Looting and inventory records

If you are one of the unlucky people to have had your business stripped by the hooligans in London in the past few days, you may have lost many of your assets and inventory. How can you then prove to your insurance company that your inventory records are accurate?

The reality is that the aftermath can be just as bad when making an insurance claim, as we know how much they dislike paying out. Without firm inventory records stored off site of what you had that day, your claim will be even trickier. Paper records are commonly used in businesses for simple asset management, or an excel spreadsheet that was on the computer in the burnt out or cleared out office. I wrote previously about inventory theft and damaged inventory, but never took into account such a mess appearing in western civilisation.

Those that have the electronic inventory records off site in a software system should be fine. However those businesses that did not invest in an asset management and inventory system will regret it as they spend hours to argue with the insurance company, not forgetting the emotional drain of seeing a company handed down through many generations go up in smoke.

The bottom line is that for a small monthly fee, businesses can get asset management software to maintain inventory records in case of an unplanned event. These events were certainly unforeseen.

Author: Jonathan Bellwood