Civil Liability Insurance is essential for companies and freelancers, whatever the sector of activity they develop. But also as an individual, you may need to have General Civil Liability insurance. We advise you to contract the best Civil Responsibility insurance adapted to your needs.
What is Civil Liability insurance?
Civil Liability insurance guarantees the insured their non-contractual civil liability for damages caused to other people, always within the exercise of the activity declared when contracting the policy.
What does Civil Liability insurance cover?
Civil Liability insurance mainly covers the compensation that the insured 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, specific CR 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.
Is it mandatory to take out Civil Liability insurance?
It is not always mandatory to contract civil liability insurance, but there are certain cases in which the Law itself requires the contracting of this insurance. The most common example of compulsory Civil Liability insurance is that of motor vehicles. It is also common that for specific activities exposed to greater risks, public administrations are required to take out CR insurance with specific capitals and limits.
What is the capital insured in 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, although in general a minimum of €600.000 per year and claim is recommended.
Can I take out Civil Liability insurance for a company or self-employed?
Self-employed individuals and businesses, due to the inherent risks of their professional or business activities, are exposed to third-party claims. Potential compensation payments for damages caused to third parties can jeopardize the company's stability. For this reason, it is advisable to take out business liability insurance to protect their assets against third-party claims.
How much does Civil Liability insurance cost in the Canary Islands?
The premium for liability insurance depends on the type of business being insured. Factors such as revenue and number of employees are also taken into account. Our insurance brokers in Tenerife and Las Palmas can advise you on the best liability insurance policies in the Canary Islands.
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