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Maintaining an Inventory for Your New York Business Insurance

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Taking inventory makes good business sense. You need to be on top of the
details of your business assets for New
York business insurance
purposes. In addition, there are a few
reasons why your inventory can be an asset in itself.

A comprehensive inventory can
speed up the process of making a claim because it contains detailed information
about everything in your business, from the buildings to the most basic office
equipment and everything in between. An inventory can help you verify losses
for taxation purposes, as it should contain valuation certificates and purchase
receipts and it can be a valuable way for you to keep track of incoming and
outgoing stock.

Anything that constitutes a
business asset should be listed in your inventory, along with the appropriate
paperwork including:

  • Valuation certificates
  • Purchase receipts
  • Land titles
  • Lease agreements

In addition to the
necessary paperwork, taking photographs of major business assets may be helpful
in the event that an insurance claim becomes necessary and your adjuster needs
to assess the level of damage that must be compensated.

Keep a copy of your
inventory in a safe, off-site location where it can be accessed easily. It
would be a good idea to have copies of your New York business insurance policy there as well, and any other
valuable paperwork you may need in an emergency. With Schmutter, Strull,
Fleisch, Inc., we can help you with all the questions you have regarding this
insurance. Contact us today!

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