As you’re focused on the growth and daily operations of your business, it’s important not to overlook how accurate inventory data affects your bottom line. Beyond theft and accidental damage, some scenarios (such as fire) could quickly wipe out inventory — leaving you in an uncomfortable situation with potentially-devastating consequences.
One way to avoid that outcome is by securing comprehensive fire protection insurance early. Not only does this financially protect you in the event of unforeseen circumstances, but it could help you continue business as usual while you recover from damages and/or loss. Use this advice to take stock of your company’s assets and take steps to safeguard your property.
Take a Multi-Faceted Approach
There are many ways to compile inventory information, including making a checklist, taking photos or video of tangible belongings, and other methods. That stated, experts advise a mix of inventory approaches to ensure thorough data collection.
For instance, checklists should detail the type of item as well as its price, purchase date, and serial numbers or pertinent identifying information. However, this written data may not be enough to provide an accurate representation of your business inventory.
That’s why it’s wise to feature companion proof of ownership by way of photo and video documentation. These visual records also demonstrate the condition of your possessions, as well as a total-picture view of business assets. When necessary, photos can be attached to checklist items for cross-reference.
Videos can be narrated to provide additional detail and information not easily explained in text form. This method also allows you to visually highlight special features (including hidden contents) and notable item aspects that could affect value.
Share Data with Invested Parties
While you wouldn’t post inventory information online for anyone to see, it’s equally wise not to keep this data locked away. At the least, inventory lists and documentation should be shared with trusted individuals, including agents from a reputable insurance firm who can help you secure adequate and accurate coverage against theft or disaster.
In addition, select inventory data can prove useful when working with lenders, suppliers, contractors, and potential business partners.
Reaching out in this regard also helps ensure your inventory information is up-to-date. As a business owner, it’s only natural to consistently buy or sell items necessary to the continued success of your business. However, inaccurate inventory lists can create confusing and uncomfortable scenarios, and might negatively affect your claim options.
Understand Coverage Options
In most cases, your business and commercial insurance policy will cover inventory loss caused by theft, vandalism, or disasters like fire. However, rather than make assumptions, it’s essential to contact a skilled and qualified agent who can help you find the best coverage options for your unique business needs and requirements. That includes fire suppression insurance and other important coverage considerations.
For years, we’ve helped Central Florida business owners find insurance solutions designed to help their companies grow and thrive. From fire protection insurance, to church and school, business insurance, personal lines, and more, we’re proud to offer a comprehensive line of coverage options. Contact us today to learn more about how we can help protect your business against a variety of external threats.