Insurance for You and Your Business from The Argus Group in Malta - Argus Malta
What is business insurance?
Business insurance covers your business in the event of an emergency or unforeseen circumstances. It can provide peace of mind that your business will be able to continue to operate, should anything happen to your property or equipment, and that any potential claims would be met if a third party was injured on your premises.
What's an excess?
Most policies include an excess, which is the amount to be paid by the policyholder in the event of a claim.
What is public liability insurance?
Public liability insurance covers the cost of injury to a third party or their property that occurs on your premises, or as a result of your business operation. Claims could easily run into hundreds of thousands—or even millions—of euros; so without public liability insurance, you could face financial difficulties in the event of a claim.
What does public liability insurance cover?
This provides cover against your legal liability for death or bodily injury (other than to an employee) and/or loss or damage to third-party property arising out of the operation of your business.
What does employer's liability insurance cover?
This insures you against claims for compensation from employees following injury for which you are legally liable.
Can I cover multiple premises under one policy?
Yes, if your business operates from more than one premise, we can usually cover them under one policy. Please refer to our experienced commercial team.
What is the monetary coverage benefit and how does it apply?
When operating a business, it is likely that you will have large sums of money on the premises at certain times. Keeping this in mind, included with your insurance policy is coverage for:
- Money stored overnight in a safe at your establishment
- Money in-transit to the bank
- Money whilst in business hours
What is glass coverage?
Glass coverage refers to your front of house glass. We are able to cover additional glass. If interested, please refer to our experienced commercial team.
What is business interruption insurance?
Business interruption insurance covers your business against those losses that occur following an insured loss. If your business were to be interrupted due to an insured risk (such as a fire), business interruption insurance could pay for your loss of earnings or additional costs during this period.
How do I get a policy?
Contact us to speak to one of our experienced representatives.
Does business insurance cover tools, business equipment and stock?
Some business contents policies cover tools, equipment and stock; so make sure that the coverage you buy is right for your needs. Consider your business requirements and the value of your equipment or stock.
Is having business insurance a legal requirement?
No, having business insurance is not a legal requirement. However, having the right coverage can be crucial in protecting your business, staff, clients and the general public; so it is strongly recommended that you take out appropriate coverage for your needs.
What if I am not sure what type of policy I need for my business?
Argus provides package policies for shops, offices and restaurants, which offer the main coverages required for these types of businesses. However, if your business does not quite fall into these categories, then we can customise a business combined policy for you.
What is Goods-in-Transit transit insurance?
Insurance that covers goods and/or merchandise whilst in transit from one place to another.
What is the difference between Buildings and Contents Insurance?
Buildings insurance covers the structure of the building, together with its fixtures and fittings: it covers the cost of repair or rebuilding after fire or weather damage, for instance. Contents insurance covers the contents of the buildings that you own or for which you are responsible.
What does buildings insurance normally cover?
It covers the main structure of your investment. If it were to subside, burn down or be damaged or destroyed by extreme weather, the policy will cover the costs of rebuilding or repair. It also normally covers any permanent fixtures. Do check your building's insurance policy for any exclusions: most policies will include coverage for outbuildings, boundary walls, gates, drives and paths as standard. Such policies will also typically cover the cost of temporary accommodation should the building need to be rebuilt or if there is a need to move out because the building is severely damaged—for instance, by flood.
What does contents insurance normally cover?
Contents insurance covers the contents of the building that you own or for which you are responsible. This may include items such as furniture, carpets or equipment/machinery. Contents coverage is applicable to those contents that are damaged or lost as a result of a fire, theft and special perils. You may be asked to specify certain items on the policy and you may be asked to make additional security provisions such as locks or a burglar alarm if the building is in an area with a high theft rate.
How long does it take for a claim to be settled?
A good buildings or contents insurance company knows that a well-handled claim usually results in a happy customer. We will first want to make sure your claim is valid and covered by your policy terms. When that is done, we will want to settle the claim as quickly as possible—especially in extreme cases. Generally, a claim is settled within a few weeks of the policyholder making it.
Am I able to transfer my No-Claim Discount from my previous Insurer?
Yes. A no-claims bonus earned in any EU country can be used towards your Argus policy in Malta, with written proof from your previous insurer and within a stipulated timeframe.
What is an Excess?
Most policies include an Excess, which is the amount to be paid by the policyholder in the event of a claim.
Can the vehicle policy cover all drivers without having to name each driver specifically?
Yes, if you wish (for drivers over 25 years). Argus offers the option to specify named drivers on your policy or have a policy allowing any driver in your employment to drive your vehicles. Terms and conditions apply.
Does it matter whose names are used to register the vehicles?
Yes. The company, directors of the company, owners or partners of the business must be listed as the registered owners of the vehicles in order to receive a motor fleet policy discount.
Whom do I contact to make an amendment to my vehicle fleet policy?
Your insurance adviser at Argus can assist you with making amendments to your policy, such as changing vehicles, updating the vehicle insurance database, revising name of drivers, etc.
Do I qualify as a fleet?
Yes, if you have 10 or more vehicles and are a major shareholder of your company covering more than 60 percent of its shares.
What vehicles can I insure under my fleet policy?
Any vehicle owned by and registered to the company can be insured under a fleet policy, subject to the above.
What about my personal vehicles?
Directors' own vehicles can be included in a company fleet if they are registered to the directors personally and subject to Company approval. A vehicle certificate with the registered owner's name for these vehicles will need to be issued and provided to us for our records to and for us to review.
How do I make a claim?
You should contact our Claims Department by either dialing +356 2342 2000 or visiting our office, where a member of our staff will assist you on the handling of your claim.
Who can drive?
Generally, any authorised driver, which is defined as anyone driving with the permission of the owner. If you wish to specify those who are eligible to drive the vehicle, this can be done by contacting one of our representatives to assist you. Drivers under 25 years of age are subject to an increased Excess payable in case of a claim, while a change in premium due may apply.
What is a No-Claims Bonus?
A no-claims bonus (NCB) applies to vehicle insurance that is in your own name and is awarded for each year that you do not lodge a claim. Like most companies, Argus only accepts NCB's that are earned locally or within an EU country from policies that have expired within two years or fewer.
Am I entitled to a Multi policy Discount?
If you have more than one insurance policy in place with Argus, you may be entitled to a multi-policy discount on selected policies.
What do I do if I want to include an additional driver on my policy?
You need to call Argus in order to add additional drivers to your policy. An additional premium may be charged in some instances and we also may need to issue you a new policy.
What happens if my vehicle breaks down?
If your policy coverage includes Breakdown Cover we can arrange for your vehicle to be towed to the nearest destination. Terms and conditions that apply are in the Vehicle Towing and Breakdown Cover Policy
Should I protect my No-Claims Bonus?
No-claims Bonus protection may be purchased subject to the terms and conditions of the policy you purchase. An additional premium may apply in order to protect your no-claims bonus.
Am I required by law to have insurance on my boat?
Compulsory third-party liability insurance is required for boats with an engine HP above 9.9HP, with a minimum limit of €235,000.
How do you handle claims?
Argus is one of the few insurers in Malta who handles all claims locally. Our experienced claims team is supported by a carefully selected network of surveyors and repairers. Decisions are made swiftly and locally, and are backed by the Argus Customer Charter. Please feel free to complete a claim form.
Do I need to provide a survey?
A survey is required for boats over 10 years old and every 4 years thereafter.
Can I insure for a higher limit of third-party liability?
The industry standard provides a limit of €235,000, but coverage can be arranged for higher limits where necessary.
What does a yacht policy cover?
It is similar to a motor policy in the sense that it can be arranged to cover damage to your boat, as well as protecting your liabilities to third parties against damage or injury for which you were responsible. Coverage can be tailored to your individual needs; we would be pleased to provide further details.
How much does a yacht policy cost?
Again, similar to motor insurance, it depends on values, coverage required and usage. Premiums will vary according to experience, location of the mooring, excesses chosen etc