woman taking inventory at small business

There is no point in having insurance if you can’t make a proper claim when it becomes necessary. Too many business owners, careful in so many other areas, fail to take a full inventory of their company’s assets or to update it regularly and are therefore unable to put in a comprehensive Business Property Insurance claim after a devastating loss.

At Blue Lion Insurance Advisors, LLC, we are vigilant when it comes to our client’s coverage, advising them to keep track of what they own so that their Business Property Insurance can provide them with full benefits in the event of a calamity. Contact us now for a free consultation at (732) 649-1600 or online to discuss Business Property Insurance and other insurance products that will keep your business Blue Lion Strong™.

A Complete Inventory Serves Other Purposes as Well

In addition to providing a record of all your property assets for insurance claims, taking a precise inventory can help you to make sure that you haven’t left an important piece of equipment or furniture uninsured because it was not itemized or because its value was not considered in the amount used for blanket coverage. Your listed inventory also speeds up the claims process which will be invaluable if you suffer considerable losses.

What’s included in your small business inventory?

It’s important to be detail-oriented when you take inventory. We will assist you by suggesting items, or even categories, you may have forgotten to include. Depending on the type of business you own and whether you own or rent the property your list should include:

  • The building in which your business operates
  • Owned or leased office equipment (e.g. computers, phone systems), and furnishings, including rugs, wall hangings, etc.
  • Business records, accounting data, contracts, and other documents
  • Equipment used for other purposes, such as 3D printers, refrigerators, paper shredders
  • Outdoor items like signs, satellite dishes, security cameras, and fences
  • Merchandise to be sold
  • Office supplies

If your property suffers damage due to severe weather, vandalism, or theft, your inventory list will be invaluable as you put together your claim for repair or replacement costs.

Tips to Make Your Life Easier if You Have to Make a Claim

First of all, it’s critical to use a reputable insurance broker like Blue Lion Insurance Advisors, LLC whose integrity clients have depended on for a century. Because our firm is not affiliated with any one insurance provider, so we are loyal only to our clients. You can rely on us to make sure that you have the best Business Property Insurance policy available at the most reasonable price and we will always back you up when it counts. 

Other tips that will help you put together a complete inventory and keep it accessible are:

  1. Keep and store receipts for significant purchases
  2. Keep a record of purchase dates, serial numbers, and any other pertinent information
  3. Take photographs of important items to validate their size and authenticity
  4. Make physical copies as well as digital copies of your inventory and make certain that more than one person in your company knows where they are
  5. If there are any expensive items, such as an antique cabinet, for which you have no receipt, consider having them appraised by a professional
  6. Update your inventory on a regular schedule to keep it current

Remember That Your Business Requires More Than Business Property Insurance

The small business that you’ve worked so hard to build needs several types of Business Insurance if a catastrophe occurs. Our expert advisors will help you build a portfolio of essential insurance policies for your particular company that may include, depending on the nature of your business: General Liability or Business Owners (BOP), Professional Liability, Errors & Omissions, Cyber Liability, and Commercial Auto policies.

The Takeaway

Don’t be caught short when it comes to insuring any of the elements without which your business cannot function properly. Contact our talented insurance advisors who will help you compile an inventory and an insurance portfolio that will give your business the protection it needs and deserves.