of annual sales. During any of these seasonal swings business owners must plan the level of stock required.

However, one size does not fit all, and one retailers ‘Golden Quarter’ can differ from another. A shop selling school uniforms seasonal peak will differ from a clothing shop, toy shop or restaurant.

Here is where flexibility is key when planning your stock, ensuring you not only have the level of cover required for normal trading but also ample cover during your seasonal peak, preventing being under insured.

Seasonal increase, one less thing to worry about

As standard the sum Insured by Expression Insurance in respect of stock in trade is increased each Period of Insurance by,

a) 25% during the months of November and December

b) 25% for a period of 15 days preceding and including any Bank or Public Holidays and for a period of 15 days thereafter other than occurring in point a)

We will insure the cost of replacing your stock if it is damaged, common reasons for a claim include fire, theft and flood.

But as we have said before not all businesses have traditional peaks and many small businesses require a more flexible approach. Here is where Expression can tailor the 25% seasonal increase around specific months required by each customer individual needs.

How do I prevent being under insured?

Being under insured refers to “inadequate insurance coverage, which can cause financial hardship for a policyholder”. Sounds daunting and when you start searching for the right business insurance that ticks your boxes you will need to confirm the value of stock cover required.

As detailed earlier, this level of stock fluctuates at certain times of the year. Expression has this covered for you and all you need to do is confirm your specific peak months, simple!

If you are not currently part of the growing Expression independent community it would be advisable to check your policy wording including the seasonal increase clause and if required, contact your insurer or broker for further guidance.

Minimising your risk

As small business owners with a bricks and mortar presence on the high street your time is at a premium with the many decisions with of these being security and minimising theft threat.

When you first take out your business insurance policy you will be asked what security measure are  in place, for example,

·     Do you have an alarm system and if so, what are the specifications?

· Do you have shutters on your building?

In preparation for your seasonal peak, the level of stock will have increased along with the increased threat to theft.

During these times it is a good reminder to check your current security in place ensuring you meet your insurers requirements. For example, keeping up to date with your alarm maintenance agreement. Remember to update your insurer if your business protection has changed to make sure that you are fully covered.

Amid all the turbulence of the last couple of years it’s important for independent retailers to march into their individual ‘Golden Quarters’ with the confidence in knowing they have the right stock cover at the right time, as we have said before, one less thing to worry about!

If you want to find out more about how Expression supports independent business owners who love their business visit www.expressioninsurance.co.uk