One of the chapters of expenses that must be anticipated when starting a business adventure is that of Insurance.
At the beginning of any economic activity, income is usually low, so it is convenient to know which Insurance is really necessary and which are those that we can do without initially.
With our advice and advice, the employer will achieve the perfect balance between safety and savings, hiring only the most suitable insurance products for their business activity.
Let's analyze which Insurance a company needs and which ones should be contracted even if there is no legal obligation to do so. And when we talk about business insurance, we include in them Insurance Policies for the Self-Employed , with or without employees.
Types of Insurance to open a business: which ones do I need?
There are different types of insurance for companies, depending on whether they are compulsory or voluntary:
- Compulsory insurance by legislation and regulations
- Advisable or convenient insurance
- Specific insurance for companies
Mandatory insurance for freelancers and companies
If we are thinking of starting a company or opening a business, we will be obliged to contract the following insurance products:
- Liability insurance: Any damage caused to customers in our facilities or produced as a result of their own business, professional or commercial activity, is covered by the Liability insurance.
- Accident insurance for employees: It is also mandatory for companies and self-employed workers to hire a Accident insurance for all your employees.
- Life insurances: Life insurance for workers is only mandatory in companies that operate under a collective agreement that specifies that obligation. That is, according to the productive sector, some companies will be obliged to hire it and others will not.
It is common sense that we also take out other Insurances that cover the most common risks:
- Fire: Essential in those businesses that store any type of merchandise. A serious fire can cause very important economic losses and even the closure of the business or company.
- Robot: thefts are increasingly common, especially in those sectors of high-value goods that can be easily transported.
- Business multi-risk insurance: un Business multi-risk insurance It is a modality in which the coverage of Civil Liability, fire and theft are combined, along with other additional coverages such as water damage, atmospheric damage and other particular risks of the activity.
- Trade insurance: They are a variant of the previous ones and are aimed at direct sales, service and hospitality businesses, open to the general public.
- Employee health insurance: It is affordable for the employer, since insurers offer very attractive rates. In addition, the premiums for this insurance are tax deductible.
Companies usually hire the Employee health insurance with a double purpose: for the worker it is one more incentive and the company benefits from the agility of private medicine in the treatment of minor ailments, shortening the periods of absence from work.
Often this incentive to the employee is complemented with a Life insurance, if this is not mandatory by agreement.
Specific insurance according to the sector
Additionally, it is possible to contract insurance policies that are specifically designed for some specific business needs. Let's see some examples:
- Credit and caution: The Insurance takes care of the unpaid amounts by those clients to whom the company has facilitated, on its own account, payment deferrals without the mediation of financial entities.
- Legal and patrimonial protection insurance: An insurance widely used to cover senior executives of large companies, law firms and financial entities. It is about protecting the personal assets of the executive against claims caused by actions carried out in the exercise of their professional functions.
- Freight and transport insurance: In addition to damages caused by theft, fire or accidents, compensation for delays in deliveries and damage to the merchandise are included. The Transportation insurance They are essential in the rail, air, maritime and land sectors.
Other specific insurances
We could continue listing specific company insurance and we would never finish, such is the amount of additional insurance that can be contracted by companies, depending on the productive sector to which they belong.
To understand it, we are going to see an example of Insurance for a company as common as a car repair shop: we already know that the mandatory Insurance that this shop must take out are Civil Liability and Accident Insurance for its workers.
And if the owner is proactive, he will also contract the insurance of theft and fire of the deposited vehicles, or better a business multi-risk insurance that includes additional guarantees.
But what would happen if checking the operation of the brakes of a vehicle caused a collision with another car or hit a pedestrian?
Well, in principle, the insurance company of the vehicle would pay the damages and compensation produced to third parties, but in no case would it take charge of the damages of that vehicle or of the personal damages that the owner of the workshop could have suffered.
In addition, after paying the damages produced, the car insurer would claim all these amounts from the owner of the workshop, as this is the cause of the loss.
To avoid these problems, there is a specific Civil Liability Insurance for the automotive sector, which covers the damage that any vehicle may cause during a workshop test.
And the same happens in practically all business activities: for each of them, there is one or more exclusive company insurances, which are not applicable or have any use in other productive sectors, such as Construction insurance.
Euroteide, the best insurance for companies in Tenerife
For those who know a lot about business, but are not an insurance expert, it is not easy to decide which insurance to hire to start or maintain a business activity.
In these cases, the smart decision is to put yourself in the hands of mediators of Insurance specialized in companies and freelancers, such as Euroteide Insurance.
If you are a businessman or entrepreneur, with the professional advice of Euroteide Seguros you have the certainty that you will cover all your insurance needs at the lowest possible cost.