Looking to Cut Costs
Is your company looking for ways to cut costs during these difficult financial times?
Accurate asset management can reduce insurance premiums says Marcus Scholes, Vice President of US Operations, Real Asset Management International.
US companies may be continually complaining about escalating insurance premiums but, in reality, the majority are actually over insured. Failure to maintain accurate asset registers results in companies insuring assets they no longer own.
With less than 40% of assets on the register easily identified during a physical audit and an estimated 20% no longer in existence, organizations are hardly getting value for money from expensive insurance premiums. Furthermore, poor asset description typically results in claims being challenged by insurance assessors. Without detailed information, such as a serial number or barcode, and proof of location, why should an insurance company pay out following a fire or natural disaster?
The only way organizations can speed up the claim process is to provide data from a highly accurate, highly verifiable asset register. Barcoding all assets during a physical audit and storing the information in an integrated asset register, alongside a detailed description and location information, is the first step.