Insuring core risks: property damage and business interruption
Operating a company entails certain risks. Those that are the most difficult to calculate are unforeseen damages to company buildings, production facilities, machines and inventory. Property insurance is therefore a fundamental insurance cover for any company. The corresponding agreement and cover should be targeted towards the insured interest or risk of the specific client and its industry.
Funk has been supporting companies in a wide range of industries for many years as an independent insurance broker and reliable partner in all matters concerning risk management. Funk offers a wording that goes far beyond the standard terms and wordings of other market players. Our solutions range from classic cover of individual risks, such as fire insurance, to natural hazard insurance and all risk covers. Other optional insurance components for property damage or business interruption (BI) insurance can be added, depending on the industry and risk philosophy of the client. Our experts will create a tailored insurance solution for each client.
Protecting your company from property damage
Property damage can have a massive impact on a company. In addition to the direct damage of property, the business interruption that usually results from a property damage can be even more significant. In addition to loss of earnings and running costs, production backlogs and unmet delivery deadlines can harm your image and may eventually result in a loss of clients. BI insurance provides comprehensive cover of the financial consequences of reduced output and loss of earnings in operation, thus protecting companies from losses that threaten their existence. Depending on the agreement, the insurance cover in particular includes:
- Interruption losses, the ongoing costs in the event of a business interruption and the lost earnings from profit and turnover of manufactured products
- Interdependencies between the insured business departments and subdivisions of a company
- Contingency claims (only by special agreement) for suppliers or customers involved in the supply chain of the insured company
Support in the event of a claim
Our multidisciplinary and cross-industry knowledge enables our clients to precisely match their property and business interruption solutions, so that they only purchase the cover they truly need. We design a tailor-made solution based on our clients’ specific insurance requirements and provide our recommendation for comprehensive insurance cover. We also support international clients in setting up international insurance programs that are tailored to the structure and needs of their multi-national company.
Learn more about material damage and business interruption risks
Plant under water
When a small river turns into a major insurance claim, fast help is important. That’s why Funk sent an expert team straight away when the German company Hörmann Automotive experienced flood damage.
Link: https://www.funk-gruppe.de/en/corporate-blog/insurance-management/werk-unter-wasser/
When the boss has to put on wellies
Whether heavy rainfall or heat wave, risks posed by forces of nature and their consequences can cause long-term damage for companies, the more so as the intensity and frequency of such events increase. Modern risk management tools and tailor-made insurance solutions offer protection.
Link: https://www.funk-gruppe.de/en/corporate-blog/insurance-management/when-the-boss-has-to-put-on-wellies/
Five fire protection tips
For modern companies, protection against fire damage is often an unpleasant annoyance. An intelligent risk concept has many advantages in this context.
Link: https://www.funk-gruppe.de/en/corporate-blog/insurance-management/how-your-company-can-pass-the-fire-test/
The advantages of sprinkler protection
Companies can protect themselves against the consequences of a fire. However, the requirements for insurance protection are increasing. Sprinkler systems put companies in a good position.
Link: https://www.funk-gruppe.de/en/corporate-blog/insurance-management/sprinkler-systems-for-companies/
Good insulation is half the insurance
When it comes to insulation for buildings, the idea of ‘price above all’ plays a role in the industry, alongside the properties of the insulation itself. But cheap insulation can quickly lead to precarious situations.
Link: https://www.funk-gruppe.de/en/corporate-blog/insurance-management/good-insulation-is-half-the-insurance/
Protecting against terror risks
Acts of terror and politically motivated violence are increasing worldwide – and businesses in rural areas are also affected. What do German companies need to keep in mind to protect themselves?
Link: https://www.funk-gruppe.de/en/corporate-blog/medium-sized-businesses/terror-risks/
Risks
Liability risks
The potential liability of companies varies depending on the industry or clientele. Nevertheless, all companies have one thing in common: even small mistakes can lead to severe losses.
Property damage and BI risks
While property insurance is a basic protection every company should have, the risk of business interruption is increasing steadily as well – especially for globally connected players.
Risks in M&A processes
The M&A market is booming: in a constantly changing market environment, transactions are the key to the success and future viability of companies. But their risks should not be underestimated.
Services
Funk China
Investing and operating outside of China becomes more and more essential for Chinese companies. The Funk China Division supports its Chinese clients in managing the risks, challenges and chances of worldwide outbound investments.
Insurance + risk management
Funk devises and implements holistic risk and insurance solutions for companies across all industries, sectors and countries. In doing so, our experts do not only secure your individual assets but also create genuine added value for your company.
Employee health + benefits
Employee benefits concepts are a sustainable component of a good corporate policy. Funk provides comprehensive, transparent advice with a view towards the long-term advantages for your company and your employees.
