Thu. Dec 1st, 2022

INSURANCE FOR THE SELF-EMPLOYED AND ENTREPRENEURS: GOOD TO KNOW

Maybe not the sexiest of topics, but a much-needed protection for your business: insurance. You will find below an overview of the mandatory and most common supplementary insurance policies. This should be a good start.  

WHICH COVER SHOULD A STARTING ENTREPRENEUR CONSIDER?

There is no standard insurance package for starting self-employed professionals or entrepreneurs, because of the excessive complexity of possible scenarios and diversity of potential risks. For example, the insurance package of an independent landscaper will be quite different from that of an architectural firm. Should you rely solely on the goodwill and expertise of insurers to put together a balanced package? No, before you contact them, you should start by setting yourself some priorities that are financially viable.

THE COMPULSORY INSURANCES
 

THE OPTIONAL INSURANCES
 

  • Personal protection: 
    Guaranteed income’ insurance, hospitalisation insurance, life insurance and pension insurance.
  • Personnel protection
    Your employees should be covered by voluntary insurancegroup insurance for supplementary pension and collective hospitalisation insurance.
  • Property assets
    Fire insurance is at the top at number 1. You can supplement it with policies covering theftbusiness lossesmachine failure or electronics.
  • Business operations:
    Avoid damage claims by taking out a business civil liability (CL) insuranceafter delivery CL insuranceCL insurance for entrusted goods and legal assistance cover.
  • Vehicles
    The (mini) comprehensive insurancedriver insurancelegal assistancebreakdown assistance and cargo insurance supplement the legally required car insurance.

You can use online tools to compare quotes from different insurers. For more information, you can also visit the website of Assuralia, the professional association for insurance companies.

AVOID BEING BLACKLISTED

Self-employed professionals and entrepreneurs who default on premium payments, submit false declarations or excessively high claims may end up on the blacklist. Insurers add to the list (a ‘special risks’ RSR file) the details of self-employed professionals or entrepreneurs who present a disproportionate risk.

Even though, in theory, insurers cannot refuse you cover, by imposing extremely high premiums in practice, they leave you exposed.

Dattasur, the economic partnership of insurance companies, updates the blacklist and is obliged to inform you if your name is listed.

CANCELLING INSURANCE POLICIES

If your insurance policies overlap or if you spotted a more interesting offer elsewhere, you cannot cancel your current insurance contract without notice. With most insurance policies, you are contractually bound for a year and you have to wait until the annual due date. By law, the exact date at which to send the cancellation should be stated on the first page of your contract, but that is not always the case. Most insurers simply mention that you have to send a registered letterthree months before the due date. Consequently, a contract due to expire on August 14th, will need to be cancelled by May 13th at the latest. Don’t be caught out. If you don’t cancel in time, your contract will automatically be renewed for a year.

Organisations

Below are some organisations that can help you with this issue

logo commission d'aide juridique de bruxelles

TÉLÉ-BARREAU

Télé-barreau is a primary legal aid that helps obtain legal information or advice.

logo BECI

BECI (BRUSSELS ENTREPRISES COMMERCE AND INDUSTRY)

BECI (Brussels Entreprises Commerce and Industry) is an independent organisation that represents and defends the interests of Brussels companies.

logo smart

SMART

Smart offers administrative, legal, fiscal and financial advice and tools to simplify and legalise professional activities in the creative industry.

SOURCE https://1819.brussels/en/information-library/insurance-taxation-accounting/insurance-self-employed-and-entrepreneurs-good

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