70% of Spanish entrepreneurs do not know about professional indemnity insurance

    Wednesday, 6 November, 2013

    According to the Third Hiscox DNA of an Entrepreneur Study, based on a sample of 3,000 SMEs in Europe and the United States, three out of ten Spanish SMEs only take out basic compulsory General Liability Insurance and only 28% take out Professional Indemnity Insurance in Spain, compared with 70% in France and 50% in the UK.

    19% of Spanish SMEs had taken out D&O policies. This is Directors and Officers Insurance, which gives a company's directors, executives or managers financial protection in the event of claim being filed against them personally or against insured staff.

    The main reason for the low level of professional cover lies in the fact that just 29% of those surveyed thought they understood the insurance available to their company.

    In contrast, Spanish SMEs are well aware of the risks of not being insured: 55% see non-payment by customers as the greatest threat, followed by damage to their reputation (32%) and data loss (22%). Piracy and cybercrime are the greatest fears in the United States (30%), France (29%) and the Netherlands (27%). In Spain one in five entrepreneurs already insures against the risk of cybercrime.

    If you need any advice about the types of insurance best suited to your work, please do not hesitate to contact us: +34 952882273 - info@opdebeeck-worth.com

    For further information about the report see: http://hiscoxdnareport.com

    (Source: Hiscox España)


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