An asset inventory for your business is essential

Business owners face the possibility of a fire, tornado, theft or other disaster. One of these instances could destroy everything you worked so hard to create. When this happens, a personal property – or asset - inventory will provide detailed documentation of the contents of your business and ease the claim process. You’ll recover faster and maximize your settlement.

You most likely have a depreciation schedule, and are probably figuring that’s where you’ll access that list. But consider that the rule of thumb by most CFOs and CPAs is to expense items valued at less than $500 (some suggest $1000). How many items are owned by your company that have a price tag of under $500; are they documented?

In addition to listing the contents, item by item, you’ll also be asked by the insurance company to include the purchase date and cost. Having a document to refer to reduce the stress so you can focus on getting back to doing business in a much shorter timeframe.

The number of burglaries are increasing, fires and tornados destroy businesses. Will you be able to compile a complete list that will enable you to receive a proper settlement?