Business insurance

Business insurance implies insurance of entrepreneurial risks. An insurable interest of an entrepreneur consists in covering the maximum possible number of risks. 

On the grounds of existing, unforeseen, possible and anticipated adverse factors, the business insurance may be divided in the following types: 

  • insurance of property – covers property risks related to the operation and use of office premises, equipment, furniture, goods in warehouses, as well as theft, burglary, deterioration thereof or other adverse effects thereupon. 
  • third party liability insurance – covers the insurant for claims made by a member of the public or any damages caused to third parties. It should be noted that the insurance company will provide coverage within the limits of the insured amount only.
  • Business interruption insurance – covers damage from disruption of production process.  Amount of compensation paid by the insurance company directly depends on actual idle time duration. Insurer may establish a franchise (deductible amount; in this case it is a minimum idle time. The insured event occurs only after this minimum idle time lapses.

In case of occurrence of an insured event, the insurance company will completely compensate the loss to the insurant subject to the insured amount corresponding to the real value of the insured property. 

In case of underinsurance, the insurance company, by law, may pay compensation proportionally to the relation of the insured amount and the real value of property; 

Insurance companies in Spain permit business owners to tailor their insurance plans accordingly to their requirements to cover their entrepreneurial risks and minimise damage and loss of profits.

Insured amount depends on the current value of the business and amount of expected profit, and shall correspond to the possible loss in case of an insured event. Often, the insured amount is the only way to cover the damage due to the insured event.

Insurant may be a natural person or a legal entity. All business risk shall be insured in the benefit of the insurant only, and not in the interests of any third-party beneficiaries. 

GENERALI NEGOCIO insurance policy by Expert Seguros is designed for responsible entrepreneurs focused on growth, development and increase of profit of their business, as well as minimisation of risks.