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100 WAYS: #28 Cancel Insurance on Unused Vehicles and Equipment
– June 16, 2010
If you have equipment that would not cause a hardship if it were destroyed, look closely at whether or not you need that equipment. Equipment that is not being utilized but is recorded in your fixed asset system is probably costing insurance premiums. If you are paying expensive insurance premiums to carry equipment that has no value, you are wasting your company’s financial resources.
If you own a construction company that has equipment sitting idle, renegotiate with your insurance company to reduce coverage on equipment that is not being utilized and suspend insurance on seasonal equipment.
At least annually, evaluate equipment values versus the cost of replacement versus the insurance cost.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is a Senior Auditor in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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