When running a company, no matter if it is a sole proprietorship or a large enterprise, we constantly take the risk that something will go wrong this time. Impeccable contractors and random accidents can happen to anyone. Only that business is not a casino, and unpleasant consequences can be reduced. Good insurance may in some cases save us and our company from unplanned expenses and problems related to financial liquidity.
We are used to typical insurance such as car liability insurance or accident insurance at work and on vacation. We insure our children, spouses ( life insurance ) and property. But what about our companies? Choosing good insurance can be difficult. You can read more about how to do this. First, let’s look at situations where a good policy will be helpful.
You run a transport company. Your drivers transport goods all over Poland or Europe, and maybe even further. It’s a truism that anything can happen on the road. Maybe your customers are forgiving, but what if you have to pay late for „fix” unloading this time? And if worse, the goods you were carrying would be damaged? Let it never happen to your company. It’s better to have insurance just in case. In addition, it is almost standard today that customers require the carrier’s current OCP insurance policy (Carrier’s Liability Insurance) for the appropriate amount.
Well, if your plot is construction? You bought civil liability and your employees are covered by additional accident insurance. At the construction site, you personally supervise compliance with health and safety rules. Among your employees are top-class specialists. However, it is worth considering that even the best company may exceed the deadline. The consequences are not only a delay in taking further orders, but also contractual penalties. You can freeze collateral for this event, but you can also transfer this problem to the insurer. Just like the risk of losing profits due to random reasons.
The latter may be even more useful to manufacturing companies. Failure of an important machine or hurricanes destroying warehouse halls more frequent in Poland. Random accidents can seriously disrupt your business. Of course, you can use a financial pillow or help with credit. However, BI (business interruption) insurance was created especially for such cases, which helps to get out of such oppression without harming business.
The life of professionals who run their own business is not strewn with roses. An unfortunate accident can deprive you of further work opportunities. Hardly anyone is prepared for such a situation. A repair specialist, carpenter or plumber also need to secure their maintenance before they recover. If retraining is necessary, it is worth ensuring a sense of security for this period. Service companies insurance was created for such companies.
Regardless of the industry you are involved in, it is worth considering insurance of company assets. Not all burglars will be deterred by the security company plaque on the building. All the more, they are not afraid of her raging fire or flooding in the spring. It is known that everyone protects themselves as best they can. Monitoring, fire extinguishing systems, or even choosing the right location. The policy, however, will be useful if we do not foresee something.
Apart from situations when something threatens our business in a tangible way, there are other dangers. The fight for the survival of our business often ends in court. Because our daily activity is not exploring new and new changes in law, it is good to use the help of a professional lawyer. In order not to waste time searching, we can take advantage of a policy guaranteeing professional legal assistance and thus take care of your business.
Since we can insure almost everything, how to choose the best policy for our company? There are at least 6 things that we should pay special attention to:
- Type of business – insurance companies have a different offer for each industry, tailored to specific requirements;
- Entries in the contract – what situations are covered and what are not, in which cases the insurance will not be paid;
- How much insurance we insure and whether it applies to a one-off event or all events during the term of the contract;
- How much is the premium and can it be divided into installments;
- Is own insurance possible? This is a viable option for low insurance amounts and low probability of occurrence;
- Let’s check what the insurer’s opinions are, how he treats his clients, and doesn’t make problems with the payment.
As always, it’s also worth contacting a specialist in the case of insurance. What speaks for using the agent’s services? First of all, his knowledge. Unlike us, it is up to date with the insurance market offer. Depending on our industry and situation, it will select useful security features. It may also pay attention to aspects that we have missed. Using his experience, we can also find out what other forms of security will be appropriate for our business and help reduce the premium amount.