“Everything goes back to insurance: there is not a single moment when the life of the company is not backed by insurance coverage. “. A particularly relevant slogan used by insurance company Millennium Insurance to describe the need to protect a business.
THINK TO SUBSCRIBE TO AN INSURANCE CONTRACT!
If you own a business, thinking about taking out an insurance contract. There is no legal obligation at this level, however, in the event of a claim, the company is left without any protection. Millennium Insurance explains that ensuring a company becomes the most effective way to ensure its viability. More than just a way of protecting one’s professional assets, corporate insurance is the best way to anticipate potential risks.
Several types of covers are available to you. We can nevertheless distinguish four major categories (the most common):
- Personal insurance (the worker, the volunteer worker, the members of the board of directors)
- Property insurance
- Building Insurance
- Insurance for damage that may be caused to others (also called liability insurance).
Between insurance imposed by law, insurance imposed by the statute, insurance imposed by logic and optional insurance, the choice is not always obvious. Millennium Insurance helps you make the right decisions.
CORPORATE RESPONSIBILITY: A LEGAL REQUIREMENT
Officially named the “civil liability company” insurance, this insurance allows you to protect your company against any unforeseen event that could damage it and that would occur in the context of the activity. The insurance concerns the damage occurred before the delivery of the product and / or the realization of the service.
Also keep in mind that this insurance can simply be part of a comprehensive multi-risk insurance policy. It is also possible to consolidate this subscription with additional guarantees including, in particular, professional liability insurance (which protects the company against damages inflicted after the delivery of the product and / or the performance of the service).
WORKER INSURANCE: THE “GIFT” OF THE BOSS
The law does not impose any subscription at this level. It should be noted that each employee is usually already covered by one or more individual insurance under the general social security. However, the employer has the choice to supplement this coverage with group insurance (disability insurance, death insurance, etc.).
ASSURANCE OF PROPERTY
It is a fairly popular category of multi-risk professional insurance offered by insurance companies and whose purpose is to protect the company against unforeseen incidents such as fire, water damage or natural disasters. According to Millennium Insurance, this insurance is generally to be completed by some other additional subscriptions intended to consolidate it:
Property and casualty insurance insurance that becomes mandatory in the event that the company carries out work within its own premises
Auto liability insurance; insurance that becomes mandatory if the company is in possession of company cars
Business interruption insurance; insurance whose purpose is to cover the financial consequences of a business interruption caused by a disaster.
INSURANCE OF THE OFFICER
An employer has the opportunity to self-insure. Specifically designed insurance for business owners can take many forms. Basically, everything depends on the very need of the subscriber. There are two main categories; “majority manager” insurance (which essentially represents social security), and “key man” insurance (which will generally cover the losses and / or damages that may result from the departure of the manager).
Millennium Insurance recommends to subscribe to an insurance that covers them, individually and personally, in case of mis en cause for management error or breach of the labor code.
INSURANCE OF THE SELF-CONTRACTOR: PROTECTING OCCUPATIONAL RISKS
The status of auto-entrepreneur requires the entrepreneur concerned to personally assume all the consequences of its decisions, commitments, acts, but also the possible claims over which it has no power. This will automatically include any error, material damage, accidents and various damages suffered or committed in connection with the exercise of the activity.
It is therefore essential to ensure a very good coverage so as not to transform self-entrepreneurship into a professional nightmare that takes away any option or choice. Quick listing of insurance to study (or subscribe) to operate freely.
Professional liability insurance (ARCP)
A very comprehensive insurance that covers all material damage (fire, water damage, theft, broken glass …), immaterial (loss of computer data …) and bodily harm caused to third parties (whether customers, suppliers, and / or third parties) due to errors, mistakes or negligence caused by you, your premises or your professional equipment during the exercise of the activity.
Defense / Recourse Insurance
This is a legal protection that reimburses the costs incurred by a (legal) defense in the event of a challenge to the courts.
Dedicated car insurance
Insurance that becomes essential if the professional use of your private vehicle is not included in the guarantees covered by your insurer.
Rental civil liability insurance
A subscription which essentially concerns the different locations of premises for the exercise of your activity. This insurance covers material damage of all kinds (fire, explosion, water damage …), including movable and immovable property belonging to the owner of the rented property.
Business interruption insurance
For merchants whose activity requires the storage in large numbers or mass of goods, raw materials or supplies. The insurance will cover the cessation of activity caused by a disaster (fire, water damage, theft …).
Aimed at entrepreneurs who have acquired a new manufacturing line and therefore need to add an extension to their buildings. It will also include: insurance assembly-test, insurance all risk site and Damage Work, insurance breakage machine
Freight transport insurance (faculty policy)
For entrepreneurs who need to acquire new trucks or negotiate a dedicated transport contract to ensure the delivery of their customers.
RC insurance, key man insurance
Aimed at entrepreneurs who, following the acquisition of a new contract / contract, are obliged to create a new activity or to recruit a specific and / or specialized employee.
Quite exhaustive and highly valued by entrepreneurs with contracts with international clients. This insurance will also include: RC insurance (local policy + Master France policy), political risk insurance, kidnap ransom insurance, expatriate insurance