RC Pro insurance is a formula you need when you are a professional. This type of insurance protects you in the event of damage caused to a third party during your activities or on your premises. RC Pro offers many guarantees that allow you to cover various risks related to your profession. Discover here more details on this insurance specially designed for professionals.
What is Professional Liability Insurance?
Professional liability insurance is insurance that covers damage caused to third parties (visitors, employees, prospects, customers, suppliers, etc.) by a company. It can be damages occurring during the exercise of your professional activity or occurring after the sale or the provision of services.
RC Pro covers these damages when they are caused by the directors of the company, its employees, its equipment, its vehicles, its products or by the quality of the service. Injuries are covered when they have occurred in the company, on a construction site or outside during a mission. The causes of these damages can be of various origins: professional misconduct, recklessness, malicious act , negligence, etc.
Professional liability insurance is insurance that meets the requirements of article 1240 of the Civil Code. The latter obliges the author of a harmful fault to repair the damage suffered by the victim. An accident happens quickly when you are a professional. When this happens, you must therefore, under the law, compensate the victim. In order to best protect your business , find out about RC Pro insurance in order to take out the best formula to cover any damage.
The types of risks that are covered by RC pro insurance
RC Pro insurance covers several types of risks. It covers multiple claims that may occur during the life of a business.
Bodily risks are damage to the physical integrity (health) of a person. For example, when, during your work, one of your visitors is injured by one of the equipment you use, RC Pro covers his medical expenses, hospitalization, compensation for lost wages and others.
Material risks are attacks on the property of others. It may be the deterioration or destruction of said property . If, for example, when unloading goods, an employee inadvertently damages or destroys a part, the professional liability insurance will take care of compensating the owner of the goods. In this case, it can cover the repair, replacement or reimbursement of the property concerned.
Intangible risks relate to all non-physical and non-material damage. For example, we talk about material damage when the damage causes the victim to stop working and this inactivity leads to financial losses .
How much does professional liability insurance cost?
The rates for taking out professional liability insurance are not fixed. They can be a hundred euros or thousands of euros depending on the company. These prices are determined based on certain factors. Indeed, insurers take into account the turnover of the company, its size, its status , its sector of activity, the type of coverage chosen or the risks incurred. Apart from these parameters, they also take into consideration other specificities of the contract.
The price of RC Pro insurance can be particularly high for certain professionals, including accountants, building technicians, players in the legal and health sectors and real estate agents. The latter are more exposed to high risks during the exercise of their profession.
What to do if you are sued for professional misconduct?
Professional indemnity insurance covers malpractice. When you are sued for such reasons, you must avoid reacting to the quick and making a decision immediately without informing your insurer. It would not be wise, for example, to pay at the same time the sum requested by the complainant or to respond to the allegations. This risks having irrevocable consequences.
In these circumstances, we recommend that you notify your insurance company instead . If you are an employee, you can notify your employer. The latter will be responsible for notifying the company’s insurer. The latter will be able to quickly gather the evidence, do the research, take the testimonies and make an analysis of the gathered elements. This is a procedure that may prove decisive for the rest of the case.
As part of the lawsuit, the insurer has an obligation to provide professional and legal support to defend your interests. He can even find you a lawyer who will represent you and plead your case in court. The lawyer’s fees will be paid by the insurance company.
In the event of conviction, the insurance company will assume the payment of damages . The injured client will thus be compensated for the financial impacts resulting from the professional misconduct.
How to find the best RC Pro insurance for your needs?
Many forms of professional liability insurance are offered by insurance companies. You must therefore follow a few criteria in order to find the insurance that best meets the needs of your business.
This is the first thing to check when you want to choose an insurance plan. The guarantees covered are different depending on the formulas and the insurer. You must check whether the necessary guarantees are present in the offer . You need, among other things, the civil liability guarantee for operation and the civil liability guarantee for occupation of the premises.
The first covers bodily injury, material and immaterial damage caused to others or to employees during the operation of the business. The second covers your premises against the risk of fire, theft or flooding.
Certain warranties may also be offered as options. There is, among other things, the guarantee of inexcusable fault on the part of the employer, the civil liability of managers or even the guarantee of damage to the environment and biodiversity. Prefer the optional guarantees that your company really needs . For example, if your activity has no impact on the environment, there is no point in choosing an environmental and biodiversity damage guarantee.
Whatever the type of insurance contract, limitations are imposed. This means that certain damages are not covered and that you will not be able to benefit from your insurance in these circumstances. Most often, this concerns consequential damages. Before signing the contract, take the time to find out more about the conditions under which the insurance will not be able to cover you.
Also check the deductibles. Indeed, for each formula, the insurance companies set an amount that will be payable by the insured in the event of compensation. The higher this deductible, the worse the contract.
Price and additional services
The cost of RC Pro insurance is also a criterion to consider when choosing the formula. Do not hesitate to ask for quotes . You can also use an online comparator or broker. You will be able to compare the offers in order to find the best RC Pro insurance.
Some insurers also offer some additional services to policyholders. Thus, professional liability insurance contracts provide you with legal protection. This is a plus for professionals who are very exposed to litigation.
Apart from all these criteria, you can also consider the possibility of purchasing your insurance online . Some companies have websites and allow all subscription procedures to be carried out remotely. This is an asset if you don’t have enough time to go to a physical agency.