When considering an insurance policy, it’s easy for many of us to think “it’ll never happen to me”.  However, the vast experience of Guild Insurance tells us ‘it’, being events that require insurance claims, unfortunately can happen to people like you. 

Guild Insurance is dedicated to providing risk management information to those insured with us to help reduce the likelihood of events occurring which will have a detrimental impact on their business and lead to an insurance claim.  However, we also know that not everything can be prevented.  Which is why business owners also need to consider what they can do to reduce the severity or impact on their business should an event occur.  And this is where asset registers become so important.

What is an asset register?

An asset register is simply a list of assets held by a business.  These can be created and stored in various ways, such as paper format or electronically, yet should always be stored safely and be easily accessible.

Why are they needed?

All businesses should hold an asset register as they serve a number of important purposes.

It’s estimated that well over half of Australian businesses are underinsured.  A detailed asset register will help a business understand the value of what they own and therefore the level of insurance required to be adequately protected.

An asset register also assists businesses when there is a need to lodge an insurance claim due to property loss or damage.  When there is an up to date asset register, this necessary information can be provided quickly to an insurance company which is likely to speed up the settlement process.  Making an insurance claim for property damage or loss can be quite a stressful process for any business.  An asset register can reduce some of this stress by making the process more straightforward.

When a business has multiple sites, keeping track of all assets is quite a challenge.  An asset register provides the business with a way to manage all assets, even when the assets aren’t physically in sight of those responsible.

What information should be included?

For an asset register to be of any benefit to a business, it’s important that the information is up to date and correct.  Businesses should have a process for how and when the register will be updated and by who.  This process should require adding a new asset as soon as it is purchased.  However, it would also be beneficial doing regular checks of the asset register to be sure nothing has been accidentally left off.

The asset register should include a list of all items which could be lost or damaged if there was an incident at the premises.  Don’t just focus on the costly items; damage to a lot of items which are of lesser value can still add up and you will want a record of these items.  The types of assets to be recorded may include:

• Furniture, both indoor and outdoor
• Computer and other office equipment
• Electrical items such as fridges and air conditioners

The information to record about each of these items may include:

• Description of the item
• Brand, make or model
• Serial number
• Purchase value
• Purchase date
• Location of the item
• Warranty information
• Invoices

Creating an asset register

As previously mentioned, asset registers are really just a list of items so the creation of them doesn’t need to be overly complex.  There are a number of template examples which can be found through internet searches. 

However, the challenging aspect of creating an asset register is being sure the information you have on there is detailed and correct.  It’s therefore recommended that businesses use their accountant to assist with this task.

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Treating family members doesn’t usually feature in people’s thinking when they consider the complexities of dating a patient. However, whether that patient is the spouse, parent, or cousin, there’s still a personal relationship with the patient. Treating family members isn’t ideal and there are potential complications that need to be considered.

• Practitioners can feel obliged to treat their family members when asked to. Yet practitioners shouldn’t feel they have to say yes. If you would prefer to not treat your family members, think about why not and how you’ll explain this to them if asked. Having a response ready will assist when dealing with a potentially awkward situation appropriately.

• When practitioners treat family members, professional standards and expectations can drop away. Informed consent processes may not be followed as they should be, and clinical records can be lacking in detail. All health practitioners should understand the importance of and reason for informed consent and detailed clinical records – and professional expectations and requirements regarding these must always be met.

• Treating family members can blur personal and professional relationship boundaries that may impact the care provided. Will that family member be completely honest about their health history and symptoms with you, especially if somewhat personal? Will you be able to be as objective with them as you should be with all patients?

• If you do treat your family members, you should only do so in your clinic. Keeping treatment to the treatment room helps to maintain the professionalism of what you’re doing and lessens the likelihood of professional boundaries being blurred. Also, treating in a clinic room makes it easier to maintain usual standards with informed consent and record keeping.

• Most private health insurers don’t allow for rebates to be paid when treatment has been provided to a family member, and they have strict rules regarding who’s family. Both the practitioner and the patient need to be aware of the financial implications before treatment commences and should check with the insurer to be sure.

• When deciding whether to treat a family member, it’s best to think about what could go wrong before it does. If treatment doesn’t provide the patient with the outcome they were anticipating, this could complicate not only the treating relationship but also the personal family one.

Practitioners who form personal or intimate relationships with patients can face severe penalties from their regulator due to unprofessional conduct. These relationships breach professional boundaries which can affect the quality of care provided as well as a practitioner’s professional reputation.

• Some practitioners would state they’d never begin a relationship with a patient yet have done so with a family member of the patient, such as a parent or a child who’s attended appointments with their relative. However, these relationships still contribute to blurring the professional relationship with the patient. The family member is attending appointments as part of the care team and a personal relationship beginning under these circumstances may impair objectivity and decision making.

   

• Ending a treating relationship to begin a personal one can also be viewed as professionally inappropriate, especially when there’s little time between the two relationships. Practitioners need to consider the vulnerability of the patient and the power imbalance of the treating relationship.

   

• A patient asking out the practitioner, rather than the other way around, doesn’t make a personal relationship appropriate or acceptable. Patients often don’t understand the professional  expectations placed on health practitioners, and it’s always the responsibility of the practitioner to adhere to these. Practitioners should consider the possibility of being asked out by a patient and how they’ll respond before it occurs, to be prepared to deal with a challenging situation.

   

• Forming friendships with patients can be as problematic as intimate relationships. There’s still a blurring of the professional relationship and professional boundaries, plus the friendship can be impacted by the power imbalance of the treating relationship.

   

• Practitioners who work in small remote locations often point out that many of their patients are friends or at least acquaintances in some form. While maintaining a separation between patients and people you’re in personal relationships with is more challenging in some locations, it’s important to remember that your location doesn’t negate the need to adhere to professional obligations.