There are several types of risks for companies: claims, criminal or civil convictions, sickness, disability or death of employees... Some insurance is legally binding, while others are often indispensable. Which type of business insurance does your company need? Below is a brief list to consider.
Property and vehicle insurance
Insurance policies that deal with the premises (fire, explosion, commercial liability insurance quote, professional liability, liability insurance quote , etc.) is a must. Each company is, by law, obliged to insure their property. Construction or extension insurance (property and casualty insurance) is also necessary. When a business owner carries out construction or extension works on their property, they must take out a construction policy. This allows them to benefit from a rapid pre-financing of the repair work after any damage to the building or rendering it unfit for its intended use. His or her local insurance agent will then seek payment from the builders who constructed the property.
Every company that uses vehicles should have vehicle liability insurance. The purchase of third party liability insurance is compulsory for any land motor vehicle intended for the transport of things or persons (automobile, construction site machinery, industrial truck, etc.). On the other hand, insurance for damage to the company's vehicles, in the event of an accident, is optional.
Professional liability insurance
Underwriting professional liability insurance is mandatory only for certain activities: construction companies (ten-year liability), medical, legal and accounting professions, real estate agents, architects, general insurance agents, etc. This policy can be obtained in correlation with personal insurance policies.
Insurance for employees
Any company employing employees under the general social security act is required to provide a supplementary pension. It is to these institutions that employee and employer contributions will be repaid. A collective agreement, an inter-branch collective agreement, a branch agreement or a professional agreement may require the employer to take out supplementary protection. It can cover pension (healthcare, disability, death, etc.) and/or retirement benefits.
Business interruption insurance
The insurance policy that deals with "operating losses" can help companies overcome the financial difficulties caused by a disaster. In the absence of business interruption insurance, the company is only reimbursed for the destroyed property. The reduction or disappearance of its turnover caused by the interruption or reduction of its activity is not taken into account. Neither are the additional costs incurred to limit the consequences of the loss: rental of equipment or premises, temporary installations, advertising expenses... For commercial liability insurance quote, professional liability, liability insurance quote , contact a local insurance agency today.