Insuring your business is one of your obligations as an entrepreneur, and the best way to make sure you get it right is to go to an insurer for information. A wide variety of guarantees exist to protect you on an operational level, but also when it comes to your staff. It’s important to acquaint yourself with them from the very start.
Certain professions can require additional coverage on top of mandatory insurances (for example, professional civil liability) or warrantees for risks relating to the type of activity. This is why your insurance contract is of critical importance for dealing with damages suffered or caused by a third party, whether “material” (involving goods, properties, equipment or vehicles) or “bodily” (for the protection and safety of employees).
In this article, we will be looking at a variety of aspects to consider when choosing insurance for your company.
1. Protection of assets
A company’s material assets, such as desks, warehouses, sales venues, merchandise, equipment, computer equipment, etc. can be damaged at any time. Multi-risk insurance should be considered, as it can prevent any financial impact from rebuilding, repairing or replacing damages goods. Although it isn’t mandatory, it can save you a lot of grief.
2. Civil liability
When material assets require the multi-risk insurance to come into play, the business owner’s civil liability is incurred. That’s right, heading a business sometimes means incurring your personal liability. For example, misconduct involving retaining information, fraudulent tactics or the working conditions in the company. In all of those situations, the business owner is required to be familiar with labour laws and ensure that they are correctly applied. Ergo, taking out a “company director civil liability” policy will provide optimal protection for decision-makers when it comes to compensation that wronged third-parties could potentially claim from him/her personally.
You should also be aware that each activity sector has its own specific set of risks included in “professional civil liability” policies. This covers bodily injury, material and immaterial damage caused to third-parties by company employees, venues or machines within the scope of its professional activity, and even after work or goods have been delivered when damage results from a defect in the delivered product.
3. Safety and retaining employees
Your staff is at the root of your company’s success. That is why it has never been more important to spot “the good ones” during recruitment procedures, and motivate and build loyalty in your teams to ensure smooth operations and your business’ continuity down the road. Insurance policies specifically designed to meet these needs not only provide coverage to employees, but also generate tax benefits for the company.
Supplementary pension schemes are a great way to boost loyalty, whether for all or part of your employees. The aim of these collective policies is to supplement the benefits provided by official Social Security bodies in terms of ‘retirement.’ Coverage of risks including death and/or disability can make them even more attractive. Each employee can choose to invest savings from the ‘retirement’ section in a traditional life insurance type product with a guaranteed return rate, or in a Unit Linked type product instead. The latter case could also involve investment funds (particularly green or ESG Environmental, Social and Governance type funds). Since 2019, company managers with a self-employed status can opt for a supplementary pension solution quite similar to that of employees, that offers significant tax advantages.
Collective health insurances are also worth mentioning here. Their benefits for employees are self-evident, but their tax deductibility for employers should not be overlooked.
Along the same lines, company accidents insurance supplements legal work injury insurance. Business owners can take out these policies too to benefit all their employees, or only a select group of employees such as executives or members of management, to offer them optimized coverage in the event of disability or death, or reimburse their medical expenses after a work-related accident.
A company’s existence can be called into question with the disappearance or unavailability of someone indispensable to its activity (the manager himself, a specialized employee, etc.). Keyman insurance guarantees the continuum of the company and covers any financial consequences linked to the loss of a strategically important employee.
As you can see, insurance is not only designed to protect your company. It can also be very helpful in a slew of other contexts! The most effective way to figure out what’s what is to talk to your insurer. They will point you in the right direction for your specific needs.
SPUERKEESS, together with their preferred partner LALUX Assurances, offers a comprehensive range of insurance solutions for companies, to support business founders throughout their professional activity. Every company is unique and has its own needs. That’s why SPUERKEESS SME advisors are at your disposal to help you find the LALUX professional insurance products best suited to your specific situation and line of business.
About Spuerkeess :
International rating agencies have awarded Spuerkeess with some of the top ratings in the world. It is also one of the safest banks worldwide (source: Global Finance Magazine). Its dedicated and experienced teams make Spuerkeess an ideal partner for any business. Spuerkeess also accompanies entrepreneurs from their very first steps, in collaboration with nyuko, offering a free package for business creators only.
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