The 2015 Atlantic hurricane season officially starts this month on June 1, and forecasters predict seven named storms, three hurricanes and one major hurricane. However, if Tropical Storm Ana, which debuted nearly a month before the official season start, is any indication of Mother Nature’s volatility, we can only hope for the best and plan for the worst. In the article, After the Storm: The Importance of Accurate Asset Records, writer Brian Sutter explains how an asset management system can help businesses weather the aftermath of a storm. Here are a few excerpts, which should prove beneficial before the next storm forecast.
Implementing an asset management system guarantees you have accurate, detailed, and current information to provide when filing a claim. An asset solution tracks all of the equipment owned by your organization using a method that allows for easy data recovery. In contrast, a pen and paper tracking method not only increases the potential for human error, it also creates a record that can be just as easily lost as physical assets.
An easily accessible and recoverable asset list is imperative, but the list’s value depends on the quality of information it holds. As an effective tool for managing asset information, when items are purchased, moved, or retired, that detail must be recorded in the software. It is especially important to document money spent on maintenance, repairs and improvements, as well as the initial cost and date of purchase because those details will affect each item’s replacement value.
Keeping accurate records within an automated asset management system not only makes your day-to-day asset tracking easier, it is a vital part of every disaster recovery plan.
It is imperative to review your flood insurance policy’s content coverage and to ensure your agent, broker or risk manager have up-to-date and accurate information on your assets. Do you have an asset management plan?