Property damage insurance: so that a fire or a breakdown doesn't stop your business
Your warehouse, your office, your machinery, your stock and, above all, your ability to keep trading. Property damage insurance repairs what breaks and makes up for what you lose while you get back to normal.
Package or all risks: the foundation of a company's insurance programme
Property damage insurance protects the company's assets against fire, explosion, water, weather events, theft or breakage, and can be extended to machinery breakdown and business interruption.
There are two approaches. Under a named perils policy (the classic package policy), only what the policy lists is covered. Under an all risks property policy, any accidental damage is covered unless expressly excluded. For SMEs, retailers, industrial sites and shopping centres, the difference when a claim arises can be enormous.
Extraordinary risks such as severe floods, earthquakes or terrorism are covered in Spain by the Consorcio de Compensación de Seguros through its own scheme, provided the property is insured.
The most expensive mistake
Underinsuring. If the sum insured is too low, the insurer can apply the average clause and pay only part of the loss, even if the claim is small.
Your assets, your machinery and your bottom line
Buildings
The building, warehouse or premises, with their fixtures, at full rebuilding value.
Contents and stock
Furniture, machinery, goods, raw materials and third-party property in your custody.
Machinery breakdown
Internal breakdown of machines and plant due to electrical or mechanical causes, which package policies do not normally cover.
Electronic equipment
IT, control and measuring equipment against damage, theft and breakdown, including data restoration.
Business interruption
The margin you lose and the costs you keep paying while the business is stopped or reduced after a claim.
Theft and glass
Theft and robbery of goods and cash, and breakage of windows, signs and shop fronts.
What we review so that a claim is paid in full
We compare the leading insurers and review, cover by cover, the points on which the settlement depends. If you already have a policy, we prepare a side-by-side comparison of cover with the market alternatives.
- Sums insured. Buildings at rebuilding value and contents at replacement value, to avoid underinsurance.
- Basis of cover. Full value, first loss or new-for-old, depending on each asset.
- Business interruption. An indemnity period long enough to recover the business, not just to repair.
- Deductibles. Their amount and whether they apply per claim or per cover, especially for water damage and breakdown.
- Exclusions. Electrical damage, seepage, goods stored outdoors or in vehicles, third-party property.
- Security measures. What the policy requires should match what you actually have installed.
Is your property properly insured?
Calculate in one minute an indicative full rebuilding value for any Spanish province: construction, demolition, permits, professional fees and taxes. It is the figure that should appear as the buildings sum insured in your policy.
What clients usually ask us about property insurance
What is the difference between package and all risks property insurance?
A package policy covers the perils listed in the policy. All risks covers any accidental damage unless expressly excluded, giving broader protection and putting the burden on the insurer to prove that a loss is excluded.
What is the average clause?
If the sum insured is lower than the real value of the property, the insurer can pay in the same proportion. For example, if you insure half the value, you will receive half the loss. That is why we review sums insured.
Does it cover business interruption caused by machinery breakdown?
Only if specifically purchased. Business interruption is usually linked to covered damage, and machinery breakdown needs its own cover.
What if a flood or an earthquake damages my warehouse?
Extraordinary risks are paid by the Consorcio de Compensación de Seguros, provided the property has a property damage policy in force. We also help you with that claim.
I'm a tenant. What should I insure?
Usually the contents, any fit-out works you have carried out and your liability to the landlord. It is worth checking what your lease requires.
How much does it cost?
It depends on the activity, construction, security measures, sums insured and the covers chosen. We prepare comparative proposals free of charge.
We will prepare a free review of your property insurance
Tell us who you are and what your company does. One of our specialists will contact you to review your current policy or prepare a side-by-side comparison of cover.
- Comparison across more than 40 insurers
- A review of your current policy, if you have one
- A single point of contact who also supports you with claims
Request your review
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