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Get the most out of your Insurance

Oct 26, 2021

‘I didn’t see that coming…’ One of the worst phrases you could say in business. But you can always manage your exposure to some of these hazards with insurance. This way, this phrase can end on a positive note: ‘…good thing I’m insured’.

Insurance is a very important tool in protecting a business. That is why most companies acquire various forms of insurance policies to cover the risk of loss due to unlucky events that we just…didn’t see coming. Unfortunately, the analytical process to determine what kind of insurance and how much coverage needed is not done regularly enough. Come maturity of a policy, the whole renewal process becomes a mechanical part of the work routine and the analysis and logic behind the insurance program is lost through the years. Then, as years go by and the job gets passed from one hand to another, your insurance program eventually loses relevance over time.

Understandably, you probably don’t have a work unit dedicated to reviewing insurance policies (unless your company operates within the insurance industry!). So most often than not, the insuring process gets overshadowed by issues more pressing to your operation. Well, here’s a REALITY CHECK: In business, NOTHING stays the same. Changes happen all the time, and these changes can alter your insurance requirements. A new property acquisition, depreciation, selling of assets, new ownership — the list can go on. We strongly recommend that you review your total insurance portfolio yearly or at the very least, every 2 years.

Do you really need to review? Well, here are some examples of routine business activities that can affect the way you should insure your business:

  1. Property value depreciation
  2. Increase in employee workforce
  3. Expansion of branches or offices
  4. Selling of assets (i.e old company cars, old equipment, etc.)
  5. Acquisition of new property (ie. Office space, vehicle, warehouse, etc.)
  6. Acquisition of new equipment
  7. Rental or addition of new location (i.e office space, warehouse, storage)
  8. Additional products/service (or sometimes, change in the nature of business)
  9. Change of address or business name
  10. Restructuring or change of ownership or partners
  11. Structure of ownership of the property you are located in
  12. Change in occupancy within your building location or around your office location.
  13. Court cases or liabilities that have surfaced recently or in the past
Because even the simplest changes can alter your insurance requirements, ask your appointed insurance broker to conduct an insurance portfolio review to keep it current to your needs and requirements. This is the only way you can update your insurance program with properly adjusted coverage amounts and enhanced insurance features. So work with your insurance broker to review, insure correctly and maximize the value of your insurance program.
OUR BOARD DIRECTORS
Joel Marcelo G. Jimenez Chairman
Anna Liza Martirez Siapno Corporate Treasurer
Josette Talan-Pacho Director & President
Bernardo R. Chanyungco Director & COO
Sandra Uy Director
Atty. Estelita Gozon Director
Ricardo G. Berza Director
Michael N. Martirez Director
Julio D. Sy, Jr. Independent Director
Eduardo S. Lucas Corporate Secretary