When navigating in the maze of regulations, duties, orders and bans, regulations and many other matters that bother the head while running a business, it is easy to forget about the company’s insurance . It is worth taking care of this aspect before a misfortune happens, the consequences of which will have to be covered from your own pocket. However, how do you choose the best insurance for your business? How to read the complicated terminology used in the General Terms and Conditions of Insurance, in short the GTC? Prepared glossary will help you find your way around unknown terminology.
To begin with, the basics that you cannot start looking for bristle insurance :
– insurance agent – a person who performs activities on behalf of the insurer, acquires customers, signs contracts with them, and cares for the satisfaction of entrusted customers. They are divided into agents acting as a multiagency, and on behalf of one given company.
– multiagency insurance – a place where you can compare insurance offers for a company from several different insurance companies and a good one that meets all the expectations of people who want to be insured at the lowest price.
– All risk – an extremely important term when it comes to company insurance, it refers to insuring all risks. In such a contract, the insurer guarantees the payment of insurance in the event of any risk-related events except those excluded in the contract. It is always worth looking at such contracts carefully, because although they seem attractive at first glance, sometimes they are not. It often happens that the number of exclusions exceeds the number of risks.
– assistance – a package included in the insurance, which is used to provide assistance to the insured in the event of such a need, usually it includes medical, technical or even legal assistance. Entrepreneurs from the transport industry should ensure that their company insurance has an assistance package that guarantees free road assistance with towing on the road in emergency.
– Autocasco – This is a term that refers to car insurance. This type of insurance. It is fully voluntary. Its advantage is that the holder of such insurance is covered by the payment of compensation, even in the event of a collision due to his fault. In addition, it protects the car against theft, burning or damage by natural forces.
– grace period – the period of exclusion from insurance coverage due to failure to meet the conditions specified in the contract. Often, health insurance is subject to a three-month grace period, during which the insurer is not responsible for the damage to the health of the insured. This practice is aimed at reducing the enforcement of compensation payments.
– sum insured – contrary to popular opinion, this is not the amount paid by the insurer. However, this is the amount to which the company’s property is insured, for example, the insurance policy shows the sum insured in the amount of PLN 200,000, and the company’s property is estimated at PLN 300,000, in the event of a loss, the insurer, even despite the occurrence of a total loss, will only pay compensation up to PLN 200,000.
Dates and types of specialist insurance:
– business interruption – this insurance protects the insured company against loss of profits through the occurrence of damage. If an event occurs, the insurer pays compensation for losses suffered by the entrepreneur during the loss period.
– cargo – insurance of goods in transport – insurance is extremely useful and even required by many contractors from the logistics industry. It protects the property owned on the car against theft, damage or loss and in the event of damage, it pays compensation to the aggrieved party on behalf of the insured company that made the loss.
– CWAR – this type of insurance is a very specific and interesting insurance dedicated to companies. It allows you to protect yourself against the consequences of failure to meet contracts with contractors, payment delays or other unpleasant surprises that could ruin the company. It is worth thinking about when signing high-value contracts.
– property insurance – another company insurance that is worth having in your insurance portfolio. It protects all property interests that can be determined in money, as well as civil liability.
– compulsory insurance – this is a general term for the insurance of all industries that have a top-down obligation to insure their business, such insurance obligation, corporate liability, is covered, for example, by security companies. However, it is worth investing in such insurance. This concept also covers many other types of insurance, typical for a given activity type.
When choosing insurance for a company, it is worth remembering to carefully analyze the available offers on the markets and read the GTC, because it is most often the source of irreplaceable information about the type of insurance, its exclusions and other tricks that, in the event of a damage, may surprise you unpleasantly.