Insurance for new businesses
Setting up a new business may feel exciting but sometimes also complicated. We want to help your company get started by offering insurance for new entrepreneurs conveniently.Insurance checklist for new businesses
Setting up a new business involves many decisions and matters to take care of. As a new business owner you must consider questions such as the company's legal form, financing, permits, obligations and unemployment security. Taxation, agreements, facilities, employees and insurance must also be taken into account. You don't need to do everything yourself.
We help new businesses manage risks. The right selection of corporate insurance provides cover across the company's lifecycle. New entrepreneurs are often entitled to a discount on insurance.
Our checklist for new entrepreneurs describes how to insure yourself and your company.
- Identify the mandatory insurance policies. Find out which insurance policies are statutory for your company. The most common mandatory policies are self-employed persons' employment pension insurance (YEL) and employer’s pension insurance (TyEL).
- Assess your need for voluntary insurance policies. With your company's sector and risks in mind, consider voluntary insurance policies such as general liability insurance and legal expenses insurance. These protect your company in case of damages and disputes, for example.
- Request an insurance offer. Contact us to request an offer for insurance for entrepreneurs and businesses. You will receive an offer, including the price, for all the policies at the same time. The offer will not obligate you in any way.
- Keep your insurance policies up to date. Remember to update your insurance policies after making changes to your business, such as expanding the line of business or hiring employees. Our digital services make it easy to update your insurance policies.
- Train your employees in practices related to insurance. If you have employees from the outset, ensure that they know how to act in the event of loss or damage. You can also provide instructions by adopting the digital insurance card for employees.
- Consult our experts. Our experts help you insure your company. You can contact us via chat or by requesting an offer.
What insurance does a new business need?
The insurance policies for new businesses are divided into mandatory and voluntary insurance policies. Entrepreneurs should clarify both at the outset, as insurance directly affects the continuity of business operations and their own cover.
Most often, the insurance needs of a private trader and a limited liability company are very similar, especially at the beginning of business operations. However, the need for insurance also depends on the industry and whether employees are hired.
Mandatory insurance for a new business
Starting a business comes with legal obligations. The following insurance policies are mandatory for a new entrepreneur or company, depending on the industry and whether employees are hired.
- Self-employed persons’ employment pension insurance (YEL): Mandatory for entrepreneurs aged 18–67 if the work lasts at least four months and the income exceeds the YEL limit. In addition to securing your pension, YEL protects your rights to receive, for example, sickness allowance, parental benefits and unemployment security. If you don't have any employees and industry-specific obligations, YEL is often your only mandatory insurance.
- Employer’s pension insurance (TyEL): Mandatory if you hire employees. Secures the pension savings of employees.
- Workers' compensation insurance: Statutory insurance for employee accidents and occupational diseases.
- Industry-specific insurance: Specific insurance is required in certain industries, such as patient insurance in social and healthcare.
- Vehicle insurance: If the company has vehicles, they require at least mandatory motor liability insurance.
These mandatory insurance policies create basic cover for a start-up company. When your legal obligations are in place, you can ensure a smooth start for your business.
Next, it's worth assessing what kinds of voluntary insurance policies your company needs based on the scope of your business and the risks involved.
