What is it? Who takes out insurance for companies and the self-employed? In this post we talk about the coverage included in this type of policies and what they protect the insured: companies ranging from multinationals to freelancers with or without employees.
In each case, however, a tailor-made insurance policy is drawn up, taking into account the risks, the characteristics of the company’s sector (transport, agriculture, construction, etc.) and its size. Although we talk extensively about business insurance, the policy of a self-employed person or SME is not the same as that of a large company with hundreds of workers. Therefore, a perfect insurance policy is one that contemplates the risks to which a company is exposed in each case. No more and no less.
In this sense, PIB Group Iberia offers you, through our insurance for companies, the most suitable solution for your type of business and its characteristics so that you only have the necessary coverage.
What is insurance for companies and the self-employed?
By way of introduction, it should be noted that business and self-employed insurance protects the professional and personal assets of the insured. The protections are very broad and range from the workers in charge, to the work space or the commercial cars.
In the event of an accident or negligence, a cessation or decrease in activity may occur for unforeseen and unforeseen reasons.
Main Coverage of insurance for companies and self-employed workers
There are many types of business insurance. Some of them are mandatory in certain cases, such as accident insurance or agreement insurance, professional liability or health insurance (for professions such as doctors, engineers and lawyers) or commercial vehicle insurance.
On the other hand, there are insurance policies for companies and the self-employed that are not mandatory but very convenient in many cases. We are talking, for example, about the multi-industry or cybersecurity insurance, as well as the self-employed sick leave insurance.
Let’s take a look at some of the most common insurances and coverages:
Accident insurance
It is mandatory by law for companies and self-employed workers, depending on the sector and agreement to which they adhere. Depending on this, some guarantees or others are assured, protecting the employee against work-related events (some even against non-work-related events).
Liability insurance
This type of insurance protects the company’s assets against possible claims. In most sectors it is not compulsory, but it is interesting to consider, both in the case of companies and freelancers. In other professions, such as doctors, lawyers or architects, it is legally obligatory.
Commercial insurance
This insurance is highly recommended for both companies and self-employed individuals working in a business premises or office. It protects both the damage of the premises and the furniture and objects inside from risks such as flooding, vandalism, theft…
Insurance for commercial vehicles
They are not like private vehicle insurance, since their use is professional. It is mandatory to insure vehicles for this purpose. Independently of this, there are other types of insurance for fleets of trucks, buses or industrial vehicles, which also have another type of special protection.
It is very important to reflect the use made of these vehicles: a salesman is not the same as a delivery driver… If we lie, we expose ourselves to problems in the event of a claim.
Sick Leave Insurance
Self-employed sick leave insurance is common among the self-employed.
They provide compensation in the event of sick leave in addition to social security, which in 90% of cases is very low for this type of professional.
How can policies help me?
The basic function of insurance for companies and the self-employed is to avoid having to face unforeseen events, mishaps or occurrences with the company’s own assets.
In order to adapt perfectly to the needs of each company, there are also multi-industry insurance policies, with packaged policies that include basic guarantees, with the option of supplementary ones.
In addition to these types, there are many other options, adapted in each case to the sector of the self-employed or company, the risks to which it is exposed and the level of coverage it wants to have. For example, to a basic policy you can add protections such as cyber insurance or travel assistance. And, remember, these insurances are tax deductible.
As you can see, there are many options when it comes to insuring a business. The most advisable thing to do is to have professional advice to detect the risks of your company in order to prevent them with the right combination of insurances. At PIB Group Iberia we offer you the experience of more than three decades to help you protect your business completely and not to put your company’s assets at risk.
