As a rule, we spend a lot of energy and time on arranging our business. But often we forget the main – everything we build with years and with love require a protection. Many people do not want to be insured: they do not believe that it can be worse than now.
We should not rely solely on that we can avoid a catastrophic scenario, because we are not so rich to pay for natural disasters, large fires, explosions, falling objects, unlawful actions, malicious damages etc. In addition, we can also face indirect risks, which can increase our losses in progression. This is the loss of profit as a result of the above events and the liability that may arise with claims from the third parties. For example, if your enterprise becomes the culprit of a fire, flooding or bodily injury caused to the third parties.
Having weighed all the pros and cons, you have decided to insure your main assets. You have found a company that is worthy in your opinion and want to conclude an insurance policy. What details should be taken into account?
The most important thing is to find a financially reliable company.
When concluding an insurance policy, it is necessary to carefully read all the provisions of it, as in the future they will allow the Insurer to refuse to pay insurance indemnity or partially reimburse for the damage. For example:
- If, in case of flooding, the stock assets that are less than 15 cm high from the floor are damaged, then according to the provisions of the policy of some insurance companies, such losses will not be covered. And this despite the fact that the standard height of pallets is 12 cm.
- If the fire occurred as a result of careless actions of your employee, then be sure that some provisions in the policy will allow the Insurer not to pay you.
- If at the time of loss it turns out that your property is more expensive than you declared and insured then the insurance indemnity will be paid pro rata to the amount of the loss.
- If the questionnaire form is not filled in correctly or the significant changes in the risk have not been declared to the Insurer during the insurance period, this may be the reason for refusal to pay.
This is not the whole list of all “pitfalls”s that should be taken into consideration when concluding an insurance policy. In addition, the claim handling procedure that should be fulfilled by you as the policyholder in the event of a loss is also very important.
Have you thought about your property insurance and business? Contact Consoris, and you will receive a free package of services, save time and money for searching and studying the financial status of the Insurer, the policy provisions and clauses, etc. After all, the risk management in insurance is too important thing to rely it only on Insurers!
Our company is a large wholesale buyer who annually purchases premiums for tens of millions of UAH and place the risks for billions of UAH, therefore the services of Consoris are paid in the form of a discount from the insurance companies. You pay only the insurance premiums to the Insurers, and our services are paid by them. For more details about this, see the section “Insurance consulting“.