What collective agreement insurance is
It is an accident insurance policy that most Spanish collective bargaining agreements oblige the company to take out for its employees. It covers the compensation amounts the agreement itself sets for an employee's death or disability, normally due to accident and sometimes also illness.
The company does not choose it: the guarantees and minimum sums insured are written into the applicable collective agreement.
Who is obliged
Any company — including a self-employed person with a single employee — whose collective agreement establishes it. Hospitality, construction, retail, metalworking, offices: the vast majority of sector agreements include this obligation.
What happens if you don't have it
If the accident happens and there is no policy, the compensation set by the agreement comes out of the company's own pocket — tens of thousands of euros per employee — plus possible penalties from a labour inspection. All to save a small premium.
How to find out what your agreement requires
Find your applicable agreement (by activity and province) and look for the article on compensation or collective insurance. Or, easier: tell us your activity and province, we locate the agreement, extract the required guarantees and sums, and send you a price the same day, with no obligation.
Watch out when it updates: when the agreement is renewed and raises the sums, the policy must be updated too. We monitor that for our clients.