Report Shows Over 60% of Spanish SMEs Already Have Liability Insurance

64.9% of Spanish SMEs already have general civil liability insurance, according to the first report on SMEs and the self-employed in Spain Made by Hiscox. Second place is occupied by collective and individual accident insurance, which 60.6% of the surveyed companies already have. Multi-peril and professional civil liability insurance complete the classification of the most contracted insurance, with 54%. 8.2% of those surveyed do not have any type of insurance.

The social and economic environment are not the only sources of risk for small and medium-sized companies, but their commercial activity is affected by possible damage to work equipment, materials, theft, fires, floods and, in the worst case, cases, the possibility of having to discontinue business. For those occasions, companies have the possibility of contracting accident insurance, both individual and collective.

Hiscox warns of the increase in risks derived from the socioeconomic context, “responsible for the increase in accidents in recent years”, as well as an increase in regulations in favor of greater consumer protection. At this point, professional civil liability insurance takes center stage, contracted by 46.5% of SMEs.

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According to the report, the rest of the classification is occupied by Legal Defense insurance (44.5%), Health (43%), Life (35.7%), RC for Administrators and Executives (35.4%), Cyber ​​risks (23.7%), Freight transport (22.2%), Portable Equipment (20.4%), Pension Plans (20.1%), Fleets or commercial, electric and mileage vehicles (17.2 %), Loss of Profits (15.8%), Surety and Credit (13.6%), ILT (11.4%) and Influencers (2.7%).

“The risk landscape has changed course and the decisions that companies make are more important than ever to ensure their survival,” says the underwriting director of Hiscox Spain, Nerea of ​​the Source. And professional civil liability insurance stands out, “not only to reinforce its protection but also because many companies are already asking for it when hiring suppliers.”