When talking about insurance policies for the gambling sector, the first thing that comes to the mind of the Colombian entrepreneur is the compliance insurance that he has had to contract to support the financial risks of his operation as a requirement for his contract to concession enters into force or can be renewed. Coljuegos
The gambling sector, which in 2017 represented 1.5% of GDP, is ready to continue growing with the entry of online games.
These positive results favor entrepreneurs, boost the economy and have a direct impact on public finances, due to the contributions made by the sector to the National resources.
This growth means that Colombian entrepreneurs in the sector face a new and growing universe of risks every day, imposing on the insurance industry the challenge of understanding the gambling entrepreneur to support him not only in the management of his risks but also to create through insurance competitive advantages for their business.
Beyond this important requirement, there are a number of solutions that strengthen their business and minimize the risks of continuity of the company in case of civil legal responsibility to third parties, theft, material damage resulting from fire, earthquake, floods, or cyber-attacks to your internet platforms that are a threat to the confidentiality of your customers' data and can materially affect the reputation of your company and your brand.
The insurance guarantees the continuity of our business, and that is that as entrepreneurs we must dedicate ourselves to what we know to do, to manage our company and do it in a productive way, without worrying about the possible incidents or other risks that may render it unusable.
Unfortunately, some of us ( Colombian people) have this bad perception that insurance is an expense rather than an investment, because we see remote or null the possibility of using them, which goes against the indicators that daily show us the importance of being insured, such as vehicle accidents that generate an average of 150 billion pesos per year in the country, or more than 15 million people who are at risk of damage caused by floods, landslides and even earthquakes, or the figures of health that are increasingly alarming, not to mention the industry where a significant number of companies are in a state of insolvency to be faced with a risk that did not take the precaution to ensure as a fire, theft or loss of information .
An entrepreneur, well insured, will be able to dedicate himself fully to his activity, without worries, and if he also entrusts the contracting of his insurances to a specialist agency, this will help him to choose the necessary insurances for his business, and the precise coverages so that paying what fair, all risks that may occur are covered.
Keeping abreast of the complex environment that governs the gaming industry is crucial, and that is why you should consider some other coverages that could help you
Property Insurance and Interruption of Operations
Compliance Guarantees
Civil Liabilities Casinos / Bars / Restaurants
Vehicle Insurance
Work-insurance and benefits for its employees, among others
Insurance is a good tool, do not overlook it and set aside time to learn more about it ; for sure it will surprise you.
* Ricardo Fernández has more than 30 years of experience in the insurance sector, contact him at: ricardo.fernandez@samancoberturasysoluciones.com
Phone number: +57 3003467590
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