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Creating The Best Business Inventory

Business associates shaking hands in officeBusiness Inventory Tips

Chances are, you have a home inventory for all of your personal belongings. However, have you ever thought of also creating an inventory for your business? Just like you need to protect all of your personal assets from disasters, you should also make sure that all of your business assets are protected. Keep these tips in mind to make sure that your business inventory is doing its best to protect your business.

  • Make a copy – make at least two copies of your business inventory. Keep one list on site, and another one in a secure location away from your property in case your business is a total loss after a disaster. You may also want to consider keeping an additional copy on an external hard drive in a secure location.
  • Keep the list updated – as your business changes and grows, so does your inventory. Take the time to update your inventory at least once a month to make sure that all of your businesses assets are properly listed.
  • Take pictures – along with a description of each item, include a picture. Pictures can do a good job showing the condition of each item. The more information about each item you can provide, the better. Write down any serial numbers and keep receipts whenever possible to attach to the inventory.
  • Categorize items – keeping your inventory organized will make it much easier if you ever have to make a claim. Create categories, such as electronics, office furniture, and retail inventory, and put each item into the appropriate category.

Having an up to date business inventory along with the right business insurance coverage is the best way to keep your company protected. Contact the insurance professionals at Humble & Davenport Insurance in Renton, Washington for all of your business insurance coverage needs.