Loss of profit
Such insurance protects us not only against the destruction or damage to property, but against what we can lose due to these damages. Every company generates revenue through the reliable operation of many machines and devices. The problem arises when these machines refuse to obey. The company does not provide the revenue but still bears the costs (staff, rent, etc.). Therefore, it is worth thinking about a policy, which protects us against the loss of profit and will provide us a reimbursement.
- We insure the property not against theft, but against the losses that we can suffer as a result of property damage
- Insurance protects against business interruption
Business interruption is associated mostly with the destruction or breakdown of equipment as a result of for example fire or flood. When choosing an insurance policy, it is worth knowing the exact balance of your company in order to decide on the specific insurance sum. The policy will protect us in full only if the potential compensation covers all the losses we have suffered due to business interruption.
A contract is usually settled for a year, we are able to pay premiums in installments. After signing the contact we must carry out reliable accountancy of the company. The bigger order on the balance sheet we have - the easier and faster the compensation we get. We should also notify insurance company about any changes having a significant impact on possible future damage.
Who has an obligation to hold a civil liability insurance policy?
In Poland there are several professions that are associated with an obligation of having a third party liability insurance. Such a requirement refers mostly to occupations requiring great expertise and those where poor performance is likely to expose potential customers to severe damages. In Poland such obligation refers to medical care institutions, travel agencies, lawyers, notaries and insurance brokers.
How to insure a farm?
Running a farm is a very time-consuming activity. Therefore farmers should think about how to protect themselves against a variety of household misfortunes. Damage is in fact not only the loss of all or part of the harvest. It is also the loss of the whole year's work on the farm. Farmers constitute a particular profession group which is legally obliged to settle certain insurance contracts.
How to insure the company's property?
If we are the owners of the company, regardless of whether it is a big or a small business, we should think about its safety. In Poland, companies use mainly motor insurance policies to insure their own vehicle fleet. But the protection of property does not end with cars. It is also protection against fire, flood and any other type of damages caused by natural forces.
In case of an event notify the insurer immediately. The insurance company will almost certainly require the latest financial statements and further clarifications. Compensation will be calculated on the basis of what part of the profit was genereted by the dagamed equipment and what was the length of failure. Compensation must go to our bank account within the period specified in the insurance contract.
Notify the insurer
In case of a damage inform the insurer as soon as possible. We have to provide all the necessary documents.
The insurer will count losses
The insurer's experts will calculate the amount that the company lost due to equipment failure.
Compensation goes to your account
After all calculations, the insurer pays the compensation to your company's account.