April 30, 2020
As Business Owners, there are lots of things we have to account for and keep up with. Accounts payable, client requests, vendor meetings and wedding dates to name a few. Along with these essential items, there is yet another thing you need to keep up with…
Your Equipment Schedule *insert confetti here*
What is an equipment schedule? It is a document that lists the specific details of all the equipment owned by a business or other entity. Insurance companies use these to keep track of the equipment you own or lease. You need to use it for the same purpose. In the event of a claim, your insurance company will refer back to the schedule to verify the equipment in question was actually covered.
Because of this, it is very important that you keep an up to date schedule of the equipment you use in your business. Photographers, Florists, Rental Companies, etc all need to have an accurate and up to date equipment schedule. It’s not just important for you to have the schedule, your Insurance Agent needs the most up to date version of this information as well.
I recommend updating your equipment schedule every time you purchase or sell equipment, also notifying your Insurance Agent each time.
If you need an equipment schedule template, download one below to get you started!