Benoît Collin - Account Manager
Every company is confronted with numerous risks throughout the execution of its business activities. Your risk profile is mainly determined by the sector you're in and the type of your business activity. As an SME owner, you are often not only liable for your actions, but also those of your employees. Compensation can run high, and it is therefore highly recommended to insure yourself properly.
Every single activity is specific. Its insurability, in terms of putative risks, has to be perfectly analysed at its beginning, but also throughout its development. Risks are changeable and can increase during the activity.
For example, intra-European trade relations which develop towards USA and Canada can pose an increased risk. A painting company that specialises in painting high voltage pylons can pose an increased risk. That is why it is essential to have an advisor who is able to understand your business and find the appropriate insurance for you.
Depending on the type of activities, it is important to be careful when it comes to insured amounts for different insurance covers and guarantee sub-limits such as public liability, products or completed operations liability, goods in care, custody and control, consequential financial loss, financial loss after non covered damage and pure financial loss. More often than not, a risk that is not taken into account creates extremely damaging financial consequences for the company if there is no insurance intervention. That is why getting the right coverage for a specific risk is essential for the company’s durability.
For example, a client produced pralines and distributed them in shops in Belgium, and abroad. One day, due to a mistake in one of the chocolate tanks (used for the preparation of several pralines), some chocolate barrels containing peanuts were mixed with the basic chocolate. But the labels on the boxes were already fixed, mentioning that the pralines were allergen-free. So it was necessary to warn the potential clients through the press and bring back all the boxes, obviously, at a high cost. Fortunately, given the type of activity, the additional guarantee “first and 1/3 Party recall” was provided. This allowed taking the withdrawal costs and the distributors’ profit loss into account.
Having liability insurance is not only about being protected from unforeseen setbacks; it also shows your potential clients that you are a safe partner to work with and it can have a positive effect on attracting and retaining talented employees.
Concordia’s flexible attitude ensures we’re always able to offer you a solution. Our position in the market is strong, which results in more negotiation power with the insurance companies. You can focus on your business, while we outsource insurance with the best price/quality ratio. Reach out to us today for tailor-made solutions for your business.