Blog

Oct
24
Accurate Asset Assessment and California Commercial Insurance

California commercial insurance is designed to protect your business against financial losses that can be caused in many different ways. The level of coverage you have will be calculated according to the risks your business may face and the value of your assets.

Your assets include your business property such as your computers and other office equipment, machinery, stock, vehicles, any special items like specialized equipment, art and antiques. The level of your coverage and the premiums you pay are directly linked to the value of these assets and the level of risk involved.
For the growing business, the value of assets tends to increase regularly, so it’s important to have a means of tracking and valuing business assets. One way of doing this is to maintain an “asset register,” which records the details of property purchased or acquired by your business. This can be useful in a range of situations, for example:

  • In identifying your business assets and/or proving ownership of items that have been stolen or destroyed.

  • When it’s time to review your California commercial insurance, this list can help you estimate the level of coverage you need.

  • In accounting – your accountant may find it useful when it comes to depreciating items.

It’s an unfortunate fact that many growing businesses don’t take the time to create and maintain an asset register – and that can mean significant financial losses in the event that valuable items are not insured.