There will come a time in your life that you need to perform an inventory of personal and commercial assets. The reasons for doing this are endless. However, the most common reason for asset inventory is to make an accurate insurance claim. There are many aspects of asset inventory that you need to keep in mind. The list should include computers and electronics, machinery and equipment, basic office supplies, and so forth. There are times when figuring out what you owned can be a needle-in-a-haystack situation, especially after a natural disaster has wreaked havoc on your personal and commercial belongings.
You need to make sure that you keep track of the items you have bought, replaced, lost, or have been stolen. Inventory makes the process accurate. When you track your assets, you will gain a better understanding of your insurance coverage. An annual inventory of your business and personal asset puts things in proper perspective. If your company acquired new assets, you should consider adding those to your existing assets and revising the insurance you might need. The thought of performing an inventory might seem daunting, but with a basic understanding of the process, you will be able to make it easier.
Visually inspect each area of your commercial and personal property for an assets inventory
As part of your business and personal asset inventory, you must complete a walkthrough. A walkthrough should cover each area, room, and office. Perform a thorough inspection to make sure that you account for everything that you deem valuable. You should also include the security equipment, outdoor signage, cameras, exterior furniture, office furniture, kitchen fixtures and computer and internet equipment when visually inspecting your property. You should also prepare detailed spreadsheets which outline the individual asset and avoid general guesses.
Add detailed description
Once done with the walk-through, you have to add item descriptions in the asset inventory spreadsheet. The description should be as detailed as possible. It should include the purchase dates, purchase receipts, and the estimated value of each asset you listed. The details you provide are critical in determining the replacement value of your commercial and personal assets if they have been damaged, lost, or stolen. The detailed description of each asset will also help you in expediting the process of making an insurance claim for losses on a business owner’s policy, commercial auto, or commercial property.
Video or photograph all assets
It is not enough that you provide detailed descriptions as your evidence needs to be tangible as well. Getting everything on film is a wise move because it shows the insurance provider of your assets’ condition. Videos and photographs of materials, equipment, and assets inside and outside of your premises will give the authorized individuals an idea of the actual value of the assets in the event of an insurance claim. When disaster strikes, it is normal for business owners to feel overwhelmed by the degree of damage that a natural calamity might have caused. This is when filming or taking a snapshot of assets becomes valuable. Aside from the photographs or videos providing pertinent details, they can also help business owners retain the design when making repairs after a natural disaster.
Keep things in a safe place
Once you are done organizing your business and personal asset inventory, you should find a place where you can store the list safely. You need to have a duplicate copy that you should keep offsite or in a cloud-based server. Make it a point to store videos or photos online so you can access them remotely in the event of a natural disaster. It will be easier for you to expedite a claim process and quickly recover from the loss and damages if you have all the evidence handy.
While a commercial and personal asset inventory does not protect your property from all potential damages, losses, and theft, it can reduce interruptions in your business operation. The inventory allows for a quicker claims process and protects the things that matter most.