Introduction
We work hard to acquire and maintain a business. Whether it is owned or rented, it does not cease to be the main, perhaps even the only, source of our income. It’s important to know that if something happens, we can get things back to the way they were before the event. Understanding how important it is for you, we offer you a specially designed Business Package All Risk insurance policy for your Business.
The policy covers
This is an excellent package policy for businesses. It replaces up to 10 separate policys that any business must have for its proper security. Under a comprehensive policy with a total cost of at least three-quarters of the total cost you would have with 10 different policies, you are also better insured.
It can cover loss or damage to your property, Accidental Damage to Glass, Third Party Liability, Product Liability, Personal Accidents to you and your staff, your Goods in Transit, Damage to your Goods, Loss of Money, Your Liability as an Employer, Dishonesty of your employees, Theft, Cyber Attacks, etc. We highly recommend the Business Package All Risk policy.
The policy is addressed.
To business owners or tenants of offices, shops and other buildings engaged in all kinds of office work, all kinds of services, owners or tenants of Retail shops as well as owners or tenants of restaurants, taverns, shops that sell ready meals, grills, pizzerias, pastry shops , Cafes, Canteens etc.
Basic covers
The policy’s basic covers are loss or damage against all perils not excluded by the policy.
This is an All-Risk policy.
Additional covers
The following extensions are also offered without additional premium:
Architects & engineers fees and debris removal
Accidental damage to cables or underground services
Rent payable/collectible
Leak detection and repair
Replacement of locks
Meter water loss
It also combines the below insurance covers without additional premium
Consequential Loss with Extensions – Denial of Access – Fees of Professional Accountants
Money With Extension – Personal Accidents from Assault
Glass panes
Personal accidents
Third Party Liability with Extension – Product Liability
Goods in transit
Deterioration of stock in cold rooms/refrigerators
Technical Assistance is also offered at no additional premium.
With an additional premium, you have the option to include in the same policy at a reduced cost and with the policy fees cost for just one policy the following covers:
Employer’s Liability
Employee Fidelity
Short circuit
Cyber Insurance
The covers are detailed below, where you can also see other insurance solutions for your business.
Excel table BUSINESS PACKAGE ALL RISK
Lower your premium
You can always reduced the premium paid can if you:
⮚ Replace the various policies you have for your business with the Business Package All Risk
⮚ Install an alarm system and cameras in your business
⮚ Install fire extinguishers or a fire extinguishing system in your business
⮚ Insure with us with your other policies and benefit from the discount
Frequent questions
Is Business Insurance also available for renters or only for owners?
If you are a tenant, you can insure the contents of your business, items belonging to the business and any additions you may have made to the building.
What should I do in case of damage to my business?
In case of damage try to keep evidence and details of the incident with photos, invoices or receipts. Do not proceed with repair work before obtaining the consent of the Company. In particular, in case of major damage, an appraiser is sent by the Company and a damage assessment is carried out.
In case of theft, a first verbal notification is made to the Company. Also necessary is a police report and a complete record of the stolen items with receipts. The completed and signed Claim Form together with the Police Report are sent to the insurance company. Once the assessment is complete, a Claims Department officer will contact you.
During your insurance it is very important that you take all the protection measures to avoid the increase of the damage as well as measures to reduce the damage (eg stopping the flow of water).
What does the Technical Assistance service include? How and when do I contact Technical Support?
The benefit of Technical Assistance is offered at the Multi-Insurance Company Against All Risks.
In the event of damage, with a simple phone call to 800 92670, an expert will quickly attend to you to deal with the problem and provide services according to the terms of the policy.
How is the correct value of my business calculated for insurance purposes?
For insurance purposes, the value of the land is not included. The value of the land is subtracted and the construction cost of the building is calculated according to current construction cost values today. In addition, the construction cost of the additional structures that exist in the business is added to the cost of the main building.
The above value must be revised annually so that it is consistent with the current costs of rebuilding the home.
The bank says that I am obliged to be insured with the insurance company they work with.
The competition commission in Cyprus has ensured the borrower’s right to purchase the insurance policy that best meets his needs both in terms of coverage and cost, from the insurance company of his choice. Our experience shows that insurances made by banking institutions usually make the insured as co-insured with the insurance company, as the insured business is insured at a lower value. Their insurance is also deficient to non-existent contents. Finally, several of the covers offered by the Multi-Insurance Company Against All Risks are not offered in bancassurance policies.
Clarification
The above information may vary from Insurance Company to Insurance Company. Depending on the insurance policy that will be proposed to you, you will get all the relevant information you need, so that you can decide on your own choice. Request our offer today. Based on your own insurance needs and budget, we will choose the right insurance for you.