Insurance for the self-employed and entrepreneurs: good to know

Maybe not the sexiest of topics, but a much-needed protection for your business: insurance. You will find below an overview of the mandatory and most common supplementary insurance policies. This should be a good start.  

Which cover should a starting entrepreneur consider?

There is no standard insurance package for starting self-employed professionals or entrepreneurs because of the excessive complexity of possible scenarios and diversity of potential risks. For example, the insurance package of an independent landscaper will be quite different from that of an architectural firm. Should you rely solely on the goodwill and expertise of insurers to put together a balanced package? No, before you contact them, you should start by setting yourself some financially viable priorities.

Compulsory insurances

• An occupational accident insurance if you employ staff, to cover them in the event of an accident at work or on the way to work
• A volunteer's insurance civil liability) for structured non-profit organisations.
• A civil liability insurance policy for vehicles to cover damage caused to others in the event of an accident;
• A civil liability insurance policy covering fire and explosion if you are operating in a place accessible to the public;
• A professional liability insurance for some liberal and intellectual professions;
• A ten-year third-party liability insurance for construction professionals on certain sites.

Optional insurances

• Personal protection: 
  Guaranteed income insurance, hospitalisation insurance, life insurance and pension insurance.
• Personnel protection: 
  Your employees should be covered by a common law insurance, group insurance for supplementary pension and collective hospital and outpatient insurance (which is more advantageous than individual health insurance);
• Property assets: 
  Fire insurance is an absolute priority. You can supplement it with policies covering your contents, theft (only in addition to contents insurance), business losses, machine failure or electronics. 
• Business operations:
  Avoid damage claims by taking out a business civil liability (CL) insurance, after delivery CL insurance, CL insurance for entrusted goods and legal assistance cover;
  Cyber insurance is becoming increasingly important, especially for SMEs, which are prime targets for cyber attacks;
• Vehicles: 
  The (mini) comprehensive insurance, driver insurance, legal assistance, breakdown assistance and cargo insurance supplement the legally required car insurance.

Please note that two insurance policies cannot be compared simply on the basis of price. Always remember to look at the limits of cover, exclusions and special clauses in the contract. You can turn to an insurance broker, who will compare cover for you.

You can use online tools to compare quotes from different insurers. For more information, you can also visit the website of Assuralia, the professional association for insurance companies.

Ask an insurance broker for advice

Insurance is a complex subject, and it's not always easy to find your way around. Fortunately, you can ask an insurance broker for advice.
The broker's role is to:

• advise you on the insurance you should take out to cover your business, depending on your activity, the size of your business, your risk aversion, etc.
• offer you products tailored to your needs. A broker works with several partner companies to offer you suitable cover and rates.
• keep your policies up to date. 

Start-up companies undergo major changes, whether in their business, turnover, or staff. To ensure full coverage in the event of a claim, it is essential to regularly monitor these changes and keep the insurance companies informed through the broker.

Tools such as the Yago platform or those provided by your local broker can also digitise and automate your insurance-related administrative tasks.

Avoid being blacklisted

Self-employed professionals and entrepreneurs who default on premium payments, submit false declarations or excessively high claims may end up on the blacklist. Insurers add to the list (a ‘special risks’ RSR file) the details of self-employed professionals or entrepreneurs who present a disproportionate risk.

Although insurers cannot refuse you cover in theory, they can leave you exposed by imposing extremely high premiums in practice.

Dattasur, the economic partnership of insurance companies, updates the blacklist and is obliged to inform you if your name is listed.

Cancelling insurance policies

If your insurance policies overlap or if you find a more appealing offer elsewhere, you cannot cancel your current insurance contract without notice. With most insurance policies, you are contractually bound for a year and must wait until the annual due date. However, some contracts are for three years, allowing better rates to be negotiated. By law, the exact date for sending the cancellation should be stated on the first page of your contract, but this is not always the case. Most insurers simply state that you must send a registered letter three months before the due date. Consequently, a contract set to expire on 14th August must be cancelled by 13th May at the latest. Don’t let yourself be caught out. If you fail to cancel in time, your contract will automatically be renewed for another year.

^{This content was enhanced in 2025 with further insights from insurance broker Yago.}