Do you know what you own and what it is worth? If not, then it is time for you to create an all-important asset register for your business. Manage the value and replacement of your assets. Your commercial insurance company will be able to advise you accordingly as to what is needed with regards to compiling your asset register.
Here are eight important tips to help you with your asset register:
- An asset register is a list of all the assets owned by a business yet most businesses do not have a specified list of all the things that they own.
- Always value your goods at the replacement value because if these are either damaged or there could be a massive shortfall leaving you out-f-pocket.
- The best format to keep an asset register is to have it in electronic format which is backed by sophisticated software.
- Email-based reporting systems are very limited – this is perhaps not the best method to keep your insurer up-to-speed on what you do and what you do not own.
- It is essential for the asset register to contain information on each and every item so that assets can be effectively managed and updated on a regular basis.
- Most insurance companies require clients to update their asset register at least once a year.
- This is usually done on the renewal of the policy.
- Some insurance companies insist that the asset register is updated quarterly.
Having your asset register compiled by a professional independent company assisting with the compilation of your assets might be a good idea – and ensure that the company that compiles your register is available 24/7 should you need their assistance out of office hours. When taking out commercial insurance remember that an asset register will assist should you need to claim.