Corporate insurance pricesThe company's insurance prices are influenced by many factors, such as risks in different industries. When you compare insurance policies and think about the most suitable insurance cover for your company, it is a good idea to look beyond the price.
The amount of the deductible
The amount of the deductible can also affect the price of insurance, and you should select a deductible that suits the company’s risk-bearing capacity.
Your company’s business sector affects the price of insurance
Insurance may be more expensive for a construction company than an office-based business.
What affects the price of corporate insurance policies?
- Your company’s business sector affects the price of insurance, because some sectors carry more risk than others – for example, in the form of physical hazards. Insurance may be more expensive for a construction company than an office-based business.
- The size of the company can also affect the price of insurance. Larger companies need more extensive insurance cover against property and operational risks, as well as personnel risks.
- The amount of the deductible can also affect the price of insurance, and you should select a deductible that suits the company’s risk-bearing capacity. If the deductible is too high, the entrepreneur could end up in a difficult financial position for some time.
- All measures taken to improve the security level in your company as part of a general culture of risk management can be taken into consideration in the price of your insurance. Investments in preventive measures and occupational safety are beneficial.
- If your company has hired employees, the mandatory forms of insurance are occupational accident insurance, group life insurance, and employment pension insurance. Self-Employed Persons’ Pension Insurance (abbreviated to YEL in Finnish) is the only mandatory form of insurance for entrepreneurs. The prices of entrepreneur’s insurance and personal insurance for employees are often affected by their monthly incomes. You can use the YEL calculator on Ilmarinen’s website to see how your earned income affects the price of the YEL policy.
See the calculator on Ilmarinen’s website
Price of occupational accident insurance
The price of statutory occupational accident and occupational disease insurance is determined mainly on the basis of the total payroll and employees’ job titles. The total payroll is used to measure the amount of work, and the job titles describe the risk of occupational accidents and diseases in that line of work.
The price of occupational accident insurance is determined individually on the basis of the policyholder’s details. In small companies, the policyholder’s own accidents have no direct effect on the premium, because the occupational risk used to calculate the premium is based on national claims statistics. For other types of companies, the company’s own claims statistics will be taken into account when determining the insurance premium.
Price of general liability insurance
The price of general liability insurance for your company is affected by factors such as your business sector, payroll total, and selected deductible and sum insured. The price of general liability insurance is also affected by your company’s net sales. Other factors such as the quality management system that you use may affect the price of entrepreneurs’ general liability insurance. We base our rates on the risks specific to your business sector, so remember to take out general liability insurance for all of the business sectors in which your company operates.
A good insurance package is the cornerstone of risk management
It is a good idea to keep your insurance up to date, as it provides unique coverage in the event of loss, damage or other unforeseen events. The right insurance package, customised to your company’s needs, is the cornerstone of risk management.
When you compare the prices of corporate insurance policies, it is a good idea to think about the costs you could incur in the event of loss or damage. Insurance premiums are fairly insubstantial in relation to the amount your company would have to pay to repair the damage caused by a fire or burst pipe, for example, if you had no insurance.
In addition to mandatory insurance, you can take out voluntary insurance cover. Various entrepreneur’s insurance policies safeguard the livelihoods of entrepreneurs, their families and their business, if the business needs to cease trading for any reason. Voluntary insurance policies cover you and your family against unforeseen events. You can also enhance your employees’ wellbeing and job satisfaction. Your employees will feel more committed to the company when they receive additional cover from voluntary insurance policies as a fringe benefit.
Our experts at Pohjola Insurance have an extensive understanding of the sector and can provide more information on insurance policies that suit your company’s needs. Enter your contact details below and we will get in touch!
In the op.fi service, you can easily and safely manage all of your company's insurance transactions. The service allows you to, for example
- report a loss and see how your loss report is processed
- print out certificates of insurance
- order a Green Card for company vehicles
How to activate the Internet Service:
- Sign the Agreement for Digital Transactions and name the administrators.
- Administrators can add other users and their access rights to the service.
- Read more about the op.fi service for corporate insurance customers
- Sign the Agreement for Digital Transactions (in Finnish)