Running your company

Insuring the risks arising from your business

Running your company

Insuring the risks arising from your business

Your business can make mistakes

From the intern to the CEO, there is a significant risk at any company that a mistake will occur that could harm a third party. So it’s important to cover that risk.

Professional errors? Caution is needed!

No one is immune from mistakes, especially if they are medical professionals. Insurance to cover this risk could therefore be very useful.

Justice doesn’t come cheap

When it comes to business relationships, everything is fine until suddenly it isn’t. Protect your company from the financial risks associated with legal action.

Some professions are riskier than others. But all professional activity has the potential to cause harm at some time or other to a third party. And if your business is held responsible, you will have to pay up. You might even face a lawsuit. Fortunately, there are several types of insurance out there to protect your activity from this type of risk.

Ten-year liability insurance for the construction industry

If you are a contractor or an architect, you have ten-year third-party liability for any construction work you perform. If anything should happen to the construction in that period and you are held liable, the resulting costs may be recovered from you. Ten-year liability insurance covers this risk. Legally required for architects, it also becomes mandatory for contractors as of 1 July 2018.
More info over ten-year liability

Professional liability insurance for medical professionals

Some professional activities present more risks than others – not least the medical professions. It’s better to be insured than to be called on personally to compensate a patient who sues you for damages following an error on your part. Liability insurance for medical and paramedical professionals compensates victims of a medical error while providing you with legal cover in the event of a lawsuit.

Commercial liability

There’s always a possibility that some element of your professional activity does not go as intended and that a client or another business is harmed as a result. If that harm can be attributed to an error committed by an employee of your business or by you yourself as manager or director, you will be liable for compensation. This could then adversely affect your business. Commercial liability insurance covers risks of this kind. Good to know: everyone at your company is covered.

Legal protection insurance

Businesses are always active, on behalf of their clients or other firms. But disputes can sometimes arise and certain cases risk triggering a lawsuit. The legal proceedings that follow can generate substantial costs and lawyers’ fees. Insurance cover that provides you with legal assistance and enables you to defend yourself properly is far from a luxury in a situation of this kind. Not least since it protects everyone active within your company, from management to job students.

Professional protection insurance

To err is human, but if you or your employees commit a professional mistake that harms a third party, you will be liable for compensation. A building site that grinds to a halt because of a design error, for instance. Or an accounting error that means a client ends up having to pay more tax. In cases like this, you will have to compensate or indemnify the affected party. Professional insurance is there to cover risks of this kind and to compensate the person or enterprise that has suffered harm.

Directors and officers’ liability insurance

As an officer of a business or non-profit organisation (director, manager, board member), you are constantly required to make decisions. If one of these should result in harm to a third party, you could be held legally responsible. Directors and officers’ liability insurance protects you against risks of this kind, while indemnifying the affected party and possibly even covering the costs of defending yourself legally.

Insure your association

Things may be going totally smoothly at your association or club, but are you positive you’re shielded from any problems? Wherever there is an association, the organisation of events, the purchase or rental of assets, there are risks too. It’s always better to take out adequate insurance to cover your personnel and members (civil liability, legal protection, accidents, etc.), your premises or buildings, your equipment and vehicles (fire, motor insurance) and the risks associated with your activities (liability, accidents involving third parties, etc.).

Would you like a full review of the risks associated with your professional activity? If so, contact your KBC Brussels relationship manager: they will advise you on the specific characteristics and obligations of businesses operating in Brussels.

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