The world of business insurance can look like a catalogue at first glance: many products, many names, many abbreviations. Yet the map is simple – it has four compass points. Anyone who understands these four can place any quote correctly, and can also see what is missing from their own company.
- Every business insurance falls into one of four groups: it protects the company's property, the company's liability, the company's people, or special situations in the company's operations.
- The order is not a matter of taste: for most SMEs, on-site property and general liability are the backbone, and everything else builds on that.
- The map only works when viewed as a whole: that is exactly what the cover map and the renewal table do.
First compass point: what the company owns
Commercial property insurance protects the company's physical assets: the building, machinery, stock, office and IT equipment – against fire, storm, water damage, burglary and similar events. This is most companies' first policy, and for good reason: damage at the premises can knock out the very basis of operations. The special add-ons – machinery breakdown, electronic equipment, business interruption – also belong here. Overview: on-site property; the in-depth content lives on vagyon.biz.
Second compass point: what the company can do to others
Liability insurance comes into play when the company's operations cause damage to a third party – a customer, partner, passer-by or client – and a claim is made against the company. General, service-provider, professional and product liability: the boundaries depend on the activity, and this is also where it is decided when a law or chamber requires cover. Overview: professional and general liability; in-depth content: felelosseg.biz.
Third compass point: the people the company works with
Protecting people comes together from two directions: the accident risks of colleagues who use vehicles or work on-site, and retention-focused benefits – group life, accident and health cover. These are available even at SME scale, and can be shaped into a well-planned benefits package. Overviews: benefits packages and group accident cover.
Fourth compass point: special situations in operations
This covers everything that is not continuous but tied to a specific situation: the vehicle fleet, construction and installation projects, legal expenses cover for legal disputes, cargo. These do not arise at every company – but where they do, a contractual or tender requirement is typically attached to them as well.
How does the map become a portfolio?
The four compass points alone are just a classification. The value is created where the company's actual risks are individually matched against its existing policies: this is exactly what the cover map makes visible, and the renewal table does the same for deadlines. Together, the two give what the site calls the portfolio approach: all of the company's insurance in one hand, on one table.
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