Business liability insurance
Most starting entrepreneurs take out business liability insurance. You probably already have private liability insurance. But when you accidentally drop your cup of coffee over a laptop at your client or when you visit a customer, that is not enough. It would help if you had business liability insurance to cover the damage you cause from your company to people or property belonging to someone else. Some companies even require business liability insurance if you start working there as a self-employed person.
Additional professional liability insurance is essential in advisory services
For example, if you work as an architect, engineer, lawyer, marketing advisor, or accountant, a wrong decision or advice can have significant consequences. Due to a simple calculation error or mistake, your client can suffer a loss or miss turnover. You can be held liable for such a professional error, with significant financial consequences for your company. With professional liability insurance as a supplement to your business liability insurance, you ensure that these risks are covered.
Start in the building, think in addition to a Construction All-risk (CAR) insurance
Are you, for example, a contractor, you have a home repair business, or are you, fitter? With Construction All-risk (CAR) insurance and your business liability insurance, you are insured for damage to the construction. For example, due to a storm. You are also guaranteed for damage to:
- Building materials that you use to build an object.
- Auxiliary materials, such as scaffolding, tools, and construction chain.
- Property of your client if the renovation work causes the damage.
Business legal expenses insurance
Most starters also take out business legal assistance insurance.
Many starters think that legal expenses insurance is only useful in a legal conflict. But did you know that this can happen if your customer does not pay your bill? Unfortunately, your private legal expenses insurance does not offer legal assistance with business matters. With business insurance or legal aid, you do get this help. You pay a monthly premium precisely tailored to your profession and your risk.
Inventory Insurance
There is a fair possibility that you have purchased equipment, machines, or other business assets for your work. With inventory insurance, you have cover for theft, burglary, fire, hail, storm, and water damage.
Have you bought or rented commercial property, and do you want to ensure your inventory? Then it would be best if you had inventory insurance. Do you work from home? Then inquire whether your private household insurance also provides your business inventory at home. And if so, up to what amount. Not every insurer distinguishes between your personal household effects and your business inventory. The private Interpolis All in One Policy® ensures business inventory of up to € 25,000 ($26,317.00). But that does not apply to every insurer. If your household insurance is insufficient, you can take out separate inventory insurance.
Portable electronic equipment, such as smartphones, laptops, and tablets, are often not insured outside your business premises. You need additional insurance so that this electronic equipment is properly insured. Most insurers, including Interpolis, take out this insurance to supplement the inventory insurance.
Inventory Insurance
Private household insurance does not ensure business stock. You need stock insurance, especially if you have business premises or rent a space to store your inventory. But it would help if you also had stock insurance for stock at home or in your garage because home contents insurance does not cover that.
Business car insurance
Business liability insurance is mandatory if you purchase a car or delivery van in your company’s name. If the car or van is in your name, you can also ensure it privately. Note: Most insurers have a limit for business use. Business car insurance is mandatory if you drive more kilometers, even if you bought the (delivery) car privately. So, ask this carefully to avoid discussion afterward in the event of damage.
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