Insurance: Which one to choose and how to save on the policy

Which policy to choose

Emphasizing the importance of safeguarding your professional activity from the risks you may encounter on a daily basis may seem trivial. Unfortunately, however, in our country the stipulation of insurance contracts to protect oneself from unforeseen events is a very uncommon practice: almost 40% of Italian SMEs currently do not have any insurance coverage.
This is due both to the desire of entrepreneurs to save and, in large part, to a lack of insurance education. The most complicated part in choose which policy to take outin fact, it lies in understanding which are the right coverages to take out to cover all possible damages that could lead to huge economic losses, and which could therefore put the company’s performance at risk.
Considering that we live in a world where events of various kinds have become increasingly unpredictable, having insurance coverage of various kinds is a logical and desirable behavior.

The different types of risks

They exist different types of risks and every company or professional is more predisposed to suffering a certain type of damage based on the characteristics of their professional activity:

• The propertywhether it is a shop, a shop, an office or a bar, it could suffer serious damage following a fire caused by a default electrical system, maliciously or caused by third parties; a natural event (earthquake, flood, etc.); or an atmospheric event (thunderstorm, hailstorm, snowfall, etc.);
• THE goods, furniture, equipment and machinery present inside the room could suffer more or less serious damage following a water leak, an external natural or atmospheric event, an external event caused by a third party involuntarily, an internal malfunction (electrical system, plumbing system, etc.), a theft or an act of vandalism;
• Within the activity also the natural persons are at risk. A client could enter the exercise and get hurt by slipping or sustaining an injury from a falling object; a buyer could become intoxicated with a product; a collaborator, on the other hand, could get injured during working hours and not be covered by INAIL, or could suffer an accident (even outside the working ‘walls’) which forces him not to work for weeks;
• Also worth taking into consideration are: IT risk. Sensitive and personal data of the company, its collaborators and/or its customers could be put at risk following a cyber attack or a virus directed at its systems; a cyber attack or virus that «enters» through the Wi-Fi network given to customers; blocking of the management system, of the POS, of any delivery platforms.

Insuring yourself for every eventuality is impossible and in any case not optimal when it comes to budget allocation. In fact, there is no ideal insurance that applies to every type of company, but it is possible
customize the insurance solution based on your business and your characteristics as an entrepreneur and professional.
Thanks for being able to subscribe “modular” covers insured persons are allowed to choose every single guarantee that is deemed useful and necessary to safeguard their business, composing a tailor-made policy, based on their actual needs.

Save on insurance premium

The insurance premium is seen by most as a superfluous expense, to be borne (often reluctantly) only when it is compulsory (as happens for example for car insurance). However, there are ways to achieve this save on insurance premium without compromising the level of coverage of the policy, keeping the business protected correctly. First of all you need:

• Identify the risks to be covered: psychologically people tend to be more afraid of the most frequent risks but in reality it is more important to primarily cover the risks with higher economic impact, even if less frequent. In addition to the more ‘trivial’ thefts or technical malfunctions, accidents, atmospheric events, poisoning, etc. must also be kept in mind.
• Calibrate the coverage level: it is important to calibrate the property on the reconstruction value, and not on the market price; as well as thinking about valuing the goods at their purchase price and the equipment at their replacement price. The difference is also made by the choice of the maximum limit as the more this is raised the more sustainable the price of the deductible will become.
• «Work» on the most expensive covers: in general, accepting deductibles allows you to lower the insurance premium. It is then possible to work to lower the real risk, for example to reduce theft it is advisable to invest in physical security and minimize cash; or to safeguard your equipment and machinery it is recommended to invest in monitoring systems.

• Choose the intermediary and the solution: to choose the right coverage you need good advice. Specialized individuals know better the coverage available and above all they know better the real risks of individual activities. I am therefore able to best advise customers on activating and deactivating coverage, including additional guarantees, and can suggest the maximum limit suitable for optimizing their budget and designing coverage consistent with their needs.

It should also be underlined that many insurance policies benefit from tax relief, therefore allowing part of the cost to be recovered in the form of a reduction in taxes to be paid: in this way, the cost of the insurance policy is further reduced.

Protecting yourself is essential and choosing the right insurance policy allows you, when a negative fortuitous event occurs, not to suffer losses from a financial point of view and not to have to deal with practical and operational issues (bureaucratic aspects, administrative difficulties, etc.).
Relying on a serious and competent insurance company allows you to have an interlocutor available in times of need who is able to help the insured act in the best way to resolve the problem quickly and without hassle.