Business owners are the first to have an interest in minimising risks to which they are exposed. At the same time, they should contain the item of expenditure dedicated to company insurances. Today we will see which are the essential policies that must be contracted.
1. Is the civil liability insurance for companies?
The CR insurance for companies covers any liability that the company may have to assume for having caused damage to a third party.
Examples:
- In any company, both customers as well as suppliers or even the employees themselves can suffer an accident.. The floor is freshly mopped and a customer slips and is injured. This policy would cover the risk, through the «Employer's Liability» guarantee.
- Company that carries out work for a client and the work is defective. If the client ends up claiming against you for the assignment, we are talking about Professional Liability. This is increasingly requested by companies.
In your case, if the answer to the following question is YES, you should also contract it: do I charge my client a fee for my services?
2. Is it necessary to damage insurance for a company?
Sometimes the damage insurance policy can be combined with the Civil Liability guarantee. By damage policy we mean insuring any material losses we may suffer in the event of a flood, fire, theft from our premises...
Depending on the case, only we will insure our furniture, stock and machinery (if we are renting) or also the building, the fixed parts of the office or the warehouse (if we own them).
ExampleThe insurance policy would cover the company for the amount insured: while the warehouse is closed for the weekend, a short circuit causes all the stock and machinery in the warehouse to catch fire. This insurance would indemnify the company for the insured amount.
3. Other optional business insurance for my SME
Before the start of our activity, liability insurance and damage insurance are the key insurances we need to take out. However, we can consider the following when setting up a company.
- Sick leave insurance for the self-employed starting your business (since in case of illness or accident you will have very little income, and need to supplement it to make ends meet).
- Agreement insurance when we already have employees in our charge, and it is established by the sectoral agreement in which we include our workers.
- Cybersecurity insurance is becoming an increasingly common policy in the face of ongoing cyber-attacks on small and medium-sized enterprises.
- Directors and officers insurance
- Etc.
If you need us to help you choosing the insurance that will best protect you and your business, you have us at your side. Call us and contact our Business Insurance Department.
