Cover Your Assets!
Having to deal with the after effects of a disaster is troubling and stressful. Approximately 25% of businesses that go through some form of disaster don’t recover from it or never open their doors again. The reason for this is because of improper insurance coverage, the inability to prove the value of the assets, or provide proof of ownership of the assets that were destroyed.
There are a couple ways of dealing with this scenario. The easiest and least expensive is to have an appraisal of your assets preformed on a yearly basis. This keeps your appraisal up to date and allows for the easy addition of newly purchased items, which would normally be forgotten about.
The second and more expensive method is to get an appraisal after the fact, after the loss has occurred. This is more difficult because there is no evidence of the condition of the assets. There are many assumptions to be made and this usually results in a lower appraised value.
What if all your records and receipts are destroyed in the disaster. There is now the problem of providing proof of ownership of the assets. If DB Appraisals Ltd had preformed a recent appraisal for you or your business, we would have a copy of your report backed up on our system. This would be available to you upon request without requiring another appraisal.
After the disaster, your insurance company will want to settle as quickly as possible. Having an up to date appraisal on hand will speed up the recovery process and get you your settlement quicker.
Don’t be a part of that 25%! Keep your business alive. Have DBAppraisals Ltd give you an up to date appraisal and cover your assets!
Darryl Bilobrowka, CPPA