Many businesses rely on equipment that does not stay in one location. Contractors transport tools between job sites, photographers carry expensive cameras, technicians travel with specialized equipment, and businesses may regularly move computers, machinery, or other property.
Once equipment leaves your primary business location, it can face different risks. A few practical precautions can help protect valuable business property while it is being transported, stored, or used away from your premises.
Keep an Accurate Equipment Inventory
Maintain an updated record of equipment that regularly travels off-site. Include descriptions, serial numbers, purchase dates, approximate values, and other identifying information.
Photos can also provide useful documentation. Keeping receipts and purchase records with your inventory can make it easier to identify equipment and establish its value if something is lost, stolen, or damaged.
Use Secure Transportation and Storage
Avoid leaving valuable equipment visible inside unattended vehicles whenever possible. When equipment must remain in a vehicle, store it in a locked compartment or otherwise keep it out of sight.
At job sites and temporary locations, consider locked storage containers, secured rooms, equipment cages, or other appropriate safeguards. Establishing clear procedures for how equipment should be stored can also help employees protect company property consistently.
Consider Tracking Valuable Equipment
Tracking technology can make it easier to locate certain types of equipment if they are misplaced or stolen. Depending on the item, businesses may use GPS trackers, Bluetooth tracking devices, or specialized asset management systems.
Tracking systems can also help businesses maintain more accurate records of which employee or location currently has a particular piece of equipment.
Train Employees on Equipment Procedures
Employees who regularly transport company property should understand how it should be handled, secured, and stored. Simple procedures can reduce confusion and encourage consistent practices.
Consider establishing guidelines for vehicle storage, overnight storage, equipment checkouts, reporting damage, and what employees should do if an item is lost or stolen.
Inspect and Maintain Equipment Regularly
Equipment that frequently travels may experience additional wear from loading, unloading, transportation, and changing work environments. Regular inspections can help identify damage or maintenance needs before they interfere with operations.
Protective cases, appropriate packaging, and secure mounting systems can also help reduce damage while equipment is in transit.
Understand How Your Insurance Covers Equipment Off-Site
Business owners should not automatically assume that property is covered the same way everywhere it travels. A commercial property insurance policy may have limitations for equipment once it leaves the insured location.
Inland marine insurance is designed to help protect certain types of business property while they are transported or located away from the primary business premises. The appropriate coverage depends on the type of property and how your business uses it.
At Cowart Insurance Agency, we can help you evaluate how your business equipment is being used and whether your current coverage reflects those risks. Contact us today to review your business insurance coverage.