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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:

  1. Trading concerns
  2. Transport companies, telecommunications companies
  3. Banks
  4. Insurance companies
  5. 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.

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Risks for service enterprises and other types of businesses

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 addition to classic business liability insurance, as a rule comprehensive financial loss liability insurance is also required – we often find that this risk is not adequately covered.
    Property damage through the insurable risks: Fire, tap water, storm/hail, burglary, natural hazards and unnamed dangers threaten the existence of trading companies with large stocks of goods. And so does inaccessibility to the enterprise resource planning system. The enterprise resource planning system is also exposed to internal risks, e.g. due to incorrect operation by the employee, or through external hackers operating with or without intent of personal enrichment.
  • Thus in addition to the popular building, contents and electronics insurance, as well as loss of earnings insurance, fidelity insurance and/or cyber insurance are also recommended.

If the service provider is neither dependent on goods nor on his office operations, it must be determined 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, the fire protection requirements must be discussed in detail, depending on the type of goods stored, storage areas and 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. We also support our customers in the implementation of fire protection recommendations. We are aware that these implementations must be temporally and financially adapted to the specific situation of our client – we also convey this sensitivity to the risk carriers.

Service companies are dependent on their employees. The employees should be properly and comprehensively insured as part of their professional activity. In addition, comprehensive care and benefits programs with insurance benefits for group accident, group health and disability insurance are important today. They also play an important role in attracting new employees and keeping your specialists. The offer of a company pension plan with appropriate employer participation is often already taken for granted. Consequently, it offers only limited possibilities for presentation as an attractive employer.

Likewise employee mobility is also very important. It is clear that damage caused by, or to the company car will be reimbursed. The important questions today are the following:

  1. Who will repair the damage as quickly and cost-effectively as possible and in accordance with the manufacturer’s specifications, so that there are no problems with the lessors?
  2. How do I stay mobile after accident damage, breakdown or during the repair, and how do I avoid unnecessary set-up times or multiple workshop appointments from damage assessment to repair?

The solution, in addition to compulsory motor vehicle insurance, is implementation of an integrated claims management system. Today, insurers are also rewarding these claims management systems with discounts on comprehensive (hull) insurance.

Service providers are not manufacturers – retention of title is common in trading companies, but a service that has been provided cannot be reclaimed. This means that insuring your own receivables is of existential significance, if invoices are no longer paid due to insolvency of your customers. This affects invoices that are due and invoices that may already have been paid, which an insolvency administrator can claim back from you if he is aware of your customer’s payment difficulties.

Thus in addition to bad debt insurance and trade credit insurance, insolvency rescission insurance is also an instrument for risk minimisation.

Solution approaches

For a holistic solution, we offer our “360-degree view”.

With regard to purchase of insurance cover, we advise you professionally concerning the placement of your contract. If there are complex requirements, we place your insurance programme with national and international risk carriers. In addition, we have sufficient experience in putting consortia together and vertical pricing.

In addition, our own technical departments are in constant contact with the insurance providers. This enables an ongoing professional exchange and the necessary negotiations, which are conducted on an equal footing.

We would be pleased to prepare an individual profile for you. Put us to the test!