3-Point Quick Guide on Your Business Insurance
The Philippines has been a target for terrorist attacks in the past years, but for businessmen, the venture must go on as usual, no matter what. The recent bombings in February 14 particularly that occurred on Ayala Avenue corner EDSA is something, which businessmen, not just in the transportation industry-but all sectors should be prepared for. Here are pointers on how to have adequate business insurance [possibly one of the most complex], yet too often overlooked, which tip the balance between your company's survival and its demise.
This is just a 3-point quick guide that you need to keep in mind particularly on your business insurance:
Before Making Any Claim, Do Some Updates!
Your records should be updated, duplicated, and organized. Always maintain detailed records of all your transactions, not just your insurance policy. Upon unfortunate circumstances that you should have to make a claim to recover losses due to an interruption of business, the faster you can get detailed information into the hands of your insurer, the faster you get your claim paid!
Valuation of Property
How will you be compensated for your damaged property? Property insurance usually falls into one of two categories on this front: replacement cost valuation (the cost of replacing the property at current market value), or depreciated settlements (the cost of replacing the property, minus depreciation). Replacement cost value is, in most cases, often preferred. The issue of valuation is critical, in order to ensure your building, your properties and its contents should be properly and currently valued.
Exclusions and Limitations
Tricky is this part. Closely look into a policy, which mentions, "does not include." All insurance policies are common with limitations and exclusions. Decide what's necessary to add in, and pay more for it if you think it's crucial. You don't want to realize one day that the fine print excluded the specific type of damage or loss you just experienced. There is a long list that would blow your mind. Read through your policy and its coverage and go over it with an insurance advisor or consultant if need be-to save you from future troubles.
So there you go be very particular in insuring your business and be careful to study the necessary requirements and its stipulated fine prints.