Commercial third-party liability
Voluntary commercial third-party liability insurance is a basic necessity for almost every company. The risks to be insured vary considerably from industry to industry, so it’s advisable to perform a precise risk analysis before taking out liability insurance. The following risks can be covered by commercial third-party liability insurance:
- Premises risk: losses arising from your liability as the owner or tenant of business premises.
Example: A brick falls off your building and damages a parked car.
- Occupational risk: losses arising from business operations.
Example: One of your technicians damages a kitchen unit while repairing a customer’s refrigerator, and the unit has to be replaced.
- Product risk: losses arising due to product manufacturing or design faults.
Example: A component in your company’s range of barbecues is prone to overheating and could start a fire.
- Other special risks
Losses caused personally by a company owner or by his or her family aren’t covered by commercial third-party liability insurance.
Professional indemnity insurance
People in professions where self-employment is common, such as doctors, pharmacists, and architects, can take out voluntary professional indemnity insurance that covers the special risks associated with their job. Professional indemnity insurance is mandatory in some industries, such as vehicle maintenance.
Property insurance
There two types of property insurance:
- Building insurance: Self-employed people only need building insurance if they own their own business premises. Insurance against damage from fire and natural forces is mandatory for building owners. Building liability insurance, on the other hand, is voluntary.
- Movables insurance: Everything inside a building is regarded as movable property and can be insured on a voluntary basis.
Example: damage to goods, machinery, tools or computers
Property insurance normally covers damage from fire and natural forces, break-ins, and sometimes glass breakage. The coverage can vary considerable from industry to industry.
Motor vehicle insurance
Anyone who owns a motor vehicle must take out third-party liability insurance for it, but accidental damage insurance is voluntary. Motor vehicle insurance is often referred to simply as car insurance.
Business interruption insurance
This voluntary form of insurance covers the financial impact of your business being interrupted, including directly incurred costs and lost income. Business interruption insurance can be taken out for almost all conceivable risks. It’s especially suitable for companies with little flexibility in their production processes.
Engineering insurance: Machinery and IT insurance
Machinery insurance – also known as equipment breakdown insurance – is voluntary. It covers damage caused by your company or third parties to general technical equipment, electronic instruments and devices, and machinery. Computer systems and other IT equipment can also be insured. Cyber insurance, for example, is steadily gaining importance as the digital transformation gathers pace.
Swiss Export Risk Insurance (SERV)
SERV insures against risks associated with exporting goods, including commercial risks such as insolvency on the part of a customer. It also covers political risks in the destination country, for example extraordinary government measures, civil unrest, embargos or bans on currency exchange.
- Supplier credit insurance: protects self-employed people against risks attached to export receivables.
- Pre-shipment risk insurance: protects exporters against risks associated with halting production.
- Other liquidity solutions for sole proprietorships and medium-sized independent companies that export goods are working capital insurance and the counter guarantee.
