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business meetingMany articles and blog posts discuss the importance of creating a home inventory in order to properly assign home insurance limits and make the claims processes easier. There have even been several Smartphone and tablet apps designed to simplify the process. Business owners, while not often mentioned in these articles, blogs or app ad copy, should not feel as though they’re exempted from the benefit of creating an inventory of their business property. In fact, one way to ensure that you make accurate claims and have realistic limits on your commercial property policy is to create an inventory of your company’s assets.

Creating Your Business Inventory

A commercial property inventory is completed much the same way as a home inventory. All one needs to do is go from room to room within their business and make a list of all the assets they have. This list should include computers, furniture, supplies, merchandise, software, books, art, and so on. Along with that list, the business owner should consider storing pictures of each room, receipts or invoices for the purchases and model numbers for items such as computers. For convenience, business owners can even consider adapting existing home inventory apps in order to utilize them for their business.

Lastly, if a business owner has or retains any property owned by a customer or client, it can be a good idea to inventory that as well. Even if that property changes from month to month, inventorying what’s currently on hand can give the business owner a good idea as to the potential liabilities they face should their clients’ property be damaged or stolen while in their care. Once the commercial property inventory is completed, the business owner may place it with their other insurance documents after sending a duplicate to their agent.

If you have questions about how to complete a commercial property inventory or how to design your Ohio business insurance policy, stop by or give us a call at 740-467-2040.

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1 Comments

Marias Moore said...
Inventory management is all about knowing what you have in your warehouse and where your stock is located. To optimize inventory management, many good companies are offering Business Inventory Control Software. However, in todays eventful and competitive world of business, one needs to know all the intricacies regarding ones business and inventory at a finger touch so that each and every opportunity could be utilized as and when they appear. One such company is Goods Order Inventory System. It offers simple and easy to use mobile application, for iPhone, iPad, Android, and Blackberry devices that allow small business users and individuals to manage/track their Products, Orders, Inventory, and Sales. They want to provide an inexpensive Inventory management solution to their user, literally on all platforms including Mobile devices, PC, Macintosh, Linux and web browsers.
THURSDAY, MAY 17 2018 8:21 AM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Tom Jones Insurance to provide information that may be of interest. Tom Jones Insurance is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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