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How to choose the insurance company you will deal with

Publish Date: 12 Dec 2021

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How to choose the insurance company you will deal with

Have you ever thought of insuring your company?

When choosing an insurance company there are several criteria that they should meet before you sign the paperwork:

 

  • They must cover certain hazards such as fire, robbery, personal accidents, among others as each project/company will face different hazards/dangers.
  • They should cover mundane incidents such as broken glass, break down in machinery, civil liability towards third parties (in case a client or neighbor are injured).
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How to choose an insurance company?

 

  1. Financial Solvency of the company (i.e.: the ability of the insurance company to meet their obligations as and when they fall) or basically the company’s capital. This financial solvency ensures the company will meet its obligation if an accident occurs.
  2. If an accident takes place the company pays the insurance payout promptly and on time so that the company/factory can resume work as fast as possible and not incur more losses.
  3. The insurance premium and compensation are also factors to take into consideration as well as the ability of the company to re-insure after an accident.
  4. The company’s previous experience in covering similar risks as the ones requested by the client.
  5. You can also ask any of their old clients for their experience with the insurance company, inquire about how easy it is to receive compensation and how well they cover certain risks/possible damages. This will allow you to get firsthand knowledge of the company’s reputation in the market.

 

In order not to increase the cost of insurance, the size of the premium and the price, pay attention, it is necessary to determine the accuracy of the risks

 

Is there a difference between a foreign, private, or government insurance company?

 

Not really. The most important factor when choosing an insurance company is the end result and there are Egyptians working in all insurance companies.

If you don’t want your insurance premium and policy price to be unnecessarily high you must be specific about the dangers/risks you are insuring against. Also make sure to go over the technicalities, not just the prices.  

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