As the head of a company, you must have insurance so that you can protect yourself. This is the first thing you should think about before you even start your own business. Discover in this article some tips that can help you to know and choose the different insurance for executives.
Public liability insurance
This insurance for company managers is compulsory for health, tourism, architect, building companies… This one will cover you in case of fault or professional accidents. That is to say that the manager is responsible for all the mistakes he makes in the execution of his functions such as management mistakes for example. Even if your responsibility is already defined by the law, it can happen that your decisions put you and your employees at risk. Therefore you should not neglect this liability insurance to protect yourself. Therefore, all persons who perform acts of management or company managers… are concerned by this insurance. However, it only covers the professional liability of the manager, but not claims concerning his private or family life.
How to take out liability insurance?
Firstly, it is the company that takes out the insurance policy for its executives. To be able to subscribe to executive liability insurance, you must generally follow 5 steps. First, you must know your place in the company. You must be aware that if you have decision-making power, you must strictly subscribe. Then, check whether the contract you are going to sign allows you to benefit from all the advantages that the insurance covers. Then, you must choose the insurance that will be passed on to your heirs and that will cover you in the event of a takeover of the business. And finally, you still must commit to a legal protection guarantee.
Executive unemployment insurance
In general, most entrepreneurs have often neglected this type of protection. However, managerial unemployment insurance is very important to protect him in case of termination of work. With this insurance, he can keep 55 to 100% of his income. You can therefore, control the risks during a transition period. Despite this, only 15% of executives have this insurance. They are not prepared for the possibility of unemployment or failure until they are in difficulty or have very important family responsibilities. In short, there are many insurances for a leader. So you have to study them carefully to find out which ones are essential and which ones are mandatory.