Preparing for the event of an accident
In business, it is important to insure all equipment so that recovery is as fluent as possible in exceptional situations such as fire or water damage. In addition to this, for financial reasons it is important that the equipment is not over-insured, and that there is no overpayment of insurance premiums. It is also good to have a plan in place for how to operate in the event of damage to equipment.
How to optimise the insurance value of equipment?
All equipment should be insured to exactly the right value. It is also important to ensure that the equipment is not underinsured, in which case the coverage will not be sufficient in the event of an accident.
What exactly is required to ensure that the insured value of fixed assets is just right – not too much and not too little? The most important thing is that there is enough information available about fixed assets. It is important to know and be able to verify exactly what equipment has been acquired, when and at what price. With a modern equipment management system, up-to-date information about equipment is all in one place, including condition of use, maintenance, loans, value and remaining life cycle.
The company’s equipment is typically insured with a separate chattel insurance - usually either for a specific insured amount or for the full value determined by the insurance company. With a proper equipment management system, it is easy to determine the actual insurance amount for the fixed assets, thereby reducing the potential risk of over- or under-insurance and optimising the insurance premium. If the organisation makes large purchases or gives up a large part of the equipment, a good equipment management system can easily monitor the actual insured amount.
A significant advantage of system-based equipment management compared to other ways of listing equipment is having the information up-to-date. The equipment management system supports operating fixed assets, whereby information about the equipment in use is constantly accumulated through its use and maintenance. When the information is actively updated, it can be ensured that the information is available up-to-date for insurance purposes as well.
What is the importance of equipment management in the event of a fire or water damage?
In the event of an accident, the insurance company usually requires a list of damaged or stolen equipment. In a properly maintained asset register, the purchase date and purchase price are given for the equipment. In this case, with a few clicks, you can provide the insurance company with a detailed list containing all the necessary information about the damaged chattels in order to apply for compensation.
The equipment management system also plays a very important role if damage occurs, because the updated register makes it easy to access, for example, all the equipment information of one specific floor, so it is known exactly what the damage has affected. At the same time, it is possible to see the devices that are in another location at the exact moment of the damage, for example due to equipment loan.
How to prepare for damage to the equipment?
- Make sure the equipment is properly insured
- Add the insurance values to the system so that you can print a full list/list of the equipment with purchase information at any time (e.g. for the insurance company)
- Add cost information for devices in the system; at least purchase time and purchase price
What other measures should be taken in the system to prepare for damage?
- You should add location data for all devices, including stock items and consumable items
- You should keep the booking information up to date so that it is known which devices have actually been affected by the damage
What help is equipment management if an accident occurs?
- You can quickly create a listing from the system for the location of potentially damaged equipment
- You can quickly check the cost information of the damaged equipment (purchase price and time)
- You can easily manage follow-up procedures (e.g. ozonation) using Trail and quickly mark all damaged devices with maintenance status
A smart and systematic way of managing equipment is the best way to prepare for an accident. Taking care of things after an accident occurs is easier the more comprehensive information has been collected and updated in the system.