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Proof of Loss

April 13, 2006

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When deciding on the types of fire/hazard property insurance coverage for a small business, an owner needs to consider a number of policy variables.

The small business owner must be ready to prove a loss occurred, as well as the amount of the loss. Essential for these purposes are an inventory of all property owned, along with records evidencing ownership and value, including receipts, documents of title and appraisals, if available. Photographs or videotape are sometimes used to establish the existence, physical condition and, thus, the value of the property.

Ideally, these records will be maintained in a bank safe deposit box (they may be needed after a catastrophe, such as a fire), or at the very least in a fireproof box, with a duplicate set of records maintained in a separate location.

Of course, the small business owner's accounting system will contain a record of all of the property owned by the business entity. However, the small business owner also should maintain a separate inventory of property personally owned, to facilitate claims under the owner's personal property insurance policy.

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