When you need to assess your insurance needs of the company, you can divide it into the following groups:
The company´s insurance and insurance the owner needs is not the same. The
company´s insurances are insuring the company´s activities against risks.
Owners insurance only covers the person behind the company and must be paid by
the owner personally – if it is a
sole propriety company.
The owner can draw the following insurances:
Sickness Insurance
As an independent, you are entitled to
sickness benefits from the municipality after 14 days if you become ill.
However, you must meet the statutory sickness benefits conditions which say that
you must have been self-employed within the last 12 months and had sufficient
profits of the company.
You can take out a supplementary insurance, so you can get sickness benefits
from day 2.
The voluntary insurance taken out with the
Civil
Administration
Labour Market Occupational Diseases - AES
AES allows you to get compensation if you get an occupational disease. An
occupational disease is a disease caused by work or working conditions; even if
it takes several years from the time they have been exposed to a harmful impact
of the disease appear.
Labour Market Occupational is taken out at
Borger.dk - AES.
Accidents
Accident Insurance for the owner is subscribed
at private insurance companies.
The following insurances are compulsory when you start a business, i.e. you must take them if you meet certain conditions:
Workers´ Compensation fund
According to the Workers´ Compensation Act an employer that hires people to
work in the company is obliged to take out employer insurance. This applies for
both paid and unpaid labor.
You can take out employer insurance in most
Danish insurance companies.
Labour Market Occupational Diseases (AES)
According to
the Workers´ Compensation Act an employer that hires people to work in the
company is obliged to take out an occupational insurance. This applies for both
paid and unpaid labor.
AES ensures that employees receive an occupational
sickness or receive compensation and reimbursement for their sickness.
Read
more on
Borger.dk - AES.
The insurance companies can deliver whatever insurance you can think of. It
is jut a matter of the price for the insurance policy. Therefor you have to
consider which kind of risk you can live with. It is called risk management.
The most normal insurance is:
Professional indemnity insurance
A professional indemnity
insurance covers damages you may cause as an effect of your business.
Accountants and lawyers, e.g., are legally obliged to take out such insurance to
cover a customer´s loss caused by misleading advice, but also other professions
are liable to pay damages:
A mechanic may damage a car engine by wrong
calibration and an IT consultant may cause a great loss if s/he messes up a
customer´s computer system.
Insurance against loss by fire, theft
and water damage
These are the basic elements of insurance that all
businessmen and women should take out. In many ways this corresponds to your
household furniture insurance, but includes business property coverage, which is
not normally covered by household furniture insurance.
Consequential loss insurance
While insurance against loss by fire,
theft and water damage covers the direct damage, consequential loss insurance
covers the profit loss resulting from long term business interruption caused by
fire, etc.
Project insurance
Some craftsmen take out
separate insurance providing coverage dedicated to one individual large-scale
construction project.
Transport insurance
Haulage
contractors, shipping agents and others in the transport industry as well as
companies with large freight needs should take out proper insurance. Cargo in
transit risks theft, damage, traffic accident, loss of vessel, etc.
The insurance industry is tangled and unknown territory to most
entrepreneurs. Therefore, it would be wise to seek assistance. This can be done
in several ways:
You can consult an insurance company and ask for their
assistance. They offer good advice in terms of identifying the risk coverage you
need, but you can not be sure that the agent offers you the cheapest solution.
S/he is obviously bound by the solutions offered by the specific insurance
company.
Insurance consultancies specialised in business consulting can
help you find the best possible coverage at the lowest cost. Some consultancies
are definitely serious, but, like within other trades, also here you risk
running into some who are not.
Another solution is to ask your
accountant. Only a few accountants are insurance experts, however, most are
fairly experienced in the field.
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