Corporate

When running a business, be it small or large, a shop or factory, an office or independent practice, covering your stock and contents against such perils such as fire, water damage, theft, etc. may seem obvious. These represent the assets of the business and are usually paid for.

But, one must also realise the importance to cover equipment, such as machine tools, computer equipment, cold rooms, etc. These being your production capabilities could be of vital importance should they be destroyed.

In certain cases, cover can be set up on an “all risks” basis. In fact, if the equipment is bought on a credit-leasing basis, the finance house may require these to be covered specifically and may even request proof of insurance.

Most business insurance policies in France/Monaco may also include extensions such as:

• Loss of profits
• Loss of data (for computer equipment)
• Reconstitution of data
• Professional indemnity (small risks only)

Offices in the Eric Blair Network will take the time to study your needs and propose the most appropriate solution to cover your needs.

Don’t forget that, when it comes to covering your business, premium levels should not be a decision criteria.

The French legal system being based on the Napoleonic Code, evolves mainly around liability. Hence the reason why most “packaged” policies in France/Monaco start off with liability cover and then take into consideration damages. In fact, if you study carefully one of these policy documents, you will see that under the fire or water damage sections are included liabilities resulting from these perils.

One can say that for small businesses in France/Monaco, most general liabilities and even professional indemnity, would be included in a multirisk type insurance policy, at the same time as stock and contents.

Nevertheless, some professions may require specific professional indemnity policies, either because of the size or due to the actual highly sophisticated activity of the business:

• Architects
• Accountants
• Legal firms
• Medical professions
• Certain manufacturers involving specific production processes
• Businesses involved in building construction: plumbers, architects, builders, etc

In these cases, their professional indemnity insurance being very specific, a very specialised contract will need to be considered.

Besides, some trades may need to include in their liability coverage, damages to entrusted items. Dry cleaners for example are responsible for the damages caused to items left by customers.

Even Associations need to carry liability as they will be first called up should one of their members sustain a loss in an activity organised by the Association.

Other liabilities to be considered are:

• Neighbours risks
• Tenant’s risks
• Public liability
• Food poisoning

As you can see, liabilities is often complex and it is of importance that your needs be studied carefully and solutions proposed. This can only be achieved by a thorough examination of your business and your activities as well as a regular update of these and of any new developments.

Relying on The Eric Blair Network’s professional and long standing experience could turn out to be a vital decision.

If your business is employing qualified staff, the latter may represent an important asset to your firm, and therefore influence its value. Considering group coverage may bring your staff to feel even more concerned as to the results of your firm and take an even more active role in its development.

There are many schemes which can be considered, examples as follows:

• Top-up medical
• Pension plans
• Death benefit
• Executive coverage (mandatory)
• Loss of income following temporary disability

Apart from these which are totally to the benefit of the employee, other schemes may be of benefit to the firm itself:

• Travel assistance and repatriation
• Replacement staff for frequent travellers should they be suffering from a medical condition whilst representing the firm abroad on business
• End of career indemnity

Specifics applicable in the Principality of Monaco only

Employers’ liabilities to cover employees work accidents at work and on the direct way to/from work. Coverage is only available for employees officially in the Social System. It will be charged as a percentage of annual salaries, where a deposit premium is being paid at the beginning of the year and an adjustment at the end of the year when total salaries paid will be known

The Monegasque Social Security (Caisse de Compensation des Services Sociaux) offering different reimbursements on medical expenses compared to its French equivalent, specific schemes will need to be considered

The Eric Blair Network can provide these schemes.

One may wonder why a special sub-section should exist when considering coverage on a business. Unfortunately, in this highly legalised world we deal in, it is becoming more and more frequent for customer relationship to turn into a legal dispute, and we thought, at The Eric Blair Network, it would be useful to highlight some of the various policies which could cover these eventualities:

Public liability

to cover your general liability to the public, mainly for business premises, which is to be considered as the basis of insurance in France due to napoleonic law.

Professional indemnity

to cover your business for errors and omissions, including that of your staff, towards customers. This applies whether you are a baker, a manufacturer of car parts, a legal adviser, an accountant, a hair dresser, etc… Some professions may need to carry specific insurance such as 10 year liability if involved in the building trade in France.

Product recall

if you manufacture goods, your manufacturing process may be close to perfection, must a small defect in the production may force you to recall all products sold. This may entail considerable recall costs and loss of image. The Eric Blair Network can these unexpected costs.

Legal protection

this will cover your legal fees in your day to day management of your business such as disputes with employees following redundancy, with suppliers, etc. This coverage will enable you to continue dealing with your may concern, running your business, whilst Insurers will take the potential case away from you.

Specific policies for your trade may be put in place by The Eric Blair Network.

Being a Director and/or Officer of a Company in today’s world represents an increasing risk. A Director may find himself under “attack” for lack of sufficient or inappropriate information provided to shareholders.

Any Company, in the increasing smaller world we deal in, having subsidiaries in other countries, could find itself caught in the turmoil caused by the error or omission of one of its subsidiaries. Directors and/or Officers may find themselves having to pay compensation on their personal assets.

The Eric Blair Network can provide Directors and Officers appropriate cover in this respect.