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Business risk insurance up

SMALL and medium-sized businesses have become more interested in covering their business risks, compared to the period just after the fall of communism.

SMALL and medium-sized businesses have become more interested in covering their business risks, compared to the period just after the fall of communism.

"Thanks to the influx of foreign insurance companies, as well as foreign investors, new or innovated insurance products have been launched on the market," Juraj Štefanovič, marketing manager of Komunálna Poisťovňa, told The Slovak Spectator.

Some professions are required by law to have liability insurance. Foreign partners often require Slovak entities to have the insurance when they bid for foreign contracts.

"Businesses are more aware of the need to protect their property and insure against liability," Štefanovič said.

Small and medium businesses most often buy accidental damage insurance for cars, complex insurance for machinery and equipment (often needed when applying for a loan from a bank), insurance for unfinished buildings, and liability insurance.

The type and amount of insurance coverage varies in business risk insurance, but the most frequent amount is around Sk1 million (€29,900), he said.

"The insurance of executive officials is one of the most expensive types," Štefanovič said.


- Marta Ďurianová

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