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Managing the Risks of Lending Assets at Work

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In an ideal world, when someone asks to borrow your computer, you know you’re always going to get it back on time and in perfect condition. Sadly, accidents can happen, and sometimes worse. Lending out your property can be risky business, yet unavoidable. Is there a way to minimize the risks? Of course. A good business tool, like a cloud-based tracking system, can keep the risks low. But, we’re jumping the gun.

First, You Need to Know the Risks.

The truth is that when you choose to lend out items, personally or professionally, you’re always taking a risk. When it comes to your business, though, those risks can cost you big money, whether you’re lending to employees or contractors.

The obvious, and likely most common, risks that can occur, are damage and loss. People are human. Things can fall or be forgotten, these are realities of life. But there could be worse. It might seem impossible because you have complete trust in your employees, but theft is a problem.

It’s nearly impossible to prevent these things from happening, but you can help reduce them by implementing a few things.

Start with Getting Insurance for Your Assets.

Insurance is a must for your business, and there are a number of different types you should already have or be looking at. This includes commercial property insurance, which is designed to cover your business’ property. Assets like computers, equipment, and/or inventory need to be insured in case the unthinkable happens (think: vandalism, fire, theft, etc.).

No one wants to pay out of pocket for spilt coffee on a laptop. And before you say, an employee needs to pay for damages they’ve caused, think again. Many places don’t allow employers to deduct money from employee wages or allow them to ask for reimbursement. Be sure to brush up on your country’s labour laws first before taking any action.

Create A Strong Risk Management Policy.

Outline what your business expects of any employee or contractor when they take out an asset. Do you allow people to sign out assets for 2-3 days or a week? Can they borrow more than one item at a time? Should they be inspecting an asset each time they sign it out and back in? Don’t outline a risk management policy for your assets after something has happened. If damage occurs to a piece of property, but you can’t determine who did it and when, you can’t hold anyone accountable.

And Accountability Is Important.

It’s important for you and your employees. It allows them to take on responsibility and own their actions while giving you less to worry about. Accountability can help ensure employees take care of company property. It might seem like a tall order — how do you provide them with something intangible? This is how we circle back to the beginning. A good business tool, like Logitout, can give you peace of mind when it comes to asset lending. But what does that have to do with accountability?

Manage Your Assets with a Cloud-Based Tracking System.

When you have the right business tool in place, managing your assets can be one less headache to worry about. Logitout created a platform that allows anyone to log assets in and out of the office with accuracy. That starts with the right details of every person who uses it. If Annie wants to log out the keys to the warehouse, she must include her contact details first. That way, you ensure that if they go missing or she’s late returning it, you know exactly how to get a hold of her. In fact, Logitout takes it one step further and automatically reaches out to her when she’s late logging it back in. This keeps staff on their toes, they know exactly what’s due, and held to account when things get lost or damaged. It’s an excellent deterrent for those who decide to keep what’s not theirs, too. Plus, with a customized Logitout barcode, retrieving your lost items is even easier. When they’re found, they know how to contact you.

Wherever, you are, our cloud-based tracking system gives you all the information you need no matter where you are with the easy use of our dashboard. Each of our features is another way to mitigate the risks you take when lending out your assets. Our technology provides you with accountability, tracking, and a ready-made risk management policy, all in one place. Ready to give us a try? Contact us today.

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