How accurate asset registers may help lower insurance

One of the most tangible ROI realizations for businesses that implement a specialist asset management system can be a dramatic lowering of insurance premiums and more successful insurance claims.  Many companies deal with escalating insurance premiums.  However, in reality, the majority are actually over insured.  Endemic failure to maintain accurate asset registers results in the majority of 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 not getting value for money from expensive insurance premiums.  Furthermore, poor asset description typically results in claims being challenged by insurance assessors.  Without detailed information from a specialist system, such as a serial number or bar code, and proof of location, an insurance company will be less likely to pay out, a risk that businesses cannot afford to take.