It is key to have an inventory of the business
It is key to have an inventory of the business. Some owners don’t understand the importance of having an inventory of their small businesses for insurance purposes. After suffering a fire or theft, it is when they realize that they cannot receive adequate compensation for the lost equipment since they do not know its quantity, brand, or model. Many can’t even justify having the equipment they need to replace.
That is why each business must have a detailed inventory that will make it easier for you to make claims to your insurance company.
What should the inventory include?
Well, it’s simple, a list of the equipment found within the offices or areas of the premises where the business is carried out. It does not matter if the equipment is rented, computers, refrigerators, machinery, furniture, all kinds of devices, such as 3D printers, kitchen utensils, air conditioners, or stored merchandise must be listed.
The listing can be done on an Excel page with several columns where the product name, description, serial number, purchase date, and estimated value appear.
To make everything more organized, you can make an inventory for each area of the business. That is one inventory for the reception area, one inventory for the warehouse, one for the manager’s office, one for the kitchen, and one for the print room.
The owner must be in charge of keeping the inventory updated and keeping the receipts of the acquired equipment. The insurer may ask you for some proof of these when making a claim.
To make the inventory more complete, you can take photos and videos including the serial and model numbers. All this information should be stored on a USB stick or in a cloud file, which you can access, even if your office is burned to the ground by fire.
Do not be lazy, even if it seems like a tedious job, that effort can be fully rewarded in the event that your business suffers large losses caused by risks covered in your insurance policy, be it a hurricane, theft, or a major fire. It is key to have an inventory of the business.