Understand What Types of Insurance Are Right for Your Business

In this new article you will know which are some of the ideal insurance for your company.

Acquiring insurance is a vital part of any business. This is because they are fundamental to guarantee the stability and financial health of the business in case of any problem that may occur, especially in sensitive moments.

So it is essential to understand how they work, understand what reasons are involved in their importance and know what are the main types of insurance ideal for your company. Keep reading and get your questions answered on this subject.

How do insurance work?

How do insurance work?

Insurance works as follows: those responsible for hiring in the company contact a trusted broker who sells insurance and asks for a quote.

The broker will analyze the situation case by case and will propose a policy, which should be studied by the managers. If it is approved, it becomes valid and should be used in case of problems in order to obtain reimbursement or repair.

How important is it to be insured?

 

Every business has a capital that is related to health and business investments. This amount is necessary in order to generate cash flow and thus keep the organization running.

When there is some kind of unforeseen event, such as accidents, fires, robberies, thefts, employee health problems etc., there is an expense that was not stipulated in the budget, damaging the business.

This expense can be even more significant if the problem is delicate. For example, a fire that compromises the structures of the company will not only generate financial loss but will also lose a few days of work until a solution to the situation is found.

That is, not counting on the possibility of reimbursement in the face of unforeseen circumstances may further potentialize the problem. Therefore, being able to count on the tranquility provided by insurance is essential.

In some cases, the expenses are so heavy that businesses that do not count on insurance and go through some such situation may not even recover, declaring bankruptcy early.

Another point to emphasize is that employees who are insured for health and life insurance tend to work more quietly and, consequently, with greater productivity. They also tend to have greater confidence in the employer in order to remain in employment, avoiding turnover.

What are the main types of insurance ideal for your company?

What are the main types of insurance ideal for your company?

Now that you know the key benefits of getting insurance for your company, it is important to be informed about the types that can not be bought in order to protect your institution.

Protection of assets

The protection of patrimony, as its name presumes, has the objective of protecting the patrimony of the insured, in this case, the company. In the protection roll, the property of the organization’s headquarters is included (and, if there are subsidiaries, it can be added also), the equipment contained therein and some of the existing furniture.

In this way, in case of an accident or disaster that could cause damage to the items that are included in the coverage of this insurance, the company may be reimbursed in order to carry out the repair work as soon as possible.

Civil responsability

Liability insurance is essential for companies that work with providing services to others. It is focused on protecting the patrimony of these clients in cases of damages caused by their employees.

In the event of any kind of harmful action caused by the employees, the insurance can be triggered and it will make the repair. For example, if you work with civil construction and machinery has caused structural damage in some building, you will be insured against the injury to that third party.

Health insurance

Health insurance is a way to protect your employee in relation to his or her health. In this case, the expenses generated in this area while he is hired will be reimbursed by the insurer, according to the specifications of the policy.

One advantage of this is having quieter workers in their personal health so that they know that in case of problems they will be able to solve them. As well as if they are ill, they will seek care before the disease worsens and causes injury due to withdrawal.

Life insurance

The same comfort we mentioned earlier is worth while in contracting life insurance. When they know their families will be protected, if something happens to them, the staff will be calmer and more productive and willing to work. This also improves the company’s image vis-à-vis employees and the public.

Insurance of transport and vehicles

If you work with transportation of your products to the final customers, mainly through your own fleet, it is important to have a vehicle insurance.

The same applies if you have people who are always in transit (for example, executive trips) with a company car, as the insurance protects against possible damages to the vehicle in case of accidents.

Transport insurance also protects against cargo, such as possible breakdowns, lost products and theft or robbery.

Insurance against robberies and thefts

You can make specific insurance against robberies and thefts for your company. Regardless of your industry, it is essential to do so to ensure that you will have the least losses in case of invasions or if employees are approached while transporting equipment and / or products.

Insurance specific to areas of operation

You should also think about which insurance policies are specifically relevant to your business.

For example, there are those who are dedicated exclusively to issues related to construction and must be acquired by those who have business in this area, protecting their assets, business and employees.

There are several areas where specific insurance is created due to the nature of the work performed: medicine, special risk areas, industry and rural areas, among others.

The important thing is that when thinking about the types of insurance that your company needs to hire, you have in mind the importance of each one of them and, more specifically, that you properly research a safe and responsible brokerage firm to close the contract.

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