Insurance glossary – a compendium in a nutshell

Insurance glossary – a compendium in a nutshell. When navigating in the maze of regulations, duties, orders and bans, regulations and many other matters that bother the head while running a business, it is easy to forget about the company’s insurance . It is worth taking care of this aspect before a misfortune happens, the consequences of which will have to be covered from your own pocket. However, how do you choose the best insurance for your business? How to read the complicated terminology used in the General Terms and Conditions of Insurance, in short the GTC? Prepared glossary will help you find your way around unknown terminology.

To begin with, the basics that you cannot start looking for bristle insurance :

– insurance agent – a person who performs activities on behalf of the insurer, acquires customers, signs contracts with them, and cares for the satisfaction of entrusted customers. They are divided into agents acting as a multiagency, and on behalf of one given company.

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Dates and types of specialist insurance:

– business interruption – this insurance protects the insured company against loss of profits through the occurrence of damage. If an event occurs, the insurer pays compensation for losses suffered by the entrepreneur during the loss period.

– cargo – insurance of goods in transport – insurance is extremely useful and even required by many contractors from the logistics industry. It protects the property owned on the car against theft, damage or loss and in the event of damage, it pays compensation to the aggrieved party on behalf of the insured company that made the loss.

– CWAR – this type of insurance is a very specific and interesting insurance dedicated to companies. It allows you to protect yourself against the consequences of failure to meet contracts with contractors, payment delays or other unpleasant surprises that could ruin the company. It is worth thinking about when signing high-value contracts.

– property insurance – another company insurance that is worth having in your insurance portfolio. It protects all property interests that can be determined in money, as well as civil liability.

– compulsory insurance – this is a general term for the insurance of all industries that have a top-down obligation to insure their business, such insurance obligation, corporate liability, is covered, for example, by security companies. However, it is worth investing in such insurance. This concept also covers many other types of insurance, typical for a given activity type.

When choosing insurance for a company, it is worth remembering to carefully analyze the available offers on the markets and read the GTC, because it is most often the source of irreplaceable information about the type of insurance, its exclusions and other tricks that, in the event of a damage, may surprise you unpleasantly.