How to Choose the Right Loss Insurance Product

How to Choose the Right Loss Insurance Product – Several things must be considered when determining loss insurance products that will be used by yourself and the company you work for. Here are some tips on how to choose the right loss insurance product.

1. Separate objects/goods based on their economic calculations

Choose items that are felt necessary to be insured so that you will not lose in the future. For example, if you want to take fire insurance for the house and furniture, then there is no need to include the computer and its completeness in the calculation. This is because the recovery value for computer companies is very low when compared to the value at the time of purchase of a computer or when it will be insured.


2. Clearly identify objects/items

It is recommended to identify in advance the goods/objects to be insured. For example, in a garment factory with owned machines, generators, and other equipment that is still related to factory production activities.

3. Choose an insurance company with a good reputation

Do not be easily fooled by the low premium rate quote of a particular insurance company. If you get fooled, then it is feared that the insurance company cannot complete the payment of the claim when you claim the insurance company.


4. Provide information /information clearly

It is advisable to provide very clear information about the object/item to be insured. In addition, find more information about the insurance products offered. You can ask about the type of insurance, the premium rate, the area of the guarantee, the number of fees to be paid, and the claim procedure.


5. Good insurance coverage

You should choose the insurance that is the most extensive guarantee before the insurance company issues a policy. For example, choose cover property all risks for building property insurance, or cover all risks for motor vehicle insurance.


6. Choose an insurance product plan

It is recommended to choose one insurance package at once instead of choosing one insurance product only, this way you will get better service and discount facilities.


7. Choose a First Loss Insurance system

If you have an object of coverage with a very large value, it is recommended to use the first loss insurance system from the insurance. This is intended so that the premium you have to pay does not become too large.


8. Adjustable Policy System

The amount or value of merchandise stock insurance, in general, will show a different volume every day and every month. To overcome this, you can choose an adjustable policy system so that you will pay a premium based on the transaction or volume that you have done.


9. Research and ask

It is advisable to always read carefully all policy statements and articles. You can also inquire about the claims procedure in full before agreeing to the issuance of an insurance policy. If there is an error in writing, it’s a good idea to immediately notify the insurance so that they will issue improvements to the policy.

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