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Creating a Comprehensive Business Inventory: Safeguarding Your Business for the Unexpected

Business Inventory

Table of Contents

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


Video Documentation

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.


Include Improvements

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.


Thorough Documentation

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.


Maintain Records

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.


Cloud Backup

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.


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