19 Jun 2015
The Importance of an Inventory
How much equipment do you have in your opticians practise? Do you know? Think about everything from computers and furniture down to testing equipment. If the worst happened, how much would it cost to replace everything in your practise at todays prices?
A business inventory, complete with a list of practise equipment & contents and information on how much they’re worth, is a good way to have the answers to all these questions at the ready.
While it’s difficult to comprehend what you’d do if you lost everything at your practise due to a flood, fire or burglary, creating an inventory is a smart idea.
Keeping an up to date inventory is the easiest way to manage an insurance claim after significant damage or loss. Not only will it help you calculate how much everything is worth, it will also ensure you can recover all your contents with the least amount of time and stress.
As an optician, you could be putting your practise at risk if your business property is not insured for the correct amount. An accurate inventory will help to ensure you have the right amount of insurance protection. If you have too little coverage you could find yourself underinsured. This essentially means that something has been insured for less than it’s true value. If this is the case and you do suffer a loss, your insurer may scale down any losses leaving you out of pocket.
How to create an inventory
Creating an insurance inventory is simple. It’s essentially a detailed list of all the physical assets your practise relies on to operate. The devil really is in the detail here as you don’t want to overlook anything.
The best way to start is to go room-by-room and make a thorough list of any property you’d want to replace or repair in the event of a disaster. Take photographs or videos of each room in your business, focusing on specific items in each room. If possible, include specific details such as manufacturer name, the price you paid and the date you bought each item.
Make sure you keep the inventory updated at all times, adding any new equipment or contents as you go.
Not sure where to start? Why not download our example inventory to help you assess property values correctly!