Insurtech: protect assets and save

Signed by Sauro Mostarda, CEO of Lokky

The security of your business is a crucial element for any entrepreneur who wants to guarantee business continuity in the event of an accident. If the advent of digital has also allowed the professional insurance sector to innovate and today, finally, it is possible to obtain personalized coverage based on your needs, it is also true that to fully exploit the advantages that new technologies can offer and reduce the costs of the annual premium, it is necessary to follow some steps before identifying the most suitable insurance offer.

1. The first step to take is to carefully evaluate the risks to which your business is exposed and above all identify those that could jeopardize the business and reputation of the company. If entrepreneurs are psychologically led to worry about the most frequent risks, must But also primarily cover adverse events, to which the business could be exposed, with a higher economic impact, even if less frequent. Only after identifying these risks can you choose insurance coverage that is suitable for your business and can guarantee adequate protection. In this regard, a recent study by the Bank of Italy showed that in the 1st half of 2022 almost all of the companies involved had taken out a policy for the typically most widespread risks, such as theft and fire and liability towards third parties, with a significantly lower share for risks connected to natural disasters and climatic events, transport of goods, insolvency on company credits or debts and IT risk. In cases of lack of insurance, the main reasons were the excessive cost of the policy and the lack of adequate information.
2. The next step is to evaluate the maximum limit and the deductible: companies and entrepreneurs would naturally always want the deductible to be 0, in general But accepting a sustainable deductible and raising the maximum is the most correct strategy that allows Also to lower the insurance premium. It is also important to work for reduce real riskfor 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.
3. When choosing insurance coverage, in addition to the cost, the quality of the service offered, the speed of response in the event of an accident and, last but not least, the reputation of the insurer must be considered, as well as the modularity of solutions insurance to calibrate every single element to your business; In fact, it is always important to pay attention during the selection process of the company and the intermediary. In this regard, only at the beginning of March 2023 did the Institute for Insurance Supervision (IVASS) announce that it had discovered another 26 cases of irregularities relating to insurance companies and fake intermediaries who increasingly offer non-existent insurance, with inevitable consequences in economic terms and exposure to risk for customers.

Finally, to ensure that the intermediary does his job well and has a targeted approach in consultancy, it is important that the client gives a clear and complete vision of his business and his duties. In conclusion, choosing the right insurance coverage for your business is never easy, but thanks also to new technologies it is possible to find the perfect solution for your needs: digital can leverage more effective tools to suggest the most suitable solutions, through specialized subjects who know better about the coverages available and the real risks of individual activities. Furthermore, taking advantage of a modular offer and being able to activate or deactivate coverage and options is the best way to optimize your budget and design a policy consistent with your needs.