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?
Business liability insurance protects company assets against third-party claims. It guarantees the company payment of compensation for property damage or bodily injury caused to third parties in the course of the business activity declared when taking out 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 have liability insurance. Sometimes, regulations governing business activity stipulate the requirement and the conditions for the liability insurance that the company must obtain. Furthermore, it is common for companies to have valid liability insurance to be eligible to bid on public contracts. However, even if your company is not legally required to have liability insurance, we advise you to assess the risks associated with your business and obtain a business liability insurance policy to protect your assets against third-party claims.
What Capital should I hire in my Company Civil Liability insurance?
The insured capital is the amount the insurer agrees to pay in compensation in the event of a claim. This amount must be specified in the policy based on the type of business activity and the annual turnover or number of employees of the company or self-employed individual. These variables are used to measure the degree of risk and determine the insured capital. Generally speaking, at Canarisk we recommend that Business Liability Insurance in the Canary Islands have a minimum capital of €600.000 per year and claim, with no limit per victim.
How much does Company Civil Liability insurance cost in the Canary Islands?
The premium for business liability insurance in the Canary Islands depends primarily on the type of business, turnover, and number of employees. Our insurance brokers in Tenerife and Las Palmas can quickly provide you with a quote for business liability insurance in the Canary Islands.
What is needed to take out Company Civil Liability insurance in Tenerife or Las Palmas?
To take out a Business Liability insurance policy in Tenerife or Las Palmas , you need to provide Canarisk's 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?
Business liability insurance is designed to cover the liability of both companies (legal entities) and self-employed professionals. Our insurance brokers in Tenerife and Las Palmas have extensive experience in the business and self-employed liability insurance sector in the Canary Islands.
