Are you a self-employed, self-employed or freelancer and would you like to take out professional insurance with the help of a business insurance broker? Insurance service providers have developed comprehensive insurance solutions, designed to fit your needs and the specifics of your business. Here is the Small business insurance info you need to know about.
What Do You Want To Insure?
Your company may be faced with litigation or damages, affecting your customers as well as your service providers. Insurance Professional Civil Liability and Operation considered to be the essential guarantee for professionals, covers you, among other things, in the following cases:
- A customer calls you into question for non-compliance with the delivery times provided for in your contract, Insurance service providers supports you in settling this dispute and maintaining a good commercial relationship.
- A third party accuses you of violating their intellectual property rights, professional liability insurance intervenes to cover the damages.
- You are accused of having put on the market defective products which have generated costs for your customers. We intervene to carry out an expertise and settle the damage if necessary.
- During a visit by one of your clients to your premises, he falls and breaks his leg. The Operating Civil Liability intervenes to cover the medical expenses related to this accident.
Why Take Professional Insurance
Every business is exposed to risk, even when you are not engaged in activities known to be “risky”. For example:
- A disaster on your premises (water damage, burglary or act of vandalism for example),
- An accident affecting a service provider, customer or employee,
- A problem of a legal nature (breach of the obligations of a contract, infringement of the intellectual property rights of third parties, lack of advice, etc.),
- A computer disaster (hacking, loss of data).
These incidents often have financial consequences for a professional. The purpose of insurance is precisely to help you deal with it. Today there are several types of professional insurance, most of which you are certainly familiar with: provident insurance, health, housing, car, cyber, etc.
But there are also other offers, specifically dedicated to the risks that can punctuate the life of a company.
The Professional Liability covers you when a problem occurs during a service and causes damage to your customers or third parties. You have the legal obligation to repair this damage, and the RC Pro precisely allows you to settle the amount of the damage.
Professional multi-risk insurance covers, as its name suggests, several risks, also allowing you to protect your premises and their contents in the event of a disaster (theft, fire, water damage, etc.).
Each company and each sector being different, the guarantees and offers also adapt to your needs.
Professional insurance compulsory or not
The question arises especially in the case of professional liability, considered the “fundamental” insurance for professionals. It is compulsory when you practice a regulated profession (security professions, travel agent). These professions are governed by specific regulations and require you to take out professional insurance. As for other professions, insurance is not compulsory but is still recommended:
It covers the costs if a claim involves financial compensation, which preserves your cash flow, a particularly strategic point for a young company or a self-entrepreneur,
It often reassures the customers with whom you work on your financial basis. Some will ask you for your certificate before signing any contract. Today, many insurance offers exist, and it can be difficult to find the most suitable for your business.