Industry Code: 86909
This industry includes employers that provide a service of recording a detailed list of a business's products on hand or, if required, determining the value of a business's inventory.
Operation Details:
Inventory services are generally contracted to businesses such as retailers, which require an inventory count usually for financial reporting purposes. Inventory counts may also be done as an independent review to determine the assets of a company prior to a sale of the company, bankruptcy, etc. This is generally an on site activity, physically counting and recording quantities and prices of each item in stock (stock taking) and possibly extending totals to detemine the actual inventory value.
Employers in this industry are not involved in the buying, selling, distribution, or storing of products.
Underwriting Considerations:
Employers who install, repair, and retrieve data from the traffic counters are classified in this industry.
The retail industry occasionally contracts companies to check prices of their competitors (called price checkers) to ensure that their products are competitively priced. These "price checkers" are classified in this industry.
Premium Rate History:
Activities:
Inventory Services
Traffic Counters
Rate Group History:
Major restructuring associated with this rate group was implemented in 1993, with industry 51506 being added in 1995. The effect of the project was to consolidate various quality control or inspection services.
This industry includes employers that provide a service of recording a detailed list of a business's products on hand or, if required, determining the value of a business's inventory.
Premium Rate History:
Activities:
Inventory Services
Traffic Counters
Operation Details:
Inventory services are generally contracted to businesses such as retailers, which require an inventory count usually for financial reporting purposes. Inventory counts may also be done as an independent review to determine the assets of a company prior to a sale of the company, bankruptcy, etc. This is generally an on site activity, physically counting and recording quantities and prices of each item in stock (stock taking) and possibly extending totals to detemine the actual inventory value.
Employers in this industry are not involved in the buying, selling, distribution, or storing of products.
Underwriting Considerations:
Employers who install, repair, and retrieve data from the traffic counters are classified in this industry.
The retail industry occasionally contracts companies to check prices of their competitors (called price checkers) to ensure that their products are competitively priced. These "price checkers" are classified in this industry.
Rate Group History:
Major restructuring associated with this rate group was implemented in 1993, with industry 51506 being added in 1995. The effect of the project was to consolidate various quality control or inspection services.