Property damage insurance: the tool that all companies should have
The risks that come with starting a new business can be overwhelming, it is essential to have an insurance agent in your team to help you with the protection of your assets, that’s why in AIR Insurance we provide companies with our 360 Insurance Guidance program.
A new business needs many types of insurance but making sure to get covered for property damage should be the first financial tool any entrepreneur should get. It will help cover all the expenses associated with any harm or impairment that occurs to anything related to the business assets.
Without this insurance, business owners will have to pay costly damages and any legal claims against the company. This can mean financial devastation, therefore, in many countries, it is mandatory to own an insurance policy to prevent an economic imbalance.
All businesses face different types of risks, however, these are two of the coverages any company could use:
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Property damage: It will protect everything the company owns, for example, buildings, electronic devices, or tools, against any risk. Some situations that could put the property at risk may be earthquakes, floods, theft, or vandalism. You can also expand the coverage for “business interruption”, which means that in case of a loss of income resulting in the company closing temporarily due to a catastrophic event (a fire or a flood, for example), the property damage insurance will help pay for lost revenue, rent and day to day expenses for a delimited period of time.
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Liability claims: It protects the company against any damage caused to a third party while performing their daily tasks. This means legal liability in case of fires, medical expenses, and general liability for damages caused inside the company’s facilities.
What to consider when getting a business insurance
- Make sure you don’t go for the cheapest option, it probably won’t fit the specific needs your business has.
- AIR insurance brokers can help you build a plan that suits your daily activities and any damages these may cause.
- Look at the deductible, sometimes it can get higher than 20% which is not recommended. Ask for the smallest deductible option, even if it’s a little more expensive.
- Find out the policy limits before you get it so you know exactly what it covers.
In AIR Insurance, we are ready to help you find the best option for your business. We offer “360º Insurance Guidance” which includes risk analysis and custom built plans among other benefits. Contact us if you have any questions.
Protect your assets today, for more information, call +52 55 4444 6043 or send us an email at info@air.com.mx
