Commercial insurance allows you to cover the multiple risks that can threaten your business, such as theft and accidents, which are the most worrying due to the high cost of the damage they cause. However, water damage is the most common. According to the Social Report on Spanish Insurance edited by Unespa, in 2015 there were 404.377 claims in shops throughout Spain, which affected one in five of the insured establishments.
What must be taken into account when contracting commercial insurance?
To know if we have correctly insured a business, it is necessary to be clear about two essential concepts of the policy:
- Continent capital. If you are the owner of the premises where the activity is carried out, you must correctly value and declare the capital of the continent. On the other hand, if you are a tenant of said premises, you must insure the reform works that have been carried out.
- content capital. The furniture, machinery, electronic equipment, as well as the merchandise held in the store must be detailed and valued correctly.
What coverage should commercial insurance have?
The policy of a business must have at least the following coverage that we consider basic:
- Water damage and damage from atmospheric phenomena.
- Fire.
- Electrical damage. This coverage is essential in commercial insurance. Voltage surges or drops can cause significant damage to electrical devices in the premises such as cash registers, computers, telephones, cold rooms, etc.
- Stole. This guarantee protects your business against theft or attempted theft. The policies guarantee compensation for the stolen content, as well as damages caused on the premises.
- Breaking glass, signs and labels
- Loss of benefits. In the event that an accident causes the stoppage of the activity, expenses that could not be avoided even if the premises are not in operation are guaranteed.
- Civil Liability. Business insurance may include Civil Liability as the owner or tenant of the premises, as well as Civil Liability for the activity or employer's civil liability with respect to the employees who have been hired. In this case, it is important to take into account the insured capital and the limits and sublimits per victim.
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