Certain sectors of activity require the need to take out Professional Civil Liability insurance, which protects your assets against third-party claims to which you are exposed due to the exercise of your professional activity in the Canary Islands.
What is Professional RC insurance?
Professional Civil Liability is the liability derived from errors, omissions or negligence in the execution of the professional activity that generate economic damage to a third party.
What does the Professional RC insurance cover?
In addition to providing compensation to the injured third party, professional civil liability insurance may have other specific coverage. Highlight:
- Defense, legal expenses and constitution of bonds.
- employee infidelity
- Expenses of attenuation and image restitution
- LOPD Sanctions
How is Professional Civil Liability insurance different from General Civil Liability insurance?
The difference lies in the fact that the General Civil Liability covers the liability against claims by third parties that do not derive from professional errors made in the development of a professional activity. An example of a General Civil Liability claim is the fact that a technician from a private security company during the installation of an alarm in a home breaks furniture in the home. On the contrary, we would speak of professional RC when, due to an error in the installation of the alarm, it does not detect intruders.
What capital should I take out in Professional Civil Liability insurance in the Canary Islands?
The capital to be contracted depends on the risk to which the company or the self-employed person is exposed. This is calculated based on the type of activity you carry out, the turnover, if you have employees, etc. Regardless of these variables, our insurance advisors in Tenerife and Las Palmas always recommends a minimum capital of €600.000 per claim and year.
How much does Professional Civil Liability insurance cost in the Canary Islands?
The premium of Professional Civil Liability insurance in the Canary Islands, depends mainly on the professional activity carried out by the company or freelancer, and its annual turnover.
What is needed to take out Professional Civil Liability insurance in the Canary Islands?
To take out Professional Civil Liability insurance in Tenerife or Las Palmas, they must provide the Canarisk advisor with detailed information on the professional activity carried out by the company or freelancer, as well as the annual billing (or an estimate if it is a new activity). With these data, our brokerage will be able to prepare in a short time the best Professional Civil Liability insurance in the Canary Islands.
