Which types of insurance will protect you when starting up a business?

As a start-up company, you have plenty to deal with. Not all of them nice things. Start-ups, like any other company, are exposed to a number of risks. Which types of insurance will protect you when starting up a business?

Which types of insurance will protect you when starting up a business?

Every year thousands of entrepreneurs start up their dream company, full of hope. In 2014 and 2015, we once again saw a growth in numbers, with over 82,000 new start-ups. By way of comparison, there were ‘only’ 77,471 in 2013.

This is positive news: our economy is getting stronger and there are more healthy companies as a result. But to remain healthy, it is important to be well informed as to what risks your business is running. In other words, the insurance piece of the jigsaw is crucial to building up your business safely and sustainably.

Five critical insurance areas

We list below the five areas of insurance that can make a world of difference for you as the owner of a start-up.

  • Liability: for the business owner, it is crucial to have insurance for professional and director’s liability. For your business it is best if you have a Civil Liability policy.
  • Business assets: is your store or practice covered for fire? What if your hydraulic pump breaks down or your printing press gives up the ghost? Machine breakdown is sadly a daily reality in our economy. Is your inventory also covered, and is any cash insured against theft? Business assets are an important area of insurance that keep your business in business.
  • Mobility: an area that appears to speak for itself, but in fact goes well beyond just insuring your company vehicles, and may include comprehensive or legal aid cover. Are you already insured as a director? Are the goods in transit covered? Do you have CMR insurance for transportation? All these forms of cover are important to avoid unnecessary costs.
  • Employees: insurance against work-related accidents for yourself and your staff is crucial, while travel insurance and guaranteed income insurance for yourself and your employees continue to be important in some sectors.
  • Business owner: provide financial security for yourself and your family members by opting for guaranteed income and life cover. How you will build up your pension is another area where you can benefit from tax deductions with an individual pension policy (IPT) and a supplementary pension for self-employed persons (VAPZ).
  • As an entrepreneur who is just starting out, do you have questions about the technical side of insurance for the growth of your business? Contact us at cpl@vanbreda.be.

    Jesse Mertens

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