Most companies have a significant amount of assets. Take a look around your location. You have furnishings for employees to work on and in which to store items. You have computer equipment and other technology. You have inventory or products that you are selling or using to create products to sell. You also have signage and many other assets.
Adding up all of these items in value can create a pretty large figure. The question is, do you have adequate business insurance to cover the risks of losing these items?
Document Your Assets
All businesses should have ongoing documentation of all assets. This documentation can help to prove the value of all owned assets. For example, if you need to file a business insurance claim from a fire, you need to be able to show your insurance provider what assets your business owns and their current value.
Policies will generally provide coverage up to a certain value, listed on the plan. However, asset documentation helps to ensure you get the highest possible claim.
Tips for Documenting Assets
There are many ways you can document assets. Small business owners may try these tips to help them get comprehensive protection.
- Invest in a simple tool that you can store online in a cloud for easy access. There are software programs available but this may not be necessary for initial protection.
- List out a name, model number, or other descriptive detail about the product. Whenever possible, provide a clear description of the item and its age.
- Whenever possible, maintain receipts of the assets in the location. This helps with documenting items that come and go quickly. These may be things such as supplies or other inventory.
- Document the estimated value of each item. How much would it cost to replace this item?
- Keep it updated on an ongoing basis. At least monthly, be sure to make changes to reflect new additions and removal of other items you no longer have.
Taking these steps can keep assets organized and ensure your business insurance stays active. If the value of your assets is higher than the amount of coverage you have, this also may reflect the need to update your policy to offer additional protections to your company in the case of a total loss.
We’ve got you covered. We can help you address your Atlanta business insurance needs with a fast, free quote. Call us at 478-788-9188 or fill out one of our forms right now.