If you closed your eyes, could you name everything owned by your business? While many people remember computers and furniture, smaller items—though just as important for operating a business—are often forgotten. This little test is proof that you cannot rely solely on your memory to recount your business’ physical assets in the event of loss, destruction or theft.

Creating an inventory of business assets can be of utmost importance if you ever need to file a claim on your commercial property insurance policy. In fact, it’s recommended that you create this inventory before purchasing property coverage to ensure that your policy will have adequate coverage to protect all business assets.

Basically, a business inventory is a detailed list of all physical assets owned by the business, including computers, specialty equipment, artwork, furniture, fixtures, signage, security cameras and more. Be as thorough as possible and list not only item descriptions, but also serial numbers, purchase dates and estimated values.

Many people find it helpful to organize such a list by room to make the task less overwhelming (and also easier to update later). For instance, you can inventory everything in the lobby one day, the break room the next day and so on. With only one room per day, you have some time to really check the place out and ensure that you’ve noted every item of value.

Once your inventory is complete, upload the file to a cloud drive and/or flash drive that you can access off premises in case of disaster. It also helps to include scanned images of receipts and photographs as further proof of ownership to help streamline the claims process.

We’ll help protect your assets. Call Keats Insurance Agencies for more information on business insurance.