Similar to the vast and diverse insurance sector for private clients, is the need for asset protection for corporate and commercial clients. For companies and traders there are a variety of insurance packages that should be selected according to the profession or the business purpose. Simple example: A carpenter needs totally different commercial insurances than an IT service provider. But mandatory for both and everybody else is public liability insurance. It protects your company against (wrongful) damage claims from third parties. Because similar to the personal liability insurance, a damage that is not covered can lead to financial imbalances very quickly. The universe of commercial insurances is huge, and which one you need and should choose depends on an extensive risk analysis and evaluation.
Using a specific tool, the risks, dangers and needs are assessed, evaluated and the right commercial insurance determined. This assessment follows a “star rating” – the more stars the more important it is to cover the area. In addition and in accordance with you, we check if there are other components that are relevant for your company or your business. This is especially crucial if you are a so-called “mixed operation”, meaning you generate sales from several lines of business. Each branch has to be listed in detail to make sure that the commercial insurances cover all risks.
The field of commercial insurances is quite vast and abstract. Therefore, our Business Consultant (Wirtschaftsberater) Wetterau team starts tenders among all top market insurers on a regular basis. Why? Via the tender each provider gets the same information and can submit an offer for your commercial insurance – without knowing what the competitors are offering. We analyse and evaluate these offers, and the huge benefit for you is: You receive the best services for a reasonable price. Throughout the years, we have developed connections and a large pool of providers for commercial insurances. One more advantage for you.
Recently, we had a meeting with the CEO of a company who wanted us to check if his contracts were up-to-date. As we entered the initial figures into our tool, it was soon apparent that for instance not all lines of business were covered by the commercial insurance. So in the event of damage the company would have had to pay part of the expenses (or even all of them). Besides, the business content insurance, so office equipment, IT, goods, supplies etc., had not been updated for the past 5 years. And since the company had expanded, in case of damage it would have had to pay about 80 % of the costs itself.
Thanks to our in-depth analysis we were able to detect and close many further gaps. And even though the commercial insurances include more services now, the company still saves even nearly 1.500,- Euro per year regarding the insurance fees. Because more benefits do not automatically result in higher fees.
How did these disparities come about? The consultant did not consistently check in with them! This is another benefit you get with us. At least once a year we have a so-called “update meeting” to look into potential changes regarding specifications, the reassessment of risks, and if commercial insurances possibly need to be adjusted to new demands.
Did we incite your interest? Get to know our way of working and get a free consultation. Your Business Consultant (Wirtschaftsberater) Wetterau, Gerry Kreutzer