New standards in business insurance

An insurance broker assesses the company’s needs, requests quotes from insurers, and compares not only prices but also coverage, exclusions, limits, and deductibles.Perks presents this information in a clear, easy-to-understand comparison and highlights the most important differences. As a result, business owners do not have to search for insurance options themselves or spend time studying the terms and conditions of multiple insurers, making it easier to make a well-informed decision. Even after the policy is issued, Perks monitors its renewal dates, helps make necessary adjustments, and provides support with insurance claims.

An insurer sells its own products, while an insurance broker acts on behalf of and in the interests of the client. This allows businesses to compare offers from multiple insurers in one place and evaluate which solution best meets their specific needs. The lowest price does not always mean the best insurance deal. Important differences may lie in the sums insured, deductibles, exclusions, safety requirements, and claim settlement terms. Perks explains these differences in clear, straightforward business language, helping companies understand what they are paying for and what protection they are actually receiving. Businesses save time, gain better control over costs, and reduce the risk of discovering only after an incident that a significant loss is not covered by their insurance policy.

Simply having an insurance policy does not necessarily mean that a business is adequately protected. This can be determined by comparing the company’s actual risks with the coverage, sums insured, deductibles, exclusions, and obligations imposed by the insurer under the policy.For example, it is important to assess whether the property is insured for its replacement value, whether the liability coverage limit is sufficient to cover potential losses, and whether the policy would help cover salaries, taxes, and other fixed expenses in the event of a business interruption.Perks audits existing insurance policies, identifies gaps or overlaps in coverage, and highlights risks that are not covered by the policies.As a result, the company gains a clear understanding of what is insured, what is not, and which gaps in protection should be addressed first.

The insurance a business needs depends on its industry, property, employees, contractual obligations, and potential financial losses. There is no single combination of insurance policies that suits every business in Latvia.Businesses most commonly consider:Employee health, accident, and travel insurance;MTPL (OCTA) and comprehensive vehicle insurance (KASKO) for company vehicles;Property and business interruption insurance;General or professional liability insurance;Cyber risk insurance;Directors and Officers (D&O) liability insurance;Cargo, construction, and other industry-specific insurance.Certain types of insurance are mandatory for some businesses under applicable laws or contractual agreements.Perks begins by understanding the company's operations and then helps identify which risks should be prioritized for insurance protection.

Perks does not start by offering a ready-made insurance policy. Instead, we begin by understanding the company’s operations, risks, previous experience, and budget. This helps identify which potential losses would pose the greatest threat to the business and how much risk the company can afford to bear itself.We then request and evaluate suitable offers from insurers. We compare prices, coverage, limits, deductibles, exclusions, safety requirements, and claim settlement terms.We summarize the key differences in a clear comparison and explain their practical implications.The final decision always rests with the client, but Perks ensures that it is an informed one. As a result, the company chooses not simply the cheapest policy, but the solution that offers the best balance between price, coverage, and risk.

Yes. Perks' support does not end when the insurance policy is issued. We also assist clients after an incident and follow the insurance claim through to its resolution. A Perks broker explains what immediate steps to take, what evidence and documents to preserve, and how to properly submit a claim to the insurer. We then assist with communication with the insurer, monitor the progress of the claim, and, when necessary, help resolve unclear or disputed issues. This reduces the administrative burden on business owners and helps prevent mistakes that could delay or affect claim payouts.

Businesses do not have to pay a separate fee for Perks insurance brokers' standard services. The broker receives a commission from the insurer, which is included in the insurance premium. The client is informed of the type of remuneration before entering into the contract.If a separate fee were to apply for additional consultations or other services, the amount and terms would be agreed upon in advance.This means that businesses can generally receive a needs assessment, comparison of insurance offers, consultations, policy administration, and assistance with insurance claims at no additional cost.