Ownership is paramount
Doing business in any industry opens up a number of opportunities and possibilities that the average employee cannot access. However, at the same time it also brings risks that it is good to eliminate. At least the ones you almost have no control over. “Every entrepreneur should have insurance for real estate, movable property or supplies in the first place. Particular attention should also be paid to objects whose damage, destruction or theft could jeopardize the continuity of your business.” explain Dušan Zemánek, Director of the Non-Life Insurance Division at KOMUNALNA poisťovna. At the same time confirms it insurance It should be revalued regularly, especially if you are investing in assets to increase their value. “In the case of companies with more than one branch, it is important that all premises or activity are insured. Of course, insured all equipment, machinery, vehicles and related electronics, even if they are just rented. Even if your employees work from home and it is their work tool The main is just a laptop and a phone,” Zemanek advises dr. According to him, insurance should not be underestimated by self-employed persons or organizations and associations from the non-commercial sector.
You can also insure lost profits
The most common insurance events that threaten a business include fires, floods, floods, and thefts. However, it does not end with the insured event itself. For example, if machinery is lost as a result of a fire, it must be kept in mind that fixed costs will not be lost when production stops. Even during the period until you resume your activities, you will likely continue to pay employees, energy, rent, or repay loans. “Private interruption insurance will help bridge the production downtime. Most commonly, the process is interrupted by a fire. In addition to fixed costs, this insurance also covers the lost profits you foreseen in your annual business.” Zemanek advises dr.
Don’t underestimate the responsibility
liability insurance Generally still underestimated. This is despite the fact that the damage you can do to your business can be in the hundreds of thousands of euros. Of course, this is not a fixed price for everyone, most entrepreneurs today can do with a simple solution in the form of general liability insurance. For specific work activities, the so-called professional indemnity insurance that covers specific risks arising from the profession. This can be, for example, liability insurance for notaries, accountants, executors or non-governmental medical facilities. In some cases, the obligation to insure is determined by legislation. “Prudence and good insurance coverage are especially important in the case of factories and companies with more employees. At that time, it is also necessary to take into account the risks associated with manufacturing errors or the possible failure of the human factor. In this case, it is necessary to choose an appropriate insurance outside the standard coverage for general liability. For example, if you’re producing a product that, alone or as part of a unit, could cause someone harm, it’s a good idea to have product liability insurance.” Dr. points out. Zemanek.
Secure only what you really need
Few companies are avoiding cost component cuts during this difficult period. However, instead of canceling it, choose to reconsider it rather than cancel it. Any expenses or other unexpected complications of your business can be filtered out. For some, it can be a fatal natural event, for others it is an employee failure. “The most common mistakes in business insurance are incorrect risk assessment or understatement. Of course, liability insurance is still missing.” Dr. says. Zemánek adds: “The insurance advisor will assist you with risk analysis and proper preparation of insurance amounts; Today, in addition, it is possible to solve most of the processes related to standard insurance electronically and also conclude an insurance contract. on distance. “
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