Professional insurance: what are the advantages?

A business has every interest in taking out professional insurance. It protects against all the risks associated with its activity concerning its staff, property or liability. Depending on the type of business, the professional insurance contract must be adapted. Review of the advantages of professional insurance depending on the type of business.

What types of trades for professional insurance?

While professional insurance is strongly recommended for all companies because it protects against risks and collects compensation in the event of an incident if this is provided for in the contract, it is compulsory for certain activities. This is the case for legal professions, in the medical profession, in the construction industry, for accountants, real estate agents and for architects, for example.

Other insurances are reserved for specific activities such as agricultural insurance or that dedicated to the transport of goods. In short, professional insurance covers all bodily, material and immaterial damage caused to third parties in the course of the company’s activity.

The advantages of business insurance

For an SME, professional insurance protects professional premises as well as equipment and material in the event of a disaster, covers fixed costs if an event causes an interruption in the company’s activity and provides legal protection.

Other guarantees can be added to this. An SME can choose to insure its exterior fittings (parking, terrace, lighting, etc.) but also to take out a “new equipment” or “loss of goods under regulated temperature” guarantee. They allow you to be compensated for material and equipment in the event of a disaster or to compensate for the loss of foodstuffs linked to the breakdown of a refrigerator, freezer or cold room.

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Professional insurance can be adapted according to the activity of the SME to offer the most appropriate cover.

Professional insurance for a start-up brings many advantages. Start-up insurance protects premises and professional property in the event of fire, water damage, theft, etc.

This contract protects the start-up in the event of damage caused to a third party for which the company would be held responsible and above all, ensures its sustainability in the context of a major disaster causing an operating loss. If a disagreement or a dispute arises with a client or a service provider, professional insurance allows you to benefit from legal protection and the assumption of costs if the dispute could not be settled amicably and has required the intervention of a lawyer. It also protects the start-up from the consequences of a cyber-attack: damage to e-reputation, customer notification costs, financial losses, etc. Difficulties that could lead to bankruptcy for a start-up.

A freelancer may need to take out professional insurance if he comes to work for a client. This contract will protect him in the event of bodily injury and material damage that he may cause to others. Professional insurance can also cover damage and financial loss related to customer hardware, hardware malfunction, or loss of data. Sometimes, the cost of compensation for damage caused can be very high, especially in the event of injury, deletion of data, or damage to the image. It is therefore preferable to take out insurance to cover the sums required for repairing the damage. In addition, many customers do not want to take the risk of collaborating with a provider who is not insured. There is therefore every interest in taking out professional insurance as a freelance.

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