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Commercial Office Park Insurance
Given the competitiveness of the short-term insurance market it is important that you choose the right kind of cover for your commercial office park. Commercial office park insurance, as is the case with all commercial spaces, makes it all-important to get the right kind of cover.
An Important Note:
When taking out commercial office park insurance, ensure you have an up-to-the-minute asset register. Do you, as an owner or manager of a commercial office park, shopping mall, factory or commercial building know what you own, where it is and what it is worth?
What is an asset register?
- An asset register is a list of all the assets owned by an organisation.
- Even though this might seem as being obvious, the truth is that most businesses do not have a list of all the assets they own, so when tragedy strikes such as a fire or flood, it is extremely difficult to claim for assets that have not been listed.
- A comprehensive asset register allows businesses to track as well as manage their assets and provides a ways and means to ensure prompt pay-outs of replacement values for insurers if these are stolen or destroyed.
The most favoured format for an asset register by insurers:
- The preferred method of keeping an asset register by insurance companies is in electronic format.
- This needs to be backed by a technologically-advanced software programme.
- Email-based reporting systems are limited and weakening amenities may affect the awareness of the insurance company of crucial facts relating to either the underwriting of the assets or even the entire claims process.
- For an asset register to be useful it is clear that it needs to contain information on each and every asset – especially important are serial numbers of computers and other tech equipment.
- The name has to also appear alongside the serial numbers plus full description of the assets.
- In today’s technologically-advanced age there is little excuse not to take recent photographs.
- A basic set of data that is the same for all the assets within an organisation such the age, location and assessments of value and condition could prove to be invaluable.
- Any further information pertinent to assets could also prove to be beneficial, such as when last the asset was serviced, etc.
How often do I need to update the asset register of the commercial office park for insurance reasons?
- Most insurance service providers like companies to update their asset registers at least once a year.
- This is usually on the renewal of the policy.
- It might be preferable to update the asset register every quarter, though.
Because an asset register for your commercial office park is such an extremely important document it should be kept in a secure environment – ensure you have backups listing all the assets of your commercial office park for insurance purposes.