Our house or our business can be subject to multiple risks, which can be combined into a single insurance adapted to the needs of each one: they are multi-risk policies. We show you how they are.

What is Multi-risk Insurance?

Multi-risk insurance is one of the most popular in our country. However, it offers protection against the various risks to which the home, company or business may be exposed.

In a single policy it brings together the most common incidents that may occur, such as theft, broken pipes, power surges, acts of vandalism or damage to electrical appliances.

They can include other types of coverage, depending on the particular characteristics of the client (such as computer assistance or special compensation for valuables).

More about Multi-risk Insurance?

Multi-risk insurance is designed to protect us against incidents of various kinds that may occur in our home or business, preventing any damage and quickly repairing or indemnifying it.

The fundamental thing is to adapt the insurance to the conditions and needs of our home or business activity, choosing the most appropriate coverage so as not to surprise us.

Since the risks are not the same if you live in a villa with a garden than in an apartment, or if you have a grocery store at street level than an office in a block.

It is an insurance that serves to protect the home, both against damage to the structure of the house, as well as the goods that are inside it, indemnifying the insured against mishaps such as fire, broken glass, theft or water damage.

It also usually includes civil liability coverage, covering damages that may be caused to third parties (such as a flood that causes damage to the lower dwelling), and damage repair services.

More about Business Multi-Risk Insurance?

Companies can also take out multi-risk insurance that protects them against incidents such as fires, machinery breakdowns, electrical damage and even loss of profits, in the event that activity has to be stopped due to damage to the facilities.

As with the home insurance, civil liability coverage that covers you for damages caused to employees, customers and/or suppliers is very important.

Businesses, which are in charge of offering services or products directly to customers, may also have this type of insurance to cover against damage to insured goods inside and outside the premises, be it furniture, merchandise or machinery.

As well as to cover possible compensation in the exercise of your commercial activity, such as injuries to customers within the establishment or damage to pedestrians due to falls of an object outside the property.

What does multi-risk Insurance Cover?

Although it depends on the specific type of multi-risk insurance, they all share a series of common coverages:

Material damage. Both referring to the container (the building or facilities where the home, office, factory or business is located, as well as roofs, paint or blinds), and to the content (furniture, electrical appliances, machinery, jewelry, etc.). Various types of damage can occur: fires, water leaks or glass breaks.

Liability. Covers compensation caused to third parties due to an incident at the insured premises, such as the fall of an employee in the office or injury to a passer-by due to the fall of a flowerpot.

Attendance. The most common services are legal defense, which provides legal advice and protects against the expenses caused by claiming damages before the courts; and home assistance, to facilitate a quick search for professionals, such as plumbers, electricians or locksmiths, and urgently repair small damages.

Final Words

In the past, the risks of businesses and homes were insured one by one (civil liability, theft, fire, etc.).

However, with the multi-risk insurance, it was possible to bring all of them together in a single policy, which facilitates management for the insured, who does not have to take out different insurance policies to have complete protection.

And it is much cheaper, as they have to pay one only cousin. The policy is activated, therefore, for different types of claims that, in addition, may or may not be related to each other.

It also stands out for being very flexible in its contracting, since it adapts to the client’s needs according to the characteristics of their home or company, adapting to the size and characteristics of each one.

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