Corporate insurance prices
The company's insurance prices are influenced by many factors, such as risks in different industries. When you 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.