Over time, businesses can accumulate a large inventory of assets, including basic office supplies, tools, specialized machinery and equipment, computers and electronics, and even company vehicles and raw materials. For example, do you remember exactly how many business purchases you made in the last 12 months? How many computers did you buy? Did you have to replace any tools, and if so, how much did you spend? The point is that in the busyness of running a business, owners can easily lose track of their total number of assets, as well as their value, making it hard to know when an asset is lost or stolen, and harder to make an accurate Commercial Insurance claim.
In order to better track assets and ensure there is adequate insurance coverage for them, it's important to have an annual business asset inventory to account for all the new and existing assets held by the company. In today's blog post, we'll explain how to create a thorough business asset inventory for companies of any industry.
Complete a Walk-Through
A thorough business asset inventory starts with a complete walk-through of each office, room, and area of the commercial property and office. Visually inspecting each area ensures that everything of importance is accounted for and catalogued. It is important to include outdoor signage, security equipment and cameras, office and exterior furniture, computer and Internet equipment, and fixtures for kitchens, bathrooms, and other facilities. There should be detailed spreadsheets listing out each individual asset, and not general numbers or guesses.
Include Detailed Descriptions
When creating the asset inventory spreadsheet, include item descriptions, purchase receipts, purchase dates, serial numbers, and estimated values with each asset listed. These details can be critical when assessing the replacement value of business assets if they are lost, stolen or damaged. It can also help expedite the insurance claim process for losses on a Commercial Property, Commercial Auto, or Business Owners Policy.
Get It On Film
Next, company owners should video or photograph all equipment, materials, and assets inside and outside the premises. This simple step establishes the condition of the assets and can help confirm their value in the event of a claim. Unfortunately, when disaster strikes, business owners can be so overwhelmed by the severity of the damages and business interruption that it can extremely difficult to remember pertinent details regarding the commercial structure or condition of fixtures, equipment, commercial vehicles, tools, furniture, or appliances. It can also help business owners maintain design consistency as they rebuild or make repairs after a disaster.
Keep It In A Safe Place
Organize and store your business asset inventory in a safe place, with a duplicate copy kept offsite or on a cloud-based server in event of a disaster. In addition, consider storing photos or videos online to access remotely if necessary. These steps can expedite the claims process and help businesses recover from asset losses and damages much faster.
Having a Business Asset Inventory cannot protect your commercial property from all damages, theft, or losses, but it can help reduce interruptions to business operations and allow for a faster claims process. Aegis Insurance and Financial Services is committed to helping commercial clients protect what matters most, and offers a wide range of top-quality insurance options to protect the company, assets, and employees. Contact Aegis today at 713-850-7622 about our Commercial Property, Commercial Auto, Business Owners Policy, and Excess Liability coverage, or go online for a free quote!