Habitat for Humanity ReStore affiliates manage extensive amounts of inventory, and with inventory comes the risk for inventory damage or injury. It is critical to review your property schedule and understand the coverage you have prior to a claim occurring.
Protecting ReStore Inventory
To avoid inventory loss or claims at your affiliate, we recommend the following best practices:
- Avoid storing inventory outside—Avoid storing inventory outside long term. There may be times you get a big donation and have to temporarily keep excess inventory outside. Ensure that inventory left outside can withstand a wind or rainstorm.
- Storing inventory inside—Implement a good system for inventory storage.
- Do not store large, heavy items on a high shelf.
- Do not stack doors so that they could fall on a browsing customer.
- Keep the ReStore clean and clean up spills immediately.
- Do not over crowd your aisles and shelves.
- Be mindful of flammables or other items that require special handling or should not be accepted.
- ReStore donation drop off location—Have clearly marked signs where ReStore donations should be dropped off. Do not let customers shop in loading docks or other areas and do not let them purchase inventory until you have a chance to look at the items and put them out for sale.
Insuring ReStore Inventory
Like other property, affiliates should determine if they want to insure their inventory.
If so, affiliates must determine the actual cash value of the inventory and let their insurer know the limit they want to purchase. Affiliates will need to verify the inventory at the time of loss, so it is recommended to keep a log or take pictures or videos to confirm what you have.
Some affiliates may prefer to not insure their inventory and just rely on Business Income coverage. Business Income coverage helps cover the loss of sales and other income that your business usually generates after a covered loss. If your business cannot operate because of a covered loss, the deductible for this coverage is a 48-hour waiting period.
Manage Affiliate Inventory Risk with Help from Lockton Affinity
As always, the Habitat for Humanity Affiliate Insurance Program, administered by Lockton Affinity, is here to support your affiliate’s insurance needs.
If you have questions about your current property coverage, including building, contents, inventory or business income, or want to add or change coverage or limits, please contact our dedicated insurance representatives today at HFHInsuranceService@LocktonAffinity.com.