Start a business more safely

On April 16, we celebrate World Entrepreneurship Day. Throughout the day, we help showcase the spirit of those who, filled with determination and courage, open the door to their very own business each day.

Startups typically emerge from inspiring ideas, an adventure where we should always consider the potential risks. No matter how careful we are, nobody is immune to the consequences of an accident or a mistake. And in your office or premises, minor incidents like leaks, broken glass, or machinery breakdowns can occur. But we also need to anticipate more serious events, such as theft, fire, third-party liability claims, or workplace accidents, among others.

Only those who have started a business or company know the obstacles that can be encountered along the way. In this context, if you’re considering becoming an entrepreneur and starting your own company, or if you’ve already taken the plunge, we present some of the insurance options that can minimize the impact these and other situations have on your business. Ready?

As an entrepreneur, you take on the risks in your business. Insurance can help you:

• Protect your personal assets

In the course of your business activities, you may unintentionally cause harm to a customer or a provider, among other possibilities, and in the event of a claim, you’ll be the one held accountable. But if you have third-party liability insurance, the situation changes, as the insurance company will cover compensation for damages caused to third parties, safeguarding your personal assets. For certain professionals, such as doctors or lawyers, these insurance policies are mandatory.

• Give your family peace of mind and security

As an entrepreneur, you’re a key part of the business. Can you imagine what would happen if you had an accident that kept you from working for a while, or even from returning to work ever again? If this happens, accident insurance helps you and your family better cope with the situation by paying out the agreed-upon sum insured. Meanwhile, temporary incapacity insurance allows you to maintain your income level while you’re on sick leave, helping you cover expenses when you’re not working due to circumstances like incapacity, disability, or hospitalization.

It may also be the case that you’re the primary breadwinner for your family. If so, Life insurance can offer you a great deal of peace of mind, knowing that your family will be better protected against such adversities as death or any unexpected and serious circumstances that may prevent you from continuing with the business, such as permanent disability.

• Keep yourself and your employees healthy

As a self-employed person, you know that getting sick can bring your business to a screeching halt, and it’s important to get back on your feet as quickly as possible. Health insurance gives you fast access to healthcare assistance and tests, without long waiting lists, so you can get back to work as soon as possible. You can also extend this coverage to your employees through group health insurance.   

• Enjoy your retirement

Is there a way to ensure a more peaceful retirement for yourself? Yes, especially if, like most self-employed people, you’re contributing based on a minimum regulatory base, which means that upon retirement, your public pension will be low. You can complement it with savings insurance (PPA, PIAS). Another option is simplified pension plans, specifically designed for self-employed workers.

You also have insurance solutions for your business, with which you can:

• Protect your establishment and assets

Fire, theft, damage to display cases and electronic equipment… Take out a multirisk policy, as it provides solutions to a multitude of situations that could suddenly arise in your workplace, whether it be a store, office, warehouse, etc. These policies also include assistance services that will help connect you with professionals for repairs, legal defense, and much more.

• Insure your vehicles

If you have to use a vehicle as part of your job, having motor insurance is a must. The most basic is third-party insurance, which only covers damages caused to others in the event of an accident. If you have multiple vehicles, there’s fleet insurance to insure the vans, motorcycles, cars, or trucks you use for your business activities.

• Fulfill your agreement obligations

If you have workers under your responsibility and are bound by an agreement, you can’t afford to overlook underwriting agreement insurance to give your employees adequate protection against disability, illness, or death.

• Minimize business interruptions

Flooding, fire, and other unexpected events can paralyze your business. With business interruption insurance, if you’re affected, your lost revenue and fixed expenses are covered while your business gets back to normal. It can even help you implement measures to minimize the interruption.

• Address new risks

In the digital age, information security is critical to maintaining customer confidence and your reputation. Cyber risk insurance protects your business against cyber threats, computer attacks, data theft, and privacy breaches.

As you can see, your business, your main source of income that you devote all your effort and dedication to, is not without risk, just like yourself. Insurance can give you the support you need to minimize the impact of the stumbling blocks along the way. Now you just need to look for the right kind of coverage. At MAPFRE, we’re committed to entrepreneurship. As experts in insurance for SMEs and the self-employed, we’ll help you find the right policy for you!

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