Zurich Vida Colectivo — Collective Employee Insurance by Convenio
Technical parameters
Cost
Cost Price: approximately from €12 per year per employee; depends on the sector, the number of workers and the capital sums
Period: annual, with automatic renewal
| General Category Characteristics | |
| Parameter | Value |
| Type of insurance | Collective staff insurance under the collective agreement |
| Basis of obligation | Requirement of the sector’s collective agreement |
| Who is insured | Workers reflected in Social Security (RNT) |
| Purpose of the benefit | Cash compensation to the family or worker, not medical care |
| How to determine the obligation | Through the applicable collective agreement (Convenio) or a labour consultant |
| Zurich Vida Colectivo Specifications | |
| Parameter | Value |
| Basic coverage | Depending on the convenio: death, permanent disability or accident of the employee |
| Alignment with the agreement | Capital sums and guarantees adapted to the specific convenio |
| Modularity | Basic protection for all plus optional voluntary increases |
| Price dependency | Cost varies by sector, number of workers and capital sums |
| Risk without a policy | Serious Labour Inspectorate penalties; in certain cases, very high amounts |
| Consequence of a gap | The company may be obliged to meet the obligations set out in the collective agreement on its own |
A policy the collective agreement makes mandatory, not optional
Zurich Vida Colectivo resolves an issue many employers overlook until the first inspection: when the applicable collective agreement establishes compensation to employees in case of death, disability or accident, those amounts must be covered by insurance taken out by the company. It is not a voluntary perk or part of health insurance: it is a cash compensation the policy pays to the family of a deceased worker or to the worker if they lose their working capacity. The obligation depends on the sector — construction and hospitality, for example, have their own requirements — the autonomous community and the number of employees, and can be checked in the applicable collective agreement or through a labour consultant. The policy covers all staff reflected in Social Security.
The policy’s main value is protecting the business against the double risk of non-compliance. First, the absence of the mandatory insurance is treated by the Labour Inspectorate as an infringement that may bring serious penalties; in certain cases the amounts can be very high. Second, if there is no policy and the accident has already occurred, the company may be obliged to meet the obligations set out in the collective agreement on its own funds, which for a small business can mean closure. Zurich Vida Colectivo adapts the capital sums and guarantees exactly to the text of the applicable agreement and allows a modular scheme: basic coverage for the whole workforce and voluntary increases for those who want broader protection than the mandatory minimum.
Why companies arrange Convenio insurance through MG Seguros
- We check whether your convenio requires mandatory insurance.
- We analyse the collective agreement free of charge.
- We set the capital sums according to the sector’s requirements.
- We prepare the certificates for the inspection and auditors.
- We handle the changes when hiring or dismissing employees.
- We work directly with Zurich.
Typical tasks that this policy solves
Agent's opinion