Why Should Businesses Consider Insurance
In order to protect a company, its employees, the company's property, but also third parties, it is essential for every business to take out business insurance, whether compulsory or not. Some industries require compulsory occupational insurance, mainly because no company is immune to risks related to its business. This insurance covers risks that cannot be borne by the company's treasury and which could lead to the bankruptcy of the company. By taking out insurance, a company can be protected from:
Damage it may suffer and
Damage it may cause to third parties.
Which insurance company should a business choose? In order to choose a certain insurance agency to work with, each company must evaluate the risks involved and its financial consequences from the outset. It is necessary to purchase insurance, whether it is a self-insurance contractor, construction insurance, medical and professional insurance, agricultural insurance, etc. An insurance policy can be taken out for the company and its business, staff, and employees, or its property.
In order to benefit from adapted insurance policies, the company must precisely inform the insurer about the activities carried out on a daily basis, but also inform the insurer in case of changes in said activities. Note: It is important to regularly review your business insurance policy to ensure that it is always adapted to your business. The same goes for personal insurance.
Vehicle insurance has two components: firstly, civil liability, which is compulsory for all companies and covers damage caused by company vehicles in the course of its day-to-day activities. Vehicle damage insurance and possible extensions for goods transported should be considered as well. Too many companies are thinking of insuring their fleet, but forget to insure vehicles that do not travel on public roads, such as handling equipment. The premium varies according to the number of vehicles covered, listed in a closed list (except for large companies). The principle of compensation is the same as those applicable to individuals. A contractor may take out a specific guarantee to benefit from a replacement vehicle or to insure against the destruction of internal improvements related to his or her activity in company vehicles.
IT risk insurance, which is essential for companies handling large amounts of computer data (IT consulting firms, travel agencies, online sales companies) covers computers but also databases and replenishment costs if they are lost or damaged. Even an industrialist confronted with a major IT failure risks being penalized in order to fulfill his or her commitments to its customers. Each company has an interest in evaluating the impact that IT can have on its business. The amount of the compensation depends on the value of the declared equipment and on the costs of its redemption and the reconstitution of the data (re-seizure, reconstruction of software, removal of viruses, etc.), all of which is estimated by a local insurance agent.