What does Business Insurance cover? One of the keys for a business to be successful in planning and evaluating the risks that it may face in the short, medium, and long term while developing its activity. Well, many claims could violate the activity of a company such as natural disasters, trade problems, intellectual theft, malicious damage, staff incidents, and, currently, even cyber crimes.
Therefore, a fundamental pillar of a solid company will always be the protection it has for its workers, clients, the raw materials, and machinery it uses. And in this context, a Damage Insurance for the company will be the key to be able to overcome any unexpected event and move forward in the future.
It is the best way to prevent the loss of assets and that of others, as it aims to provide financial support through compensation, mainly for damages that have occurred to the material or economic assets of the business or other people. It is also a way to preserve the financial and operational stability of the company.
Corporate Damage Insurance has different categories according to the risks or accidents it covers, among which are:
- Coverage of goods and objects that covers material losses.
- Civil liability coverage, which guarantees compensation to third parties for damage or injury.
- Coverage of consequential losses, which protect the interruption in operations due to damages.
Business Insurance Coverage
Protection against Theft of Company Assets
This coverage applies when a robbery has been perpetrated with violence by people outside the insured. Each company offers unique protection of this type, but in general, it may consist of covering damages and losses of contents and merchandise of the company that is within the property, such as raw materials, products in process, finished products, machinery, electronic equipment, furniture, electronic equipment, stocks, company vehicles, and accessories.
Some insurance companies also allocate up to a certain percentage of the sum insured to cover property that is owned by third parties and that there is proof that they were taken into the custody of the insured. Even those company assets that are in transit are held by an employee who is carrying out some of the company's operations.
By contracting this coverage you can also insure Money and Values.
Risk Coverage on the Income Statement
It covers the consequences in the management of a company, derived from the paralysis of the business activity by a sudden loss, and that is due to the non-payment of the sales that are made on credit.
Third-Party Damage Coverage
It supports when the activity of the business causes damage to its assets and third party persons, for example, when it damages health due to the consumption of any product that it sells or the services provided in the execution of works, participation in fairs, the use of equipment and machinery. It covers the activities of employees, partners, and managers.
Company coverage for hydrometeorological phenomena
Protects against loss or material damage caused by avalanches, hail, frost, hurricane, flood, sea blow, storm surge, snowfall, or winds. It also covers expenses caused by debris removal. It is common for this coverage to ask for a deductible.
Fire business coverage
This coverage is restrictive in some companies, for example, some only cover assets damaged by fire or explosion that are contained in safes or vaults. And they do not cover the machinery of the company.
But others offer All Risk coverage against fire, where the material construction of the building, its facilities, machinery, and fixed equipment from water and electricity services, elevators, and even fixed antennas are protected.
Likewise, it supports damage or loss in business contents such as stocks of raw material, finished product, packaging material, merchandise, goods not anchored to construction outside the building, rare or art items, and movable property found in basements or basements.
Coverage against volcanic eruption and earthquake
These phenomena are protected and if several of them occur within 72 hours, in addition to the expenses caused by the removal of debris and operating continuity expenses.
Crystal Coverage
It covers material damage or loss of fixed glass in doors, sideboards, windows, or large windows, including glass decoration and mirrors. This coverage extends to the illuminated, electronic signs and signs installed in a fixed manner in the property, including its structure. And ask for the deductible.
Where to find company insurance?
Some of the Mexican companies that have this insurance are HDI, General de Seguros, El PotosÃ, ABA Chubb, Mapfre, GNP, among others. It is recommended that before choosing one, prices, coverage, promotions, and assistance from more than three insurers be compared to make the best choice.
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