As an Insurance Director, it alarms me that so many business owners do not have an Asset Register for their contents and machinery.
Trying to recall every item that has been damaged or stolen is inevitably difficult and can mean that business owners are not making a full claim – this is money they should not lose.
Unfortunately, not insuring for the full replacement cost of equipment is one of the biggest reasons for claim payments being reduced. Many business owners don’t realise this and so many business owners are leaving valuable assets at significant risk!
Building and regularly updating an Asset Register will make both yours and your insurer’s life much more straightforward if you do need to make a claim – in other words, you will make it so much easier for them to pay you! It will also get you into your Accountant’s ‘good books’ (excuse the pun!).
So start now and record the description, serial number and price, date of purchase and date of disposal of all your equipment. It may just be the most important thing you do today.