It is recommended to seek out a reputable insurance broker in the Czech Republic who will not only be able to explain the exact insurance needs for your company, but also compare deals and negotiate cost-effective packages. He will also be able to inform you of any legal requirements in the country that you may not be aware of.
Types of insurance
In general, there are four main types of insurance.
- Vehicle insurance. By law, all vehicles in the Czech Republic must be insured to a third party liability level. There are two policies to choose from. These include third party and comprehensive insurance. If a claim is made against you for personal injuries and legal costs, then third party injury insurance is required. Comprehensive vehicle insurance in the Czech Republic covers damages caused to your own car by you, as well as injury, property damage, fire and theft.
- Personnel insurance. This type of insurance covers you and your employees in the event of sickness, accident or illness. An employer must provide accident or sickness cover for their employees. However, self-employed people are not covered by employee compensation and therefore need to cover themselves through a private insurer.
- Public liability insurance. This is a compulsory form of cover in the Czech Republic that protects from claims by third parties against negligence, death, injury, loss and damage of property and economic or financial loss.
- Building and contents insurance. This insurance in the Czech Republic covers your property and its contents against fire, water and other damages like earthquakes, lightning, storms, explosions, burglary and theft.