Chapter Overview: How to Inventory Work-Related Personal Property for Insurance Purposes
If you keep work-related items at home, such as business supplies, electronics, or industrial equipment, it’s essential to inventory these assets. Proper documentation ensures that valuable work-related items are covered by insurance in case of damage, theft, or loss.
This chapter provides an overview of how to inventory personal property related to working, organized into the following articles:
Business
Common Contents:
Important documents such as contracts, business licenses, tax records, and employee files.
We’ll also mention filing cabinets, storage systems, and safes for secure document storage.
Relevance: Proper documentation ensures that critical business documents and supplies are accounted for, allowing for recovery in the event of an emergency or disaster.
Electronics
Common Contents:
Computers, laptops, monitors, printers, and networking equipment.
Accessories such as keyboards, mice, external hard drives, and routers.
Relevance: We cover these in a variety of articles but given the context, we will cover them again because electronics are typically high-value items essential for business operations. Track serial numbers, purchase information, and warranties to ensure these items can be easily replaced if lost or damaged.
Equipment
Common Contents:
Tools or devices specific to your profession, such as medical equipment, photographic gear, or laboratory instruments.
General office equipment like shredders, fax machines, and copiers.
Relevance: Specialized equipment can be costly to replace and may require detailed documentation, especially if it’s critical to daily business operations. Appraisal or valuation updates are recommended for high-value items.
Furniture
Common Contents:
Desks, chairs, storage cabinets, bookshelves, and conference tables.
Specialized furniture such as ergonomic chairs, standing desks, and reception seating.
Relevance: Office furniture can add up in value, particularly ergonomic or specialized pieces. Proper inventory ensures accurate valuation and replacement coverage.
Supplies
Common Contents:
Consumables such as paper, ink, toner, pens, and office supplies.
Professional-grade materials like medical supplies, cleaning agents, or construction materials.
Relevance: While supplies may seem low-cost individually, they add up over time, especially if they include specialized or professional-grade materials. An inventory helps track these items for coverage and organization.
Learn More
This chapter will explore each category in more detail, providing comprehensive guidance for accurate inventory management. Time to go to work.