Business equipment and inventory: how to document it for insurance

Updated October 20, 2026

Your business runs on things: equipment, computers, furniture, tools and the stock on your shelves. If a fire, a flood or a break-in took them, you'd need to show what you had and what it was worth. As United Policyholders puts it, "documentation and facts are what matter for a successful claim"^[1]. Recording it now takes an afternoon.

What business property insurance covers

• Your business property. For insurance purposes, business property can include inventory, furniture, equipment and supplies, whether owned or leased^[2].
• Often as part of a package. A business owner's policy (BOP) is the most commonly bought policy for small businesses. It typically combines general liability, business property and business interruption coverage^[3].
• Lost income, if you have that coverage. Property coverage pays for physical damage; business interruption coverage pays lost net income while the business is closed for repairs^[3].

Working from home? Check this first

A homeowners or renters policy is rarely enough for a home-based business. Many limit business property to $2,500 in the home and $250 away from it^[2]. A rider on a homeowners policy can cover a small amount of business equipment^[4], and an endorsement or a business policy may cover more, so ask your agent what fits.

What to record

• Equipment and machinery: computers, monitors, printers, phones, tools and machines, including anything you lease.
• Furniture and fixtures: desks, chairs, shelving, displays and signs.
• Stock and supplies: inventory on shelves and in storage, packaging and materials. For stock you sell, the records in your sales or inventory system are usually the best evidence; film the storage areas too.
• For each item: what it is, when and how you got it, what you paid, and the cost of any improvements^[5]. Add serial numbers and purchase dates where you can^[1].
• Proof of ownership: invoices, receipts and canceled checks^[5], photos, and the depreciation schedules from your tax returns^[1].

Photograph or film it

The IRS suggests photographing or videotaping the contents of your business, especially items of greater value, to make insurance claims easier^[6]. Walk through each room, office and storage area slowly, open cabinets and closets, and get close to model and serial numbers.

Keep copies somewhere else

Keep one copy of your records on-site and another in a different location^[2]. Back up electronic files, and keep a set of photos with someone who lives outside the area at risk^[6].

Review it every year

Review your insurance policies once a year^[2], and update your inventory at the same time: add new equipment, remove what you've sold or retired, and refresh your stock records. Your insurer may want records kept longer than the IRS requires^[5].

How ii360 helps

Record a walkthrough of each office, room or storage area, and ii360 lists the items it sees, each with a photo from the video and an estimated replacement cost. Prices you say out loud are used as you said them. Organize it with a workspace for each location, invite your staff to record and upload too, and download a PDF report for one area or a whole location whenever you need one.

The Business plan includes the most room videos a year; see the prices on the home page.