Insurance for your business

Insure yourself

Here are some examples of insurance policies that apply to you as an individual and that you should consider when starting a business:

• Unemployment insurance. Become a member of an unemployment insurance fund. You will have some protection if your business does not develop as planned.
• Pension insurance or private pension savings to compensate for the loss of an occupational pension. Insurance companies, brokers and banks offer a wide range of products.
• Accident insurance.
• Income insurance.
• Sick leave insurance. In the event of illness, you can receive compensation for fixed costs.
• You can also take out insurance policies that increase your sickness benefit, and others that cover costs for medical care and a temporary substitute.

Social insurance

Business owners have the same rights as employees to the social insurance system. This means you are entitled to sickness benefit, parental benefit, pension and more. But there are differences that are important to know. Your sickness benefit qualifying income (SGI) is calculated differently in different types of business, depending on whether you pay tax on net profit or on a salary you draw from the company. Thus, your choice of business type can affect the amount of benefit you would receive if you were to become ill or take parental leave.

Business in your home

Bear in mind that your home insurance does not cover your business. Home insurance only covers items used for private purposes. This means that insurance companies will not cover, for example, tools, furniture, stock or finished products belonging to your business. If you use the same computer in your private life as in your business, the insurance company may consider it to be part of your business and therefore not reimburse it under your home insurance.

Business insurance

Business insurance is a type of insurance package consisting of different types of insurance, which can vary between different sectors and between different insurance companies. Business insurance can include:

• Property insurance.
• Liability insurance, to cover what you may be liable for in damages if someone or something is harmed by your products or services
• Legal expenses, insurance to cover lawyers' fees and business.
• Interruption insurance to cover lost revenue in the event of business interruption.

Make sure you meet the conditions set by your business insurance policy. If you fail to meet the minimum requirements, there is a risk that your compensation will be reduced or your excess (deductible) increased in the event of a claim. Examples of minimum requirements are that policyholders must have approved locks, fire extinguishers, evacuation routes and first aid equipment.

You can take out a business insurance directly through an insurance company and sometimes through interest organizations if you are a member of a trade union or a company or employer's organization. It is always a good idea to compare different offers to see which one that suits your business best.

If you have employees

If you have employees and are bound by a collective agreement, you must take out the collective insurance specified in the collective agreement. You can also voluntarily take out collective insurance without a collective agreement.

If you are not bound by a collective agreement or affiliated collective agreement, then you are under no obligation to take out collective insurance.

For more information on taking out insurance for your employees, see the “Insurance costs” page