Do you know what insurance you need when you open your business?
You’ve made up your mind, you’ve got the resources, and now it all starts. Between all the initial paperwork, you find yourself having to decide what insurance you need.
You know that there are a lot of insurances, but you are not clear which ones are right for you, even if you are obliged to take out one.
If I don’t have a place, do I need insurance? I’ve been told that I need liability cover in order to provide service. Do I need to supplement social security benefits as a self-employed person?
What is certain, after so much effort dedicated to starting up your business, is that it is going to be fundamental for your peace of mind to protect yourself from the most important unforeseen events that could damage it.
Given these doubts, it is important to have specialist advice on insurance for the self-employed and companies. You, as an entrepreneur, have experience in your own activity.
The recommendation will depend on many circumstances: the type of activity, availability of expenditure, personal situation of the entrepreneur… In any case, some of the most common cover in the case of opening a new business would be the following:
For your business
Insurance aimed at covering the damages that your business assets may suffer:
Business/Trade
It covers material damage to the premises and the goods located there, as well as possible losses due to an unforeseen business interruption.
Civil Liability
It covers damages caused to third parties in the field of your activity, third parties such as clients, as well as the company’s own employees. It is becoming increasingly common to be required to have Civil Liability coverage in order to carry out certain commercial or industrial activities.
Vehicles
It is mandatory to have insurance for a motor vehicle.
Breakage of machinery and electronic equipment
Covers unforeseen accidental damage to electronic machinery or equipment that has been a major part of the investment in the new business; even for reasons inherent in its operation.
For you and your employees
We know that social security benefits for the self-employed are being reduced in comparison with those for employees. Depending on the amount of the contribution to the special scheme for self-employed workers, the benefits for widowhood/orphanhood, absolute, total and temporary incapacity vary.
In addition, many collective agreements oblige the employer to cover his employees through private insurance.
Therefore, it is important to know the personal situation of the employer/entrepreneur with regard to Social Security, as well as the legal obligations of insurance for the employees, in accordance with the collective agreement corresponding to the activity of the business.
Daily leave, ILT supplement (Temporary Incapacity for Work)
It supplements the daily allowance in the event of a leave of absence. Aimed at covering situations of temporary, long-term work disability.
Life/accidents
They ensure coverage in addition to the benefit received from Social Security in the event of death or total and/or absolute disability. It is important to know the scope of the Social Security coverage in relation to the risks assumed by the investments made.
Health
We have universal health care, but in many cases it is not as fast as we would like; therefore, it is interesting to take out an insurance policy that facilitates access to fast and efficient health care.