Start the Year with a Clear Picture
For business owners, January is the ideal window for a “Physical Asset Audit.” Positioned right after the year-end rush and before the tax season chaos begins, this is the perfect time to document exactly what powers your business. Whether you operate a retail storefront, a professional office, or a specialized workshop, your physical assets are the lifeblood of your operations.
Why it matters: In the event of a fire, pipe burst, or theft, the burden of “proof of ownership” falls on the business owner. A detailed, pre-existing inventory does more than just list items; it provides the documentation needed to justify your claim to an adjuster. This significantly speeds up the claims process, reduces disputes over asset quality, and ensures you receive the full replacement value—not just a depreciated estimate—for the equipment you rely on every day.
Your Detailed 5-Step Inventory Checklist:
- Narrated Video Walkthrough: Use your smartphone to record a slow, comprehensive video of every room in your facility. Don’t just scan the room—open cabinets, tool chests, and supply closets. Pro-Tip: Narrate as you go. State the approximate date of purchase and the brand of high-end items while capturing them on film.
- The High-Value Digital Ledger: Create a spreadsheet for high-ticket items. Focus on serial numbers and model types for computers, specialized machinery, specialized software licenses, and heavy electronics. For office furniture, note the manufacturer if you have matching suites, as these are often more expensive to replace as a set.
- Capture Manufacturer Tags: When filming or photographing equipment, zoom in on the manufacturer’s metal tags or stickers. These often contain power ratings, manufacture dates, and specific model iterations that are vital for accurate replacement in a commercial policy.
- Stock vs. Fixed Assets: Remember to differentiate between your “Fixed Assets” (desks, computers, machinery) and your “Inventory” (products for sale). Your policy handles these differently, and having a clear snapshot of your stock levels at the start of the year is invaluable.
- Redundant Digital Storage: Store your inventory list, receipts, and videos in a secure, encrypted cloud service. Relying on a local hard drive or a physical binder kept on-site is a significant risk; if the facility is damaged, your proof of loss might be destroyed with it. Share a copy of this digital folder with a trusted partner or your insurance agent.
Protect Your Business Journey: Once your inventory is complete, let’s make sure your coverage matches your reality. Contact our commercial team today by sending us an email at info@parkwayinsurancegroup.com, or calling us at +1 281 558 1991 for a comprehensive policy review. We’ll help you ensure your assets are fully protected so you can focus on growing your business in 2026.
