Prepare with insurances
Running a business always has its risks. You need to identify the risks in order to be prepared for them, be protected from them and to control them with different insurances.
YEL is the only mandatory insurance for entrepreneurs, and it collects contributions for your pension and affects your social security.
It is recommended to consider other insurances as well, since your personal insurances are not likely to cover damages related to business operations. The extent and line of your business determine the type of insurance you should take.
Insurances you might need include for example
- business liability insurance
- legal expenses insurance
- business interruption insurance
- property insurance
- accident and medical expenses insurance
- life insurance
- data security insurance
- vehicle insurance
- travel insurance
If you employ others than yourself, you will also need statutory insurances for employers.
Familiarise yourself carefully with insurances and their terms offered by different insurance companies.
In the Guide to Entrepreneurship you will find a good information package regarding insurances.
You will also receive help from the experts in the network of the Enterprise Agency with analysing the various insurance options.