Schmutter Strull Fleisch Inc. Blog
Maintaining an Inventory for Your New York Business Insurance
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:
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!