METCALF MOVING BLOG
Should You Appraise Company Equipment Before Moving or Storing It?
Running a successful business means always having the right tools, equipment, and people in place. Depending on the type of operation you’re running, you may acquire various high-value equipment over time. While these pieces are often essential for your business, what happens if you move offices, warehouses, or retail stores?
While you’ll be focused on the logistics of transporting your materials, consider getting an appraisal as well before shipping anything to a new location. But first, let’s discuss what happens during the appraisal process and why it might be necessary.
What Happens During an Equipment Appraisal?
You can get two primary equipment appraisals – remote and on-site. Remote appraisals are ideal if your devices are in excellent condition. Then you can submit a list of models and serial numbers to the appraiser. You’ll also submit photos of the condition of each item for verification.
Site visits are often necessary for vehicles, heavy machinery, or high-end appliances. For example, verifying the wear and tear without inspecting the machine is hard if you have an industrial printer. Site visits can take several hours depending on how many items need an appraisal, and appraisers will have a checklist of variables to inspect.
Should You Appraise Equipment Before Moving or Storing It?
There are a couple of reasons to appraise your expensive equipment before moving it to a new location:
- Property Insurance – If you’re worried about a piece getting damaged in transit, you need to know how much it’s worth to find the right coverage. Also, you’ll have to update your building insurance to work at your new location, so having an accurate estimate of your company’s assets makes sense.
- Financial Reporting – If you’re moving to a new state or country, consider how the transition will impact your company’s financials. Getting an appraisal ensures you have all your documents in order before moving, so the process is much smoother when settling into your new location.
An equipment appraisal may not be necessary for local moves unless you plan to liquidate assets to help pay for the transportation. Alternatively, if you’re putting machinery in storage, it’s a good idea to appraise it so you know the value of your storage unit for insurance purposes.
Other Times to Appraise Company Equipment
Equipment appraisals are necessary for other situations, such as:
- Insurance Claims
- Selling Assets
- Mergers and Acquisitions
- Bankruptcy Filing
So, if your move has anything to do with these scenarios (i.e., moving offices or warehouses during a merger), you must get an appraisal no matter what.
Get Moving and Storage Help
A corporate or commercial move differs significantly from a residential one, so you must work with a company with experience handling professional assets. Our team can give you a free moving quote and the peace of mind you deserve. Before moving, you already have much to consider, so let us take a load off. Contact us today.