Articles Tagged ‘Business assets’

Asset Values Just Inched Up Slowly

Wednesday, August 31st, 2011

“Joe” is a business owner. Even when he was a young boy, he just knew he’d own a business some day. He started out small, and built it slowly but steadily. After years of hard work, it was three times the size of his start-up. Exciting times! Each year, during his annual review, his insurance agent asked him if he had enough coverage for his equipment, office furnishings, etc. And each year, he said yes.

A fire ignited one evening which resulted in a major loss. While walking through what was left of the building, he began listing items he could remember. It was easy with the big equipment, but not so easy with the smaller stuff. There were so many items he couldn’t even recognize. However, that really didn’t matter in the end. You see, he was not properly insured as he assumed, and before he was even 1/2 way done listing the big stuff, he had already maxed out his insurance policy coverage. When in the busy world of business ownership, days fly by and you just don’t realize how much you accumulate. Office equipment, production equipment, furniture, electronics, appliances and even decorative items. They all add up. And when purchasing these personal property items one or just a few at a time, you just don’t realize how much you own. You’re unaware of the investment you’ve made to furnish your growing business.

It’s important to know the value of your business assets so you can be properly insured – an inventory created and then kept current will provide this information.

Joe is still in business, but his business is back to the size it was when he started decades ago. The proper insurance, backed up with a thorough inventory, would have provided a much happier ending.

Cindy Hartman
Hartman Inventory, LLC

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