Starting your own business - what about insurance?
When you start your own business, many questions quickly come up – including about insurance. Which insurance policies do I need and which should I also consider? Here’s an introduction to what you should think of as a start-up.
Choose the right insurance
Make safe choices and focus on the most important things – building your business.
It’s smart to think about insurance early
Starting a business involves a lot of responsibility and many choices, and in the middle of everything practical, it is easy to postpone insurance. Still, with the right insurance in place, you can secure both your operations and yourself against losses that are hard to carry.
In particular, start-ups have vulnerable finances, often depend on a customer, one local or specialised equipment. An accident, damage or data breach can have major consequences and in the worst case threaten the entire business. That’s why it’s smart to think about insurance from the start.
Which insurance policy do I need as an entrepreneur?
A few insurance policies are legally required and apply when you have employees. From the first employee, you must buy occupational injury insurance to secure the employee a compensation if they get injured at work.
If you have one employee in a minimum 75% position in addition to yourself, you must also have an agreement on pension savings. Minimum pension savings are 2% of salary.
If your business owns a vehicle or work machinery, you must also insure these. In some professions, you need to have liability insurance to get assignments, such as in building and construction.
Which insurances should I have as an entrepreneur?
In addition to that which is required by law, there are other important insurance policies that can be crucial to operations.
When you start a business, it’s important to protect yourself from financial consequences of unforeseen events and that can make the company goes bankrupt
Liability insurance is one of the most important ones. Liability insurance provides compensation for damage that you or your employees incur to other people or their property. There may be faults with the products you sell, or delays in your services that result in a loss for your customer. The insurance covers the customer’s legal liability in such cases. Many call the liability insurance the company’s life insurance. If you buy a supplement for legal aid, you can also get covered for expenses for legal help related to the compensation case.
In addition, it may be a good idea to consider insurance that covers:
• Damage to equipment, goods or premises• Loss of income from breakdown due to damage• Help from experts in the event of cyber attacks and data breaches
With the right non-life insurance, you protect your operations, finances and reputation.
All insurance policies
We’ve put together all our employee and injury insurance in one place. Here you’ll find more detailed information about each individual insurance policy and what it covers. If you are unsure of what suits you, you can talk to an adviser or check out our industry selector.
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