FAQs – Outrisk Insurance

The value of the insured capital should be equal to the replacement cost of the broken machinery and equipment with new machines of the same capacity and class. This amount must include the taxes and expenses required to put the new machinery in place and get it ready for commercial operation.

The value of the insured capital should be equal to the replacement cost of the broken machinery and equipment with new machines of the same capacity and class. This amount must include the taxes and expenses required to put the new machinery in place and get it ready for commercial operation.

The premiums might depend on:

• Business type
• Machinery type
• Age of equipment
• Use of equipment
• Location
• Number of equipment at risk

Outrisk Insurance will be by your side to make filing a claim an easy and quick process. The standard documents you will need to submit for a machinery breakdown claim might include:

• Policyholder’s ID proofs
• Policy document
• Invoice of machinery
• Statement from engineer reporting the level and type of breakdown

Machinery Breakdown and Machinery All Risks Insurance are two terms widely used in the insurance market interchangeably. They cover machinery and equipment against physical or accidental damage.

Most insurance companies won’t insure electronic equipment in the cases of:

• Normal wear & tear
• War/Rebellion
• Nuclear reactions
• Defective design or material of equipment
• Damaged caused by interruption of electricity or water supply
• Aesthetic defects
• Maintenance costs
• Damage due to negligence
• Computer viruses
• Replacement of expendable items, such as batteries, x-ray, tubes etc.
• Damage caused due to modification of data or machines

The insurer calculates the cost as a percentage of the insured capital. The premiums usually depend on:

• Business type
• Machinery type
• Age of equipment
• Use of equipment
• Location
• Number of equipment at risk

Outrisk Insurance will be by your side to file a claim easily and quickly. The standard documents you need to submit for an electronic equipment claim might include:

• Details of insured electronic equipment
• Bills and documents about repair work
• Duly filled in the claim settlement form
• Photocopy of insurance policy
• Photocopy of the preventative maintenance agreement of the equipment

The cost of your premiums will depend on a lot of factors, including:

• Annual income
• History of claims
• Level of coverage

For pharmacy owners, the cost of your insurance will also depend on the number of your employees and the type of property you own.

As a pharmacist, you are threatened with unique risks. Basic insurance coverage does not provide adequate protection for you when specific threats arise, such as when a patient files a lawsuit against you for incorrect advice regarding their medication. Pharmacist Insurance ensures you’re adequately protected in situations directly related to your line of work.

Your employer’s insurance coverage is designed to protect their business first and foremost. This means that they may not cover you in certain circumstances. For instance, if you volunteer as a pharmacist outside of your workplace or if a claim is filed against you after your employment has been terminated, your employer’s insurance won’t cover the costs of a claim held against you. 

Furthermore, the policy limits of your employer depend on their needs as a business. It’s essential to carry your own coverage that is specifically tailored to meet your individual needs.

Employer’s Liability Insurance for pharmacists offers coverage for your legal liability as an employer when your employees make claims in respect of:

• Physical injury following an accident
• Occupational illness as a result of their employment
• Death

Our claims management team at Outrisk is here to help you through the many challenges of filing claims! We provide personal services with care and compassion, ensuring you’re fully informed and well equipped at each step of the process.

The cost of product liability insurance depends on the goods you sell, manufacture or trade. For example, the product’s size, how it’s sold, its safety elements and distribution size, etc. Objects like guns and fireworks will have an increased risk factor than fluffy slippers and workout mats.

Other factors determining product liability insurance cost include your industry type, locations served, annual revenue, claim history, policy’s limits and more.

Under the Consumer Protection Act, manufacturers, distributors, suppliers and retailers could be held responsible for damage, injury or death caused by their product or any of its components. However, the party held liable will depend on the specifics of each case.

• The producer of any materials or part of a product
• The manufacturer of a final product or even a part of the product
• The importer of the product line
• Any person who puts a product on the market whose seller or importer cannot be identified

Third-party liability insurance covers compensation claims made against your business by a third party for injury or bodily harm. For example, if a supplier slips on a trailing wire in your facility or if you splash coffee on a client’s computer.

Product liability insurance – often included in a public liability plan – pays for compensation claims about injury or property damage resulting from a product you’ve produced or distributed.

It’s not officially required by law, but do bear in mind that you could be legally accountable for a defective product if: 

• Your business name is on the product
• Your business has repaired the product
• Your company has made changes to the product
• You imported it from outside the EU
• You can’t clearly say who the manufacturer is
• The manufacturer has been out of business

The rates of your insurance will depend on a lot of factors, including:

• Location
• Age and current condition of the equipment
• Type of goods
• Value of goods
• Previous history of losses due to deterioration
• Type of industry-related risks

If your business keeps goods worth thousands of euros in freezers, refrigerators, or any other cold storage facility, your business insurance may not provide adequate cover for accidents or events that cause them to spoil. Businesses with large quantities of refrigerated goods need this cover to ensure that they’re protected in specific situations where their refrigeration equipment breaks down.

Outrisk Insurance team can design customized plans that protect you against specific risks. We will discuss your business needs at length during our initial consultation.

Our claims management team at Outrisk will help you through the challenging process of filing claims. We provide personal services with care and compassion, ensuring you’re fully informed and well equipped for each step of the process.

From start to finish, our team will be there for you. We will:

• Provide expert claims analysis
• Give you technical advice and proper strategies
• Let you know what documentation and evidence you need to prepare
• Help you present claims to providers
• Negotiate with providers to get the highest possible payout
• Manage claims disputes with your best interests in mind
• Keep you updated on the progress of your claim

We are readily available for emergencies! We offer 24-hour assistance for accidents and disasters – just give us a call at 22 352223.

This depends on the type of policy you have. You can opt to take out employers’ liability and third-party liability to ensure you’re protected against claims when an employee or guest gets injured on your property. 

Our specialist brokers will assess the risks you face and advise you on what additional coverage you need. We will advise you on which policy is ideal for you to make sure you have full and excellent protection whatever happens.

Your duties as a policyholder might include:

• Provide all relevant information and forms needed
• Share signed documents with all necessary information
• Take safety measures to prevent damage
• Keep up maintenance of the insured property
• Let your broker know right away if there is an update on how the property is used or a change in ownership of the property
• Alert your broker or call our emergency helpline immediately if an unexpected event occurs
• Follow the conditions of the insurance policy 
• Pay the premiums according to the payment plan indicated on your insurance policy

Your premiums will depend on the level of cover you get. Yet, that’s determined by a wide variety of factors. Our expert brokers will give you advice on how to choose the level of cover you need. We’ll also show you ways to lower your premiums by reducing the risk of damage so you can get quality protection at the best rates!

Of course! This will be crucial in filing your claim later on. Our emergency lines are open 24/7, so you can call us as soon as a disaster or accident occurs and we will be there to help.

Call our claims management team at Outrisk right away! We will help you get through the tricky process of filing claims. 

We know how challenging it can be when you need to make a claim. This is why we provide personalized services with care and compassion, ensuring you’re fully informed and well equipped for each step of the process.

No two laboratories are alike. The coverage you need for full protection will depend on the testing procedures you offer and the specific risks that threaten your business. Our insurance experts will provide expert assessments of the risks you face and tailor your policy to ensure full protection for your unique needs.

Your premiums will depend on the size of your laboratory, the number of employees you have, the type of policy and coverage you get, and many other factors. Rest assured that Outrisk will give you competitive premiums that meet your budget.

Following proper safety protocols and taking the necessary measures to prevent lab errors can help lower your premiums. We will give you expert advice on how to carry these measures out successfully.

Call us as soon as a disaster or accident occurs and we will be right there to assist you. We will help you get proper documentation and other necessary information crucial in filing your claim.

Navigating the claims process can be tricky. Our team at Outrisk will give you guidance and assistance with care and compassion when you need to file your claims, ensuring you’re fully informed and well equipped for each step of the process.

The cost of your premiums will depend on various factors, such as:

• Yearly revenue
• Number of employees
• History of claims
• Contracts
• Level of coverage

It’s best to be prepared for the worst-case scenario. Consider the expected expenses involved in making an error right or recovering after an accident.

Being adequately insured also gives your clients the assurance that they will be covered and compensated adequately in an unexpected event. 

If you’re unsure about the level of cover you need, our insurance experts will help assess the risks you face and guide you in choosing the proper policy limits.

It covers your legal liability as an employer for claims by your employees in respect of:

• Physical injury caused by an accident
• Occupational disease as a result of and during their employment
• Death