Property damage and business interruptuion insurance
This insurance policy protects company physical assets should they be subject to damage or destruction as a result of natural hazards, and reduces company financial losses, should such a damage to assets impact company operations and the company's ability to conduct its business activities. Property insurance may be concluded at varying degrees of coverage. It ranges from the broadest "All Risks" coverage to the coverage of only basic threats, the FLEXA policy (fire, lightning, explosion, aircraft accidents, including aircraft parts and cargo). This insurance policy may also be expanded to include a number of additional schemes, such as insurance against theft, vandalism/graffiti, overvoltage/undervoltage, glass panes, etc.
Vehicle insurance including additional insurance schemes
To protect drivers, you can conclude a liability insurance policy for damages caused by vehicle operation. This is a compulsory policy which covers—on your behalf—damages caused to health, life, and property of third parties, including any potential lost earnings or profit of the affected persons, along with any expenses necessary for legal representation and defence in case of more complicated claims.
To insure against damage or destruction of a vehicle as a result of an accident, natural disaster, theft, and vandalism, you need to conclude comprehensive vehicle insurance. The scope of coverage may be expanded to include many additional insurance schemes, e.g., insurance of windshield, insurance for assistance and a replacement vehicle in the event of an accident and vehicle failure, insurance against injury of persons transported in relation with an accident, insurance against damage and loss of luggage, etc. Further, vehicle insurance may be expanded to include an insurance policy covering the difference between the purchase price of the vehicle and the insurance premium (the so-called GAP insurance policy), and legal expenses insurance.
Cyber risk insurance
The cyber risk insurance policy will help stabilize company situation should any personal or sensitive data and information leak from the company computer network, individual computers and mobile devices, or during an outage—via the internet network of the service provided. Not only does it cover the costs of the insured person incurred in relation with a targeted attack on its data and information, it also provides compensation to third parties whose data were published in such a manner. The coverage may be expanded further to provide truly comprehensive protection against cyber threats.
This policy is a means of controlling your receivables owed by your business partners, and to get protection should your business partners become insolvent or default on their payment. As a result, an appropriate insurance policy, as a means of protection, may have a significant positive impact on the current business management of your company, its further future growth allowed by increased credibility with banks, and greater confidence in establishing new business relations, even in other geographical locations. This type of insurance policy is especially suited for companies which regularly provide services or products on the market. It is less appropriate for one-off deliveries of, e.g., investment units.
Terrorism and violence insurance
A growing number of companies consider the possibility of damage to company assets, or the related interruption of its operation, as a result of terrorist attacks, a treat to the future company operations. This has been palpable particularly over the recent years, since terrorist attacks are more evident and take place closer to previously safe countries.
What is considered terrorism? Terrorism is the illegal use of violence against persons or property to achieve certain political objectives. The aim is to intimidate and force the government, individual, etc., to change their behaviour, intentions, politics, etc. Depending upon a particular company's line of business and its geographic operations, the basic coverage against terrorism may be appropriately expanded to include schemes against sabotage, mutiny, coup, riot, crowds, strikes, and civil unrest.
Some company operations, such as, the operation of hotels, airports, events featuring a high number of participants, etc., may find it useful to add a liability insurance policy in the event of a terrorist attack, which may make companies responsible for consequential damages to property, life and health of third persons, owing to their failure to carry out sufficient security measures against the attack.
This policy covers financial damages suffered by companies as a result of fraudulent acts or offences committed by their employees, particularly due to embezzlement (in collaboration with third parties), and, potentially, owing to simple theft of company funds or, in a more sophisticated manner, bank transfers, or money falsification and alternation. The potential disruption of company cyber security related to employee/third party fraudulent acts has been gaining significance, and should be addressed comprehensively, using additional insurance schemes.
Kidnap and ransom insurance
Every company that sends its employees to unstable countries, or employs local people in such countries and takes precautions of their safety, life, and health, should consider concluding this policy. This also applies to companies that are concerned with potential consequences of blackmail, capture, attack, and threat to their employees, or with impact on its business in the event of threats, e.g., damage to company assets, product contamination, attack/theft of electronic data, disruption/thwarting business deals, etc.