Insurance is essential for any business. serve for ensure any contingency that may occur in the day to day activityand a way to prevent them from putting the viability of your company at risk.
However, one of the most reasonable doubts of any employer is to know what insurance is mandatory, and differentiate between those that are necessary and others that are not so necessary. Next, we explain the difference between them.
Mandatory insurance for your business
There are a series of insurances that, as a general rule, companies are obliged to contract by law, depending on their activity or the sector in which they operate. Some of them are the following:
- Liability insurance: These policies cover civil claims due to damages to third parties for which the company is responsible due to its professional activity.
- Insurance for company vehicles: The law requires companies to insure their fleet of cars or vans with what is known as compulsory insurance or circulation insurance.
- Agreement accident insurance: all companies that have hired workers and that are subject to a labor agreement must contract accident insurance.
necessary insurance
Depending on the activity and the company, and although they are not mandatory, there are other insurances that, in general, are recommended to contract:
- Multi-risk insurance for your business: Designed above all for companies with commercial premises or offices, multi-risk insurance allows coverage for all types of claims, such as robbery or attempted robbery, fire, glass breakage, water damage or explosions inside the premises.
- Life insurance, it is a policy that provides coverage to the beneficiaries designated by the insured in the event of his death. It is used to minimize the economic consequences of the loss.
- Home insurance for those self-employed who work from home, and who cannot afford that an accident could put their activity at home at risk.
insurance not necessary
Actually, insurance covers certain coverages that are necessary for the viability of the business. However, depending on the activity of the company, there will be some that are unnecessary. For example, if your company does not have company vehicles, you will not need to take out company vehicle insurance. In the same way, if you do not have a business premises, you will not need to take out multi-risk insurance either.
The important thing is that you are clear about the circumstances of your business and what type of coverage you need to insure.