In order to correctly define a business insurance policy, it is first necessary to identify the general risks and those specific to the respective activity, after quantify them, and develop an insurance program adapted to the needs.
Your insurance consultant needs to understand the industry your company is a part of in order to develop an insurance program tailored to your needs.
When we think about buildings, land, machines, machinery, equipment, or furniture what do you want to recover in case of damage? The replacement value or the real value?
How to set the insured value for stocks? Depending on what exactly we include in this value (raw materials, goods in process of manufacture and finished product) it is necessary to include them correctly in the insurance policy.
Loss of profit margin insurance, also known as business interruption insurance, is designed to protect your company from loss of gross margin (net profit + fixed expenses) if it is forced to temporarily close part of its business or in totality.
Every entrepreneur needs to build their business continuity plan to determine how the business will continue in the event of a risk.