The term “corporate insurance” is used if the policyholder is a legal entity. The insurer agrees with the insured and assumes property and financial risks. For this, the policyholder pays the premium to the insurer.
Hereinafter: the insurer is a Commercial Property Owner Insurance Ireland company; the policyholder is a client of an insurance company.
It is common that when you ensure your belongings you think of your house or your car, completely forgetting about your business. This is also exposed every day to innumerable risks: robberies, fires, floods, earthquakes, among many others, which could finish overnight with your project. To protect your assets there is Commercial Property insurance.
There is a belief that only large companies can be insured and that insurance costs are high. In fact, almost all businesses can be insured (grocery stores, stationery stores, restaurants, butchers, pharmacies, aesthetics, hardware stores, etc.). The cost depends on the type of business and the coverage you hire: it is not the same to ensure a florist than a jewelry store, where the cost of the merchandise is higher and theft is more feasible.
Commercial property insurance Ireland offer similar coverage in business insurance and design their own packages, which can be adapted to yours. The most common coverages are:
Fire covers own furniture and real estate or leased by the insured, necessary for the business.
Removal of debris, covers expenses of disassembly, demolition, cleaning or those that have to be carried out so that the damaged goods are in repair or reconstruction conditions.
Machinery and equipment, in the event of an accident, it gives you the rental of equipment or similar to those damaged, in order to continue with the normal operations of the company.
Hydrometeorological phenomena protect the property against losses or material damage caused by flooding by rain, hurricane, and hail, among others, except for those caused by an earthquake or volcanic eruption (these are contracted additionally).
Broken glass and luminous advertisements cover the material damage caused to crystals and luminous advertisements that are installed and fixed in the building.
Theft of goods may cover theft of goods, money, and securities that are in the insured premises, property of the client and/or employees, including third-party goods under your responsibility; robbery with violence and/or assault of articles; money and securities held by collectors.
Business assistance is additional coverage in which they offer the services or give you specialized advice on the locksmith, plumbing, cleaning staff, legal and professional assistance, among others.
Interruption of activities, coverage on the real loss that a business has had due to the interruption of activities derived from an accident (fire, earthquake, etc.) as long as the accident is covered by the policy.
Motor vehicles cover vehicles owned by the insured or in their custody, only within the premises described as the location of the risk in the policy.
Breakage of machinery or electronic equipment, whether fixed, mobile and/or portable, against loss or direct material damage. In some cases, it covers the rental of equipment or similar to those damaged.
Civil liability covers damages caused to third parties derived from the business activity or the use of the facilities. Coverage can be extended depending on the business of your business, for example, damage to students in schools and nurseries, damage to members or users of a gym when using its facilities, among others.
There are other coverages that you can add to your insurance, many of these are for companies with very specific or, if necessary, larger turns, such as those of a key man that cover the economic losses that your business has suffered due to the absence of any of your employees indispensable. You don’t need this coverage if you have psalteria or aesthetic.
Before contracting this type of commercial Property owner Insurance, evaluate the risks to which your business is exposed and contract the indicated coverage.