You have the choice so why choose to undervalue your assets?
Many businesses consider it appropriate to have their buildings insured, whilst not placing the same importance on their plant and equipment. All businesses no matter their size require current asset registers and insurance valuations to support any potential underinsurance claim. It does not matter how new or old the assets may be at the time of loss, they will all need to be replaced.
In addition to replacing the plant and equipment at the time of loss, consideration also has to be given to all the services to those assets including electricity, gas, water and air which without you don't have an operational business. It's also common for a lot of plant and equipment to have become discontinued and obsolete and owners or staff responsible for insurance have not considered how the equipment may be replaced in the event of an incident.
Many businesses do not make allowances for additional costs such as transport, freight, import duty, installation and labour and the lead up time in the loss of an event.
The fluctuation of the Australian Dollar can have a huge impact on current sums insured. A common factor is the variation in quality of machinery from Europe/Japan compared to the ever increasing influx of cheaper Chinese manufactured plant and equipment.
Plant and equipment values are frequently only thought about in relation to tax purposes and accountancy considerations. Depreciated values can often get translated into Sums Insured for assets when new replacements are required. This is completely inaccurate.
We can provide you with insurance and accounting plant and equipment valuations. These take into account all of the above factors which meets all Accounting standards and providing you with correct sums insured and peace of mind.