Companies in the Canary Islands are exposed to receiving claims from their clients or from third parties affected by the business activity. Our insurance audit service for companies, we analyze the risks of your activity and design the CR insurance with the best guarantees, so that your company does not run risks in Tenerife and Las Palmas.
What is Company Civil Liability insurance?
Company Civil Liability insurance protects business assets against third-party claims. Guarantees the company the payment of compensation due for material or bodily damage caused to third parties, in the exercise of the business activity declared when contracting the policy
What does Company Civil Liability insurance cover?
Company Civil Liability insurance works like any other form of Civil Liability insurance. These mainly cover the compensation that the company must assume as a result of material or personal damage caused to a third party. The insurer will also assume defense expenses, legal costs and constitution of bonds. In addition, optional civil liability coverage can be contracted. Highlight:
- RC Property or Locative: for claims of damages derived from the property or lease of a property.
- Subsidiary CR: for claims of damages derived from subcontracted companies
- CR Employers/Crusader: for claims for damages to own employees or employees of subcontracted companies.
- RC Postwork: claims for damages arising from work already completed.
- RC Products: claims for damages arising from those products supplied by the company
- RC Assets entrusted: claims for damages caused to third-party goods that are in the possession of the company.
- CR Pollution: Accidental Pollution Damage Claims
Is it mandatory to take out Company Civil Liability insurance?
Not all companies are required to take out Civil Liability insurance. Sometimes, the regulations that regulate the business activity establish the obligation as well as the conditions of the Civil Liability insurance to be contracted by the company. On the other hand, it is usual that to access the bidding of contracts with the public administration, the validity of a Civil Liability insurance is required. However, even if your company is not required to take out Civil Liability insurance, We recommend that you study the risks of your activity and take out Company Civil Liability insurance that protects your assets against third-party claims.
What Capital should I hire in my Company Civil Liability insurance?
The insured capital is the amount that the insurer undertakes to indemnify in the event of a claim. This amount must be set in the policy based on the type of activity carried out and the annual volume of turnover or employees that the company or self-employed person has. These variables serve to measure the degree of risk and set the insured capital. In general, At Canarisk we recommend that the Company Civil Liability Insurance in the Canary Islands have a minimum capital of €600.000 per year and claim, with no limits per victim.
How much does Company Civil Liability insurance cost in the Canary Islands?
The premium of a Company Civil Liability insurance in the Canary Islands depends mainly on the business activity, billing, number of employees, mainly. Our insurance brokers in Tenerife and Las Palmas can quickly obtain a quote for civil liability insurance in the Canary Islands.
What is needed to take out Company Civil Liability insurance in Tenerife or Las Palmas?
To take out Company Civil Liability insurance in Tenerife or Las Palmas, it is necessary that you provide the Canarisk advisors with the following information:
- Business activity. Detail of all the activities carried out by the company in the Canary Islands.
- Annual turnover volume (or an estimate, if it is a recently created company)
- Number of employees.
Can a self-employed person in the Canary Islands take out Company Civil Liability insurance?
Company Civil Liability insurance is designed to insure the liability of both companies (legal persons) and self-employed professionals. Our insurance brokers in Tenerife and Las Palmas have experience in the insurance sector Civil Liability insurance for companies and freelancers in the Canary Islands.
