Writer Giovanni Papini once said to Henry Ford at the top of the Empire State Building, “It seems so unreal to me that mankind has been capable of building all of this”. To which Ford replied, “This city wasn’t made by men. Insurance made this happen”.
Seeing Papini’s confusion, Ford added…
“Without insurance, we wouldn’t have skyscrapers because no man would dare to work at these heights, risking his life and running the danger of leaving his family in misery. Without insurance, no businessmen would invest millions in constructing a building like this, when a single spark could reduce it to ashes. Without insurance, nobody would drive around these streets, knowing that an accident could take place at any time. And this doesn’t just apply to the United States. The entire world relies on insurance. Without insurance, every man would save his money without investing it anywhere for fear of losing it, and civilization would have ground to a halt a little past the Stone Age.”
When we talk about company security, we think of personal protective equipment and, naturally, the security and protection systems installed by companies. Yet, even when a company tries to avoid and minimise all these risks, it can still be hit and ultimately sunk by a stroke of bad luck despite its success. So, what can be done in this kind of situation? Company Insurance is the solution to almost any eventuality.
Although these kinds of insurance are complex, we will give a brief outline of them below:
Asset insurance: for tangible and intangible assets; buildings and fixed installations, fittings, machinery and electronic equipment, raw materials and inventory and company vehicles.
Insurance for individuals: for individuals who represent business a company’s human resources risks, it covers areas such as collective bargaining agreements, collective accidents, life, travel assistance, kidnapping and extortion, among others.
Liability insurance: to cover the risk that your company runs when it is required to pay compensation for possible damages caused to a third party or the environment.
Profit and loss insurance: to cover incidents that affect your company’s management performance as a result of a possible stop in activity due to an accident or serious incident and possible payment defaults on sales credit extended.