Every successful business needs to be well-protected. That’s why our commercial insurance is designed to fit the specific needs of each activity. We offer tailored coverage for sectors such as food, fashion, and healthcare, among others. In this post, we’ll explain why you should purchase business insurance, the types available, their coverage, and prices, so you can find the ideal protection for your company.
Why take out commercial insurance?
According to the UNESPA Insurance Social Report, 84 accidents occur in businesses and companies every hour, resulting in a cost of approximately €181,730. You can pay for insurance or cover the costs yourself.
The risks that most concern self-employed individuals and business owners when it comes to protecting their businesses are theft, fire, and water damage.
All of them are covered by commercial insurance.
Have you ever wondered
What would happen if a fire broke out in your business and you didn’t have insurance? How do you fix your business and compensate your neighbors? The price of commercial insurance will depend on the coverage you want to include; don’t take any chances.
Types of commercial and premises insurance
Vacant commercial premises insurance:
If it’s currently empty or closed, you should also insure it, since you’ll be responsible for any damage it may cause to third parties, such as a burst pipe, whether you have insurance or not.
The insurance we offer for inactive premises is affordable and covers everything you need for your peace of mind.
Rented commercial premises insurance:
If you own a business and rent it to third parties, you must purchase insurance that covers the building and property liability.
Tenants must have their own contents and rental liability insurance, that is, for leased premises.
As we can see, the needs are different, and therefore, although insurance policies cover the same property, they cover different needs.
Multi-risk commercial insurance coverage
You can customize the coverage and guarantees for your business, your employees, and your merchandise. You can choose the expenses the insurance will cover in the event of a business stoppage or a liquid spill if you’re a winery, completely flexible to your needs.
Main coverages of commercial insurance
- Fire
- Water Damage
- Climatic Risks
- Electrical damage
- Consequential losses due to the toppingof acthe tivity
- Broken glass, mirrors, signs, marble, and toilets.
- Office equipment
Services Included in Commercial Insurance
- 24-hour assistance
- Security personnel in case of an accident
- Repair service
- Claim and defense
- Telephone legal consultation.
Pharmacy trade insurance
Insuring a pharmacy isn’t the same as insuring any other store or supermarket. The professional activity carried out in a pharmacy requires specific coverage.
Pharmacy insurance includes, in addition to basic coverages such as fire, water damage, electrical damage, and sanitary damage, other specific coverages designed for these establishments.
- Deterioration of refrigerated medications: Similar coverage to that for refrigerated goods, this covers damage caused by the deterioration of refrigerated medications.
- Pharmacy robberies: Pharmacy robot coverage is very important due to its economic value.
- Theft or robbery of pharmacy prescriptions within the establishment: coverage that protects the pharmacist from paying for Social Security prescriptions that disappear or are destroyed.
- Signs, pharmacy cross (LED, neon). Loss of profits: If a pharmacy is forced to cease operations due to a covered incident, and according to the policy terms, it will be compensated according to the contract to cover the loss of profits.
- Operational Liability: Operational Liability coverage is tailored to the needs of pharmacists and includes bodily injury resulting from incorrect clinical analysis and preparation of master formulas.
Another example of a distinction in our Pharmacy Insurance is the coverage for the use of personalized dosing systems (according to Royal Decree-Law 9/2011).
We’ve had pharmacies insured with us for over 5 years, so we must be doing something right!
Hairdressing and beauty salon insurance
The investment to set up a hair salon is very high (chairs, shampoo bowls, vanities, utensils, etc.), and labor costs are high if you have employees, so it’s advisable to protect it with insurance.
What does our hair and beauty salon insurance cover? Fire, water damage, electrical damage, theft (including to customers), damage to merchandise, and breakage of glass, signs, and sanitary fixtures.
Of course will include furniture, counters, displays, etc.
- 24-hour assistance: We’ll dispatch our own repairers in the event of an accident, including emergency service. We also offer emergency locksmithing, emergency electrical service, security personnel, and our highly-rated IT support.
- Loss of profitIfhat your salon has to cease operations due to a covered incident, and according to the terms of the policy, it will be compensated according to the contract to cover the loss of profits.
- Civil Liability: Regarding Civil Liability, we offer Operating Coverage, which covers, for example, if a customer falls on your premises, Product Coverage (allergies, cosmetics, etc.) for breakage of customer and employer property, as well as Property or Leasehold Coverage depending on whether you are the Owner or tenant of the premises.
- Insurance for closed hair salons: If your hair salon or beauty salon is currently empty or closed, you should also insure it, as damages caused to third parties, for example, due to a burst pipe, are still your responsibility.
We’re not the ones saying it, our clients who have had accidents in their beauty salons and hair salons and have passed with flying colors say it!
Clothing Store Insurance
A clothing or accessories store is exposed to a continuous flow of people into the premises.
Protecting yourself against damage to your clothing store, such as broken glass, theft, a burst pipe that damages merchandise, etc., or a customer complaintwill prevent you from having to bear the financial costs in the event of an accident.
You can insure the merchandise itself, civil liability, and furniture—shelves, counters, clothing racks, dressing rooms, etc.—and protect them with quality insurance.
Supermarket Insurance
The investment for a supermarket or a supermarket franchise is very high, so it is vitally important to take out insurance to protect our investment.
When requesting a supermarket insurance quote, we can include basic coverage such as fire, water damage, electrical damage, theft (including to customers), and glass breakage (signs and sanitary ware).
- Deterioration of goods and perishables.
- We can insure electronic and computer equipment, such as freezers, extending the coverage to “comprehensive” and covering merchandise and damage to refrigerated appliances.
- Loss of Profits:
If a covered incident, and according to the policy terms, forces the establishment to cease operations, with this coverage, we’ll pay the contracted compensation to cover business losses. - Civil liability.
Regarding Civil Liability, we offer Operating Liability coverage, which covers, for example, if a customer falls on your premises; Product (food, cosmetics, etc.) and Employer Liability coverage; as well as the Property or Leasehold coverage mentioned above, depending on whether you are the owner or tenant of the premises.
How much does commercial insurance cost?
When it comes to insuring a business, insuring a grocery store is not the same as insuring a clothing store. Insurance must fulfill its purpose: providing the necessary peace of mind, but in a way that is real and specific to each case. Contact us now. We can also advise you on the need to purchase other insurance policies, such as commercial employee insurance ..We also help you with our IT support service for businesses and offices.
Real Case of a Civil Liability Conviction
Art . 1902 Civil CoCo.establishes that whoever by action or omission causes damage to another, involving fault or negligence, is obliged to repair the damage caused.
Santander. (Europa Press).- The Fourth Section of the Provincial Court of Cantabria has ordered a supermarket to pay a total of €12,700 in compensation to a woman who slipped on pieces of yogurt that had fallen to the floor in an aisle. The ruling explains that the yogurt remains were “lying in the aisle” for approximately an hour without any employee picking them up. The ruling considers that the product fall occurred “perfectly” within the normal course of a supermarket’s business and therefore cannot be interpreted as a case of “force majeure.”
Judgment for civil liability
The proceedings debated whether the victim was at fault, and whether he “could have avoided” the fall, but did so because he “walked distractedly.” In this regard, it is understood that the supermarket itself, being a place open to the public, must take measures to prevent “risks” from falling products on the floor, and arrange for them to be cleaned up or removed “immediately.” It adds that customers are not in the supermarket “for mere recreation,” but to shop, an activity that requires them to “focus their attention” on issues such as the products, their condition, expiration dates, prices, etc., which leads them to “inattention” to the aisles. The ruling also states that other customers pass through the aisles, which can obscure the view of the risk. Complaints from individuals and businesses have increased in recent years, as a result of greater training and information for the general public. Businesses and self-employed individuals must have insurance that covers damages caused in the exercise of their profession and/or activity, as well as that of their employees.
