Did you know that 70% of companies experience at least one significant incident that puts their physical assets at risk every five years? In a business world where risks and uncertainties are part of everyday life, having property damage insurance for companies is not a luxury but a necessity. This article breaks down the importance of this insurance, covering essential aspects that each CFO must consider to strengthen the resilience of their organization.
Understanding Material Damage Insurance: Comprehensive protection against unexpected risks
Business property damage insurance is divided into two main categories:
Multi-risk business: Ideal for smaller businesses, it combines damage and liability coverage. More information.
All Risk material damage: Designed for companies with larger capital, it offers a broader coverage by including all damages except specific exclusions. More information.
Some sectors currently face insurance capacity issues in property damage policies. Read more about this issue.
What is the solution? The key lies in collaboration between insurers, clients and insurance brokers. The process should be collaborative between insurance companies, which should suggest appropriate and feasible improvements according to each client’s activity and capacity. The client must make the necessary investments while the insurance broker must support him by following up on recommendations and negotiating with insurance companies to obtain the best possible coverage in property and property damages.
Property Damage Insurance for Companies: Hedges that Make the Difference
To protect business assets, the property damage policies explained above are integrated as part of the Property Damage insurance solutions. In this sense, specialized property damage insurance for companies is one that protects the assets of a company against possible incidents.
Why is property damage insurance essential?
Because every company, especially large ones, must be guaranteed complete protection of its assets, ensure the continuity of its business in the event of disasters and meet its contractual obligations while relying on its financial stability.
The protection provided by property damage insurance is crucial to preserving the company’s assets and ensuring its business continuity in an increasingly volatile and demanding business environment.
Insurance solutions in Property Damage for companies
At O.Brokers, we approach the security of corporate assets through five major insurance solutions, including All Material Damage Risk Insurance, Multirisk Business Insurance, Transportation Insurance, Fleet Insurance and Agro Insurance.
The All Risk Insurance Material Damage
All Risk Material Damage insurance protects corporate assets against incidents that may cause damage. Covers building, furniture, machinery, inventory and loss of profits. Its general coverage includes accidental damage, fire, explosion, and others.
What does All Risk Property Damage Insurance cover?
Offers full coverage for various assets, including loss of profits due to business interruption. It can be supplemented with specific coverages such as vandalism or breakdown of machinery.
How we work the All Risk of Material Damage insurance
We customize the insurance according to the needs of each company, supporting us in risk management and improving protection measures. We constantly monitor and advise on the implementation of measures to ensure long-term safety.
Insurance Multirisk Business
Multirriesgo insurance combines damage protection and civil liability to protect assets and cover claims. Includes coverage for facilities, furniture, machinery, inventory and loss of profits.
What does a Corporate Multi-risk insurance cover?
This policy protects the company’s facilities, furniture, machinery and inventory. It also covers economic damages for loss of profit and possible claims by third parties.
How we work the insurance Multi-risk Business
We analyse the risks and needs of the company in depth to define optimal hedges. We keep the policy updated as changes in the company, which guarantees a complete and up-to-date protection.
Insurance of transport
Transport insurance covers damage, theft or loss of goods during the journey and goes beyond the insurance offered by carriers. Protects the real value of goods, regardless of their weight, and covers all types of movements such as purchases, sales and transfers between warehouses.
What coverage does the Transportation insurance have?
This insurance guarantees the recovery of the value of the purchase or sale of the goods and offers full coverage for all types of movements of goods, regardless of the means of transport used.
How we work the Transport Insurance
In the Corporate Transport insurance, we evaluate the company’s activity and destinations, define the goods transported and guarantee total protection in all shipments. We constantly monitor shipments to streamline the compensation process for our customers.
Insurance of Vehicle Fleets
The Vehicle and Fleet Insurance is the one that covers third-party damages and, optionally, the own damage of the insured vehicle. In the case of a fleet insurance, all the company’s vehicles can be insured on one policy, which is usually cheaper than having individual insurance for each vehicle.
What coverage does the Fleet of Vehicles insurance have?
Includes Compulsory Civil Liability, which covers damage to third parties caused by the driver of the vehicle. Also offers other optional coverages according to customer needs.
How we work the insurance of Fleets of Vehicles
In Vehicle and Fleet insurance, we recommend having the vehicle’s data sheet to secure it accurately. If not available, full model of vehicle is required. In addition, we require the details of the contractor and, in some cases, the driver of the vehicle.
Agroinsurance
The Agroinsurance protects the company’s production against unforeseen damage and uncontrollable disasters.
What does the Agroinsurance cover?
Provides protection for agricultural, livestock, forestry or aquaculture production against weather events, accidents and livestock diseases. Its main objective is to preserve and protect the production, from crops to livestock, against various risks such as pests, climatic risks, forest fires, diseases and droughts.
How we work the Agroinsurance
For agricultural insurance, we evaluate the specific risks of production and customer needs. We then gather the necessary information and consider available grants. After recruitment, we conduct regular reviews to ensure adequate coverage.
Frequently asked questions about corporate property insurance
What additional coverage can be included in a All Risk Property Damage Insurance?
Additional coverage may include electrical damage, vandalism, loss of profits, capital compensation, replacement of value to new, breakdown of machinery and electronic equipment, among others.
How is the value of assets insured under a property damage policy determined?
The value of the insured assets is determined by a detailed assessment of the company’s assets, which may include their market value, replacement value and other relevant factors. For example, the value of a machine may be determined by considering its purchase cost, age, depreciation and current market value. There are also new value and agreed-upon coverage modalities.
O.Brokers, the peace of mind to be protected
The adoption of a corporate property insurance is not just a precautionary measure; it is an investment in the continuity and future of each organization. In an increasingly complex and uncertain business world, strong coverage is essential.
In conclusion, property damage insurance is more than a policy; it is an investment in the resilience and sustainability of the company. In the face of uncertainty, being prepared is the best strategy.
How can we help you?
At O.Brokers, we understand the importance of comprehensive protection tailored to each client’s specific needs. Ready to ensure the stability and continuity of the company? Request a meeting for an insurance pre-audit and find out how we can give you the peace of mind your business deserves.
