How Often Should I Update My Commercial Insurance Inventory?

Any insurance policy you could hope to buy, the fact is that your insurer cannot cover you if they don’t know what you’re covering. When you make upgrades to your car, you tell your insurer. When you make additions to your home, you tell your insurer. And of course, when you upgrade your business, you update your insurer.

So here’s the question: How often should you take inventory and let your commercial insurance provider know how your Johnstown, PA business is doing? There are only two instances that you need to worry about:

  1. You’ve just made a big purchase.
  2. It’s been six months to a year since your last inventory update.

Suppose you’ve just bought a new pizza oven or you’ve just replaced some dining tables. Those are significant purchases, and the sooner you tell your insurer about them, the better.

On that second point, all the miscellaneous purchases we make to keep a business running, from USB drives and coffee machines to potholders and plates, most of it isn’t worth calling your insurer about on the day of purchase. But it all adds up, and you may wake up one day and find that you have hundreds of dollars of unprotected property in your store. So you’ll want to photograph, video, and make a list of all this stuff once every six months to a year, depending on how fast you’re acquiring it.

If you’re looking for a commercial insurance provider for your business in Johnstown, PA, get in touch with Asset Planning Insurance Agency, LLC. Asset Planning Insurance Agency, LLC can get you the protection that you need to keep your business in ship shape.