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Why do I Need a Business Inventory?

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Do you have an up-to-date, accurate inventory of your business assets and property? A business inventory is a useful document that can save money, time and trouble. Calculating the level of Pennsylvania business insurance coverage you need is simple if you have a business inventory, and the document becomes a useful checklist of business assets and helps you to identify losses if a burglary, fire or other disaster affects the business.

What should a business inventory include?

  • It should have a full description of each asset, with details of model, brand and serial number.
  • Documents like purchase receipts that prove ownership and purchase price of assets should be included.
  • You might want to consider including photographs of unique, customized items like shop fittings and signage.
  • Installations like air conditioning systems, light fittings and security devices like monitors and burglar alarms should be included in the inventory.

There is no standard format for business inventories but a business inventory in spreadsheet form can be quickly and easily updated so that the current value of business assets can be calculated. Using the business inventory as a checklist can help to avoid the risk of omitting lost or damaged assets from your Pennsylvania business insurance claim. Don’t forget to keep a second copy of the business inventory in a safe place away from the business premises.

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