With ongoing price increases on tobacco our Claims team are regularly finding that retailers don’t have sufficient cover for their stock. Retailers are keen to know if there is a rule of thumb for quickly calculating the value of stock in a gantry. While this does depend on the size of the gantry and the quantity of stock, if you know the value of your gantry at capacity it is relatively easy to estimate the value of any stolen or damaged stock.
How do I calculate my stock value?
It depends on the size of the gantry and the quantity of stock. If you know the value of your gantry at capacity it is relatively easy to estimate the value of any stolen or damaged stock.
A popular approach is to produce a master calculation for the number of cigarettes your gantry can hold at capacity. From this figure you can calculate the value at any time based on the current average price of tobacco and what proportion of the gantry is full.
Can I use the approach for more than cigarettes?
Yes, this can also be useful for the rest of your stock. Making a note of the average quantity and type of products you store on each shelf or in each section of your shop can make it easier to calculate their value in the event of the unexpected.
Do remember to update your figures regularly and, most importantly, check your cover documents to ensure your limits are sufficient.
If you have any queries regarding your shop cover, or you would like a free, no-obligation quote, contact us on 0333 2121 280 or fill out our online quote form. We look forward to hearing from you.