You maintain insurance coverage and always pay your premiums on time. But if your firm suffers losses due to a fire, flood or theft, how many items would actually be reimbursed? If the insurance company requested a written list of every item lost, would you even know what was gone?

  The reality is that a majority of business owners are unable to perform this task with 100 percent accuracy. Most business owners have no idea of all the items they have purchased over the years.

  All businesses should have documentation of current fixed assets and supplies purchased or acquired. This includes more than a quarterly inventory of caskets, urns, granite or vaults. This includes everything that is in the cemetery maintenance shop, garage and embalming room.

  Timely premium payments do not equal reimbursements from insurance companies. Conversely, insurance companies often find reasons not to pay claims in the same timely manner that they expect premium payments. And business owners must prepare for that obstacle by documenting the items that could someday be on a claim.

  Small items such as tools can add up to a substantial amount of money, but they are rarely documented as a business’s fixed assets and supplies. Without documentation of these missing items, it might be hard to receive reimbursement for an insurance claim.

  Realistically, it only takes an hour or so to achieve basic documentation of your business’s fixed assets and supplies. This hour could result in thousands of dollars of reimbursed items in the event of a disaster.

  An easy way to maintain this documentation is to videotape every room, floor, cabinet and closet in your business. When videoing, take enough time so each item is clear. And if a verbal description is necessary, it can be recorded at the same time. Then store the video in a premise off site in case a disaster destroys the whole building where the items were retained.

  This filming and documenting procedure should be done every few years to guarantee a current record of the fixed assets and supplies at a business location.

  Some locations also have priceless antique furniture, rugs, and stained-glass windows. Items of great value, like these, should have some form of appraisal by a professional as well. The appraisal should also be kept off premise in a safe and secured location. This will help to provide documentation to back up a claim to your insurance company.