An asset inventory is essential for your business

Business owners face the possibility of a fire, theft or natural disaster. One of these instances could destroy everything you worked so hard to create. When this happens, an contents inventory will provide detailed documentation of your business assets and ease the claims 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 of furniture, electronics and appliances. But consider that the rule of thumb for most CFOs and CPAs is to expense items valued at less than $1000. How many items are owned by your company that have a price tag of less than that? Think of all the tables, chairs, desks, file cabinets, decorative items, hand carts, easels, dry marker boards and telephones that cost less than $1000. Are they captured in a list that can be accessed if you need it?
When filing a claim, it's best to have the manufacturer and a descripton (photos are very helpful) if you plan to receive full replacement. A Hon file cabinet, commercial grade with locks has a much higher value than one purchased at WalMart. Being able to prove the high-end, or more costly, items is essential to recover properly.

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. This is to help determine replacement cost and depreciated value.

Spend the time to compile the inventory now, as it will save you time, stress and money if you ever need to file a claim. And that means you'll be able to recovery quickly, getting your business up and running again, rather than spending months remembering, researching and making constant phone calls to the adjuster.

If you don't have the time to complete your inventory, contact a local inventory service provider to do it for you. It's an investment in your future.