When the unexpected strikes, like theft, fire, or a natural disaster, a well-organized business inventory becomes your lifeline to recovery. Delaying this critical task could be costly. To help you navigate this process seamlessly, we’ve outlined the steps you need to follow.
Why You Need a Business Inventory
In times of crisis, a complete business inventory ensures you can recover the full value of your assets. Here’s a step-by-step guide to get you started:
How to Create a Comprehensive Business Inventory
Take out your smartphone and create a video tour of your business property while narrating its contents. Make sure your camera’s time and date stamp option is enabled.
If you’ve made custom improvements to your leased space, talk to your agent about adding ‘improvements and betterments coverage.’ This ensures your investments are covered in case of a disaster.
List everything – from flooring and security systems to inventory and office equipment.
Preserve Important Information
Maintain records of expensive items, including receipts, appraisals, and serial numbers. This is especially crucial for unique and valuable items like artwork and memorabilia.
Make copies of all contracts, receipts, vendor information, licenses, and operational records.
Account for Business Finances
Keep track of the previous year’s business receipts, including expenses, income, payroll, and more. This information will be essential in supporting potential business interruption claims.
Include Off-Site Storage
Don’t forget to account for off-site storage, such as seasonal or surplus stock. If you store inventory off-site, discuss ‘inland marine insurance’ with your agent.
Ensure a copy of your business inventory is securely stored in the cloud or another off-site location for remote access.
Review Your Coverage
After completing your inventory, reevaluate your insurance coverage. Consider any changes in your business operations, such as incorporating online transactions, remote work, or delivery services.
Always remember to inform your agent of any changes in your business operations to ensure you have comprehensive coverage. If you have questions or need assistance with protecting your business, don’t hesitate to contact Hotaling Insurance Services for personalized advice and tailored insurance solutions.