Individual insurance solution for all aspects of serviceCorporate insurance concepts for the industry
Service enterprises are the engines of a modern business society. They are now responsible for approximately two thirds of the gross value added in Germany.
Human capital is the life of service sector, with or without the use of goods. Service enterprises are usually classified as follows:
- Trading concerns
- Transport companies, telecommunications companies
- Insurance companies
- other service enterprises
Service companies must always keep abreast of market developments and must constantly adapt to changing boundary conditions. Regardless of the number of employees or sales volume, for service providers there are special risks that are not adequately covered with classic insurance products.
The challenges on the market
In addition to compensation claims arising from personal injury and material damage, service companies are frequently called on to take responsibility for pure financial losses as a result of planning services or consulting services.
In supplementation to classic business liability insurance, financial loss liability insurance is also regularly required – we often find that this risk is not adequately covered.
Material damage caused by the usual insurable risks, such as fire, tap water, storm/hail, burglary and natural hazards, as well as cover of unnamed risks that are at least as threatening to the existence of trading companies with large inventories in the warehouse, as inaccessibility to the merchandise management system. The merchandise management system is subject to internal hazards, e.g. through incorrect operation by the employee, but also through external hackers with or without intent of personal enrichment.
Thus, in addition to the popular building, contents and electronics insurance and loss of earnings insurance, for comprehensive coverage fidelity insurance and/or cyber insurance are also recommended.
If the service provider is neither dependent on goods nor on his office operations, comprehensive consultation should include the determination as to whether “normal” loss of earnings insurance, or increased expenses insurance is better suited to the risk situation.
If there are stationary risks in the form of a warehouse, fire protection requirements must be discussed in detail, depending on the type of goods stored, the storage areas and the storage heights. In this regard, the right choice of risk carrier is just as important as the support in the event of structural changes.
As a technical broker we are able to conduct fire safety inspections independently and to also support our customers with the implementation of the fire safety recommendations. We are aware that these implementations must be temporally and financially adapted to the specific situation of our client – likewise we convey this sensitivity to the risk carriers, if such sensitivity is not evidenced by the accompanying engineer.
Service companies are dependent on their employees. On the one hand, employees should be properly and comprehensively insured within the scope of their professional activities, on the other hand, today a comprehensive pension scheme and benefit programmes that take into account insurance benefits for group accident, company health and occupational disability insurance are just as important in attracting new employees and retaining your specialists. The offer of a company pension plan with appropriate employer participation is often already taken for granted.