Entrepreneurs see their days fly by at a phenomenal pace, and don't have time to think about everything. Yet the self-employed are well aware of the risks they run compared to salaried employees. We've put together a list of the 5 risks most feared by entrepreneurs, and how to protect yourself against them.
For its risk barometer, Allianz surveyed over 2,600 experts, including business leaders, insurers and brokers. The ranking brings together the 10 most feared risks over the coming year. Here are the top 5 of the business risk barometer(the total does not equal 100%, as each person can select up to three risks):
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Cyber attacks (44% of votes)
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Business interruption (42% of votes)
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Natural disasters (25% of votes)
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Pandemic risks (22% of votes)
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Changes to laws and regulations (19% of votes)
🛡️ For the second time in succession, the risk of cyber-attack remains at the top of the rankings. So don't forget to take out cybercrime insurance. It protects you from cyber-ransomware, enables rapid intervention by experts and ensures that your sales are maintained in the event of loss.
The barometer shows how the trend is evolving. But here are other risks feared by entrepreneurs...
The flu in winter, a mid-season stomach bug, a broken elbow or Covid-19... For an employee, a doctor's appointment and the work stoppage means that you can continue to receive your income from the 4ᵉ day (marking the end of the waiting period). For a contractor, the work stoppage is necessary to be compensated by the compulsory scheme, but the income is well below what you usually receive. Not to mention delayed customer projects and invoices potentially carried over to the following month if you don't finish services on time.
In more serious situations, such as the disability or death of the entrepreneur, the lack of compensation for the family's financial security is a risk. Even partial disability can prevent you from carrying on your business and generating income for several weeks or months.
Fortunately, there are appropriate solutions for the self-employed. Salary continuation insurance supplements the compensation provided by the compulsory scheme, so that you can live a normal life even when you're off sick. Here's how provident insurance works, depending on your situation:
- In the case of sick leave, you receive salary compensation from day 4ᵉ.
- In the event of total or partial disability, you receive income until retirement age.
- In the event of your death, your spouse will receive an annuity until retirement, and your children will receive assistance until they complete their studies.
👉 You can find out how much compensation you'll receive in the event of work stoppage thanks to an online simulator.
Even the greatest expert can make mistakes. In any industry. What's more, sometimes the damage caused to a customer is not due to a professional error. For example, you spill your coffee on a customer's computer. It happens to everyone, but if your customer had a latest-generation MacBook Pro, for example... You don't even need coffee! If your customer falls on your premises and injures himself, you're liable.
Professional liability insurance is your new lease on life. Professional liability covers all damage caused to a third party, even if the damage comes from employees or trainees, during your services or after delivery of your products. This insurance includes :
- accidents occurring on your business premises;
- damage to third-party equipment;
- professional errors resulting in financial loss, property damage or personal injury.
Without protection, all this damage can cost a company dearly. For just a few euros a month, RC Pro protects you and takes a load off your mind. Professional liability insurance is compulsory for self-employed people in certain sectors, such as :
- Public works, construction and housing;
- Transportation and automobiles;
- Wellness and health;
- Finance and insurance.
For good or bad reasons, your customers or employees may take you to court. This can happen following a collaboration, during a project or after the delivery of a product or service. A poorly managed dispute is a considerable waste of time and money for an entrepreneur. And yet, a poorly drafted contract or dispute can potentially take on proportions you hadn't envisaged. For this very risk, there is an equally precise solution...
PJ saves you a considerable amount of time by covering the costs of dispute resolution and providing legal advice for all your business projects. It advises you on the best strategy to adopt in the event of attack or defense. Legal protection supports you by putting you in touch with specialized lawyers and legal experts, and enforces court decisions via a bailiff if necessary. You'll also benefit from answers to all your questions from expert legal advisors, out-of-court dispute resolution with the help of mediators, and contract drafting thanks to our catalog of standard contracts.
Your MacBook crashes, your computer is stolen or a short circuit damages your equipment? That's a whole day lost! If you've got enough cash to buy a new one in a day, it's a hole in the accounts. If you don't, you're likely to postpone certain projects, and your whole business will suffer.
Computer equipment insurance protects all your equipment, wherever it may be, in the event of breakage or theft. Depending on the type of insurance, you'll be reimbursed for new equipment for 2 or 5 years. This protection includes your computers, screens, servers, printers, tablets, remote monitoring systems, etc. Protection to keep your cash flow healthy, even in the event of a glitch!
Written by our expert La Rédaction
June 9, 2022
