Business Contents Inventory Is An Investment
You see news articles on a daily basis that reports about hurricanes, tornadoes, fires, earthquakes, and thefts. Have you ever considered that one day they might be talking about your business on the nightly news? Have you considered what would happen if your business contents were destroyed?
As a business owner or entrepreneur, you have put endless hours of effort into creating and growing a successful business or businesses. Would you be able to itemize all of your personal property (contents or assets) to ensure that you file a thorough insurance claim? If the loss is severe enough (fire or tornado), you might not even have items left behind to refer to. How would you be able to recovery sufficiently to start up again?
Because of these daily disasters, savvy business owners have an inventory of their contents. Yes, you might have a depreciation schedule, but usually items that cost less than $500 (sometimes $1000) are logged as an expense rather than an asset. Stop for a moment and think about how many tables, chairs, printers, desks, etc., are not on your depreciation schedule. Where are these items captured for your reference? Most business owners admit they don’t have such a document.
This illustrates the need for a personal property inventory. Having a thorough up-to-date list of your assets is essential for fast claim filing and a maximized settlement. The investment in a professional asset inventory service will more than pay for itself if you need to file a claim.
We know of many businesses who have had to start over after a loss. Some sad stories are those of needing to begin much smaller than they were because of the lack of funds to get back where they were; others spent months trying to create a complete claim so they could receive a sufficient insurance check, while still others never opened their doors again.
Your insurance policy is there for you to get you back where you were before the loss. However, they will need a complete list of items that you owned so they know the amount of your settlement. An investment in a professional service that will compile this document for you before a loss occurs is an investment in your future.