Insurance planning: how to keep your business safe

The golden rule for every company is financial planning: planning investments for both the short and the long term enables a company to remain dynamic and ready to address market changes. Is that enough? Not always. While unforeseen events cannot be predicted, they can be prevented by equally careful insurance planning. Andrea Galbiati, Head of Insurance at Banca Ifis, explains how to protect your company: from key persons to vehicles and equipment.

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Protecting key figures
Protecting Leased Vehicles
Protecting capital goods

What effects could the prolonged absence of a key figure such as the owner, production manager or other decision makers have on my company? How can the K-Man of an SME be protected?

Small and medium-sized enterprises are by nature extremely agile, due precisely to their small size, but it may be that this sees a concentration of essential knowledge, market sensitivity or historical information in certain key figures (owners, but also long-standing employees). Companies that are aware of their organisational peculiarities can take out a K-Man policy to protect themselves in the event of the loss of a key person in the company: the owner, a founding partner, a director, an executive, but also a sales manager or a technical manager, with skills that are difficult to replace within the company structure.

The sudden loss of one of these figures means, for the company, the loss of specific business know-how, the possible slowing down of production activities, the difficulty in meeting any financial commitments made and the momentary difficulty in making strategic decisions.

Being able to take advantage of the capital made available by the insurance company can ensure the company’s business continuity and facilitate a potential replacement or succession, particularly in the case of the need to trigger or accelerate the generational transition, a very delicate moment for ‘family’ SMEs.

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In the case of leased company cars, should my company deal with insuring the vehicles?

It is common practice for banks and finance companies to require, for the issuance of a leasing contract, that the customer shall also take out a policy on the vehicle covering theft and fire risks, with the benefit being tied in the bank’s favour and for the entire duration of the loan. This accordingly protects the asset underlying the financial leasing contract, which remains the property of the Bank, until it is ultimately redeemed.

Banca Ifis offers customers so requesting, a wide range of insurance packages that it distributes, with the possibility of supplementing ‘basic’ insurance cover with additional guarantees and services for complete cover of the vehicle and the insured party’s mobility, for example: assistance, fully comprehensive insurance, atmospheric events, satellite tracking, etc.

What are the main risks that can compromise the functionality of leased industrial and technological instrumental assets in my company?

Manufacturing is the heart and driving force of many SMEs, but even companies that are not strictly manufacturing may need leased equipment or technology. How can they best be protected? In addition to the classic protection against theft or fire of the asset, environmental risks, which can damage, potentially significantly, the company’s production tools, are also becoming increasingly important to consider. In conjunction with its leasing contracts, Banca Ifis is able to offer specific cover dedicated to different types of assets, including against damage caused, for example, by floods, earthquakes, hail, electric shocks, etc.

In this way, client companies will be able to restore business continuity, without incurring significant costs and slowing down their activities more than necessary.

Promotional message and placement of insurance contracts. For Key man – Non-life and CPI policies, please read the information provided at www.metlife.it and which is also in any case available from the distribution network. Policy of MetLife Europe d.a.c. – General Representative for Italy distributed by Banca Ifis S.p.A. For the All risk instrumental assets policy, please read the information provided at www.generali.it and which is also in any case available from the distribution network. Policy of Generali Italia S.p.A. distributed by Banca Ifis S.p.A. For policies combined with motor vehicle leases, please read the information provided at https://clp.partners.axa/it/ and which is also in any case available on paper from the distribution network. The insurance cover of the LEASE&LIFE policy is issued by the companies AXA FRANCE VIE S.A. and AXA FRANCE IARD S.A. (General Representative for Italy). The insurance cover of the GAP+ policy is issued by AXA FRANCE IARD S.A. (General Representative for Italy). The products are distributed by Banca Ifis S.p.A.