liquor bottles on shelfThe most valuable commodity you have in your retail location are the products you plan to sell.

Events like theft, vandalism, or fire can cost you inventory. They could cause your business not to operate. That can damage your company's financial health and put your business'; reputation on the line.

The proper business insurance can help to minimize some of these financial losses. However, it is important for you to have the right type and amount of coverage.

For liquor store insurance, this may mean having the proper inventory to account for what's on the shelves and what that products' value is.

Creating and Maintaining a Product Inventory

Today, it is much easier to maintain a proper inventory of the product you plan to sell.

Implementing a software program that tracks what you buy and what you sell can virtually automate the process for you. It can – at any time – give you real time data about the current inventory in your location.

f this is the method you plan to use as a tool to track what you own, make sure to save and store data in a safe location. Using the cloud or other software can help because they are further away from the risks of damages.

But, you cannot stop there. Many times, liquor stores have a few treasured bottles. Some may be worth $1,000 or they could be ten times that amount. These items are particularly valuable and if you lose them in a covered incident, they would also be hard to replace.

It's important to monitor the value of product that is aging and increasing in value as it does. Properly managing that product means keeping track of its value.

Estimating the value of your inventory is important for many reasons. One of the most important is having a way to file a claim with your business insurance if an event should occur.

Additionally, you'll want to ensure the value of that insurance plan is high enough to cover the losses you could face.

Work closely with your liquor store insurance provider to ensure you have adequate coverage based on the value of your inventory, the type of product you carry, and any other assets you own in your store. This can give you peace of mind.

Do you have tips about creating and maintaining an inventory? Comment below. We are proud to offer a variety of customizable business insurance options for your store. Explore our online offerings or give us a call today.
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