What is the insurance excess?
It’s the amount you need to pay out of pocket in case of an insured risk.
Most common questions about insurance plans
Which businesses are considered micro, small or medium-sized?
According to Commission Recommendation 2003/361/ΕC (06.05.2003):
Micro businesses are those that:
- Employ < 10 persons
- Have an annual turnover or an annual balance sheet total ≤ €2 million
Small businesses are those that:
- Employ < 50 persons
- Have an annual turnover or an annual balance sheet total ≤ €10 million
Medium-sized businesses are those that:
- Employ < 250 persons
- Have an annual turnover ≤ €50 million or an annual balance sheet total ≤ €43 million
When is a payment considered late?
When the customer does not pay the agreed upon amount within the agreed upon time frame. This activates the insurance coverage.