FAQs About Business Inventory Lists

2/25/2021 (Permalink)

To protect your business, you need to create an inventory list.

Creating an inventory list of everything in your business may seem daunting, but it is crucial. Every business owner should have an inventory to give to their insurance company or remediation professionals, such as SERVPRO, in the event of a disaster.

What Is an Inventory?

An inventory is documentation of everything in your business in Layhigh, OH. It is often organized by room or type of item. These lists should include the following information:

• Descriptions
• Make, model, and serial numbers
• Costs
• Purchase locations
• Purchase dates
• Receipts
• Replacement estimates
  

When Should You Make One?
Make an inventory now. Even the most basic list will help you deal with the insurance company and a disaster remediation team. This is also a helpful tool for when you are reviewing your insurance coverage.

Why Should You Make One?
Create an inventory to serve as proof of loss during an insurance claim. Without a thorough list, you can miss items and not receive enough compensation. This is because it is difficult to remember what is in your business when faced with a disaster. Having an inventory is one less thing you need to worry about.

How Do You Start One?
An easy way to get started on your list is to walk through your business and video everything you see. While a video alone is not enough to serve as proper documentation for an insurance claim, it is enough to get you started figuring out what you need more details on.

How Do You Calculate Value?
Besides providing a list of items, you will also need to have cost estimates for your insurance claim. When calculating these, consider the replacement cost. Check with your insurance company and see that you will receive full compensation for replacement costs. If you don't get these, you may want to upgrade your policy.
To protect your business, you need to create an inventory list. This will serve as proof of loss and help you provide your insurance agent with a complete list of items that were damaged.