Learn how Paul Hall and Associates can help you through this blog.

Inventorying Your Farm Equipment

Equipment and machinery represent some of the largest costs for farm operations. And, following a theft, disaster, accident or other loss, your business could face steep repair and replacement expenses as well as costly disruptions. 

As such, it’s crucial for you to protect your investment by creating an inventory system to track key equipment and assets. Doing so ensures your company has complete records of its most valuable tools, streamlining the claims process in the event of a loss and minimizing the potential impact to your business. What’s more, an inventory system can bolster equipment maintenance programs, helping identify tools and machinery that are up for inspection.

Above all, an effective inventory system should detail the equipment’s:

  • Purchase date

  • Purchase cost (be sure to include receipts)

  • Estimated replacement value 

  • Serial or ID number

  • Model number, brand and year

While technology-based inventory systems exist, a well-organized paper-based system can be just as effective. Ideally, your inventory system should track every piece of equipment you own; however, this isn’t always feasible. At a minimum, it’s important to account for your most expensive and business-critical equipment, like tractors, trucks, cultivators and irrigation systems.

For many of you, we already have a list "started" for you because of your insurance. Let us know if we can help get this implemented for your operation. We even have a spreadsheet we use internally that we would be happy to share with you for tracking purposes. For additional protection, share your equipment inventory with a us every year when your insurance policy renews. We can review your inventory and help you secure coverage for your most vital equipment if we are missing something or possibly even save you some money because you sold something we didn't know about!

Let us know how we can help you this planting season. We are wishing you a safe spring with good weather!