Maintaining an asset register

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Create an asset register by:

• Constructing a detailed list of valuable items in your practice, both physical and digital, noting each item’s (where applicable):
  • manufacturer/brand,
  • model and serial number,
  • purchase date,
  • warranty documentation,
  • purchase price or current estimated value, and
  • any associated fit-out costs.
• Taking clear photographs of your practice’s physical assets. Capture the contents of each room within your practice, ensuring items of value are clearly visible.
• Save and store your asset register in a secure digital location. Consider cloud storage services. Some insurance-specific apps offer helpful asset register storage options as well. Make sure to keep backups of your register.
• Print a hard copy or copies of your asset register and store it somewhere safe and secure.

Set time aside to periodically update your list (e.g. every 6 months) to ensure your register accurately represents the assets you own. Update your register every time you purchase new items for your practice. Each time you update your list, send a copy to your practice’s insurance broker so that they can update the value of your contents.

Tip: Assign the duty of asset register development and maintenance to a specific person (or people) to ensure you are staying on top of this important task. Give the designated team member(s) sufficient time to develop and update your asset register thoroughly.