Step-by-Step Procedure in Insuring Craft Supplies
Craft supplies and equipment should be protected from damages and losses so that a business will not face bankruptcy in case of fire, theft, and natural calamity.
To make sure that all craft items and collections are covered by an insurance policy, people should know the step-by-step procedure in insuring their craft supplies.
If your business involves craft supplies such as buttons, beads, knick-knacks, etc., it would be advisable to insure these so that in case of fire, theft, earthquake, landslide, and other natural calamities, you will not experience massive financial losses that could lead to your bankruptcy.
Meanwhile, here is a step-by-step procedure in insuring craft supplies:
Check your existing insurance policy
Most homeowners and renters’ insurance policies have a coverage for craft supplies. However, these usually do not cover expensive crafting supplies, collections, and equipment such as sewing machine.
Communicate with your insurance agent
After discovering that your insurance policy does not cover expensive equipment and collection, you should immediately talk to your agent and ask how much is the cost for insuring these.
Make an inventory of all the craft supplies and equipment
By doing this, you can easily reimburse all your losses in case that your craft supplies, equipment, and collections have been damaged, stolen, or lost after a calamity. According to insurance experts, keeping an inventory, while this may take time, is the best way to reimburse all your losses.
Remember, most providers may reject your claims on craft supply losses if you fail to show an inventory.
Take photos of your craft equipment and items
By doing this, there will be a hard proof that you really have these craft supplies and equipment, so that in case of losses, your insurance provider will be able to reimburse what you have lost.
Meanwhile, you should remember that even those not-so-expensive craft supplies such as threads, stamps, papers, should be photographed in groups. On the other hand, expensive craft equipment like sewing machines and mechanical cutter should be photographed individually.
After taking photos, the next step is write the name of each equipment and item (including its price) at the back of the pictures. For group photos of beads, buttons, and smaller craft items, you should also estimate the value of these and write the estimated price at the back of the photos.
Secure the photos to a box or envelope
The box or envelope should be placed in a safe area. You should also keep all the receipts of the items and equipment inside the box or envelope because most insurance providers will require you to show these proofs of purchase before giving your reimbursement.
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