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Property Insurance for Business Clients

Property Insurance for Business Clients

You have built a successful business? To keep it sustainable, make sure you protect your assets.

Advantages

  • A wide range of insurance coverage options for a reliable protection of your business assets and processes
  • With a single insurance contract you may simultaneously protect your immovable property, plant and equipment, office equipment, electronic devices and goods/inventories, and reduce financial loss upon business interruption as a result of an insured event
  • Upon partial damage to the insured property with with pre-defined damage amount of up to BGN 1000 and under certain conditions, you may use the simplified procedure for claim settlement - Fast Track - which does not require inspection of the damaged property
Insurance policy period: Usually 1 year

Application

Property Insurance for Business Clients is offered in two variations:

  • "Comfort for the business" - for for small- and medium-sized businesses in the area of trade, services or low-risk manufacture, having a total asset value of up to BGN 1 000 000
  • "Industrial fire" - for big businesses and industrial enterprises operating in high-risk activity domains

For small- and medium-sized business insurance it is possible to select an insurance coverage from the packages with pre-grouped risks, or to make an individual choice of risks to cover.

For industrial enterprises in the high-risk activity domains, as well as for the big businesses, risk covered are selected individually.

Insurables:

  • immovable property: office, commercial site, warehouse or production building
  • movable property: office and electronic equipment, furnishings, plant and equipment, inventories, advertising facilities, permanently attached to buildings

Upon insurance of immovable and/or movable property against material damage, you may supplement the insurance coverage with protection against financial loss as a result of business interruption.

 

Main Coverage Options

This insurance provides coverage in two sections:

 

Property Damage Section

This insurance policy is being concluded upon mandatory coverage of the following risks:

  • fire, thunderbolt,explosion, implosion, impact by a manned aircraft, its parts or cargo

The coverage automatically includes also expenses of up to 5% of the total sum insured of the property under Property Damage Section, however for not more than BGN 50 000 (fifty thousand Bulgarian leva), incurred by the Insuree for the purpose of damage containment and elimination of the consequences from the occurred insured event.

The protection of your assets can be expanded by adding an insurance coverage for:

  • malicious acts of third persons
  • theft
  • natural disasters
  • earthquake
  • water and steam leakage, as well as water leakage from sprinkler installations
  • landslides/earthfall
  • action of sea-waves
  • collision with a vehicle and/or animal
  • failure of load handling machinery
  • glass breakage
  • shock/sound wave
  • short-circuit and/or electric shock
  • other
Financial Loss Section

Insurance coverage against financial loss as a result of a total discontinuation or partial interruption of your business is being provided only as an addition to the coverage under Property Damage Section.


Upon occurrence of damage as a result of a risk, covered by the negotiated arrangements under Property Damage Section, the insurance policy covers one of the following:

  • loss of an insurable gross profit
  • loss of rental income
  • increase in operational costs

 

For the convenience of small and medium-sized businesses in the area of trade, services or low-risk manufacture, the most appropriate risks for reliable protection under the Property Damage Section are grouped into four packages:

 

 

Foresight

Safety

Serenity

Full coverage

Fire, thunderbolt, explosion or implosion, collision with or fall of a manned aircraft V V V V
Natural disasters V V V V
Water and steam leakage V V V V
Malicious acts by third persons   V V V
Short-circuit and/or electric shock     V V
Landslides or earthfall and/or groundwater action, collision with a motor vehicle       V

 

Additional Coverage Options

Depending on the assets you insure, you can supplement the coverage under Property Damage Section by adding the following coverage options:

 

Electronic Equipment Clause

it expands the insurance coverage by including damage, inflicted on the insured electronic equipment as a result of:

  • structural errors, defects in the material, poor workmanship
  • induction
  • negligence, misuse and/or mistakes of operators, handling the equipment
Machine Breakdown Clause

it expands the insurance coverage by including damage, inflicted on the insured machines as a result of:

  • structural or design errors
  • assembly or installation errors
  • defects in ingots or material
  • error in unit workmanship
  • insufficient water in steam-boilers/ boilers/ steam-generators
  • physical explosion of steam-boilers/ boilers/ steam-generators
  • rupture or destruction as a result of centrifugal forces and/or material fatigue
  • failure/malfunction of measuring, controlling and regulating devices
  • overvoltage
  • errors, misuse or negligence on the part of operators, using these machines

In case you store frozen goods in refrigerating chambers/warehouses/facilities, which you have insured under Machine Breakdown Clause, you may add protection of frozen goods against spoilage by adding the Frozen Food Spoilage coverage.

 

Additional coverage options to property insurance for small- and medium-sized businesses in the area of trade, services or low-risk manufacture:

 

Third Party Liability
  • It covers your civil liability, as well as that of your workers and employees, employed under dependent or independent employment agreements, regarding damage inflicted to third persons as a result of fire, explosion or implosion

 

Additional information

How can you choose the sum, for which to insure you assets?

The sum of money, indicated by you and written down in the insurance contract, is the sum insured or the limit, up to which we assume liability for occurred and covered damage under the contract.


Correct determination of the sum insured is extremely important for defining the indemnity amount upon occurrence of an insured event.


The sum insured for immovable property, machines, facilities, equipment, electronic devices and furniture can be determined by you, based on an expert assessment by a licensed appraiser or the book/balance sheet value.


The sum insured for goods/inventories is being determined according to the average or maximum availability of inventories in the previous 12 months.


You may conclude the insurance policy in one of the following ways:

  • at replacement cost – the value of restoring the property or replacing it with new one of the same type and quality, including all inherent costs for delivery, construction, assembly, etc. (without applying impairment)
  • at actual cost – the value, against which instead of the property insured another property of the same quality, type and condition may be supplied while taking into account the degree of amortization/depreciation
How is the insurance premium being determined?

It is determined depending on:

  • the nature of your activity and the degree of risk associated with it (risk class)
  • property type/s
  • negotiated sum insured
  • the town/village/place where the insured property is located
  • the chosen combination or package of risks covered
Where can you conclude an insurance policy? At DZI offices, as well as with our professional partners (agents and brokers)
Manner of payment? An option to pay in installments, as each consecutive installment may be easily and quickly paid online.

 

Needed documents for policy conclusion

  1. A filled-in and signed Proposal-Questionnaire, accompanied with a Client Needs Analysis

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