Insurance for business founder

20.10.2020 | Business Know-How

Insurance is available for almost everything. Regardless of whether it is to insure against personal or company risks- one should consider carefully which insurance types are indispensable, which are highly recommended, and which are optional or of little relevance. After a company is founded, the requirements can also change over time. In any case, it is worthwhile to gather and compare different insurance offers. Whether “package insurance” is worthy, one should also check carefully, because it often conceals dispensable insurances that are automatically paid for.

Personal Insurances

In the case of personal insurances, one is predominantly exempt from the insurance obligation as a self-employed person. One must take out health insurance; the other compulsory insurances for employees, unemployment insurance(Arbeitslosenversicherung), pension insurance (Rentenversicherung), nursing care insurance (Pflegeversicherung) and accident insurance (Unfallversicherung), are not mandatory. Members of some professions must insure themselves in the professional association to be insured against accidents. In some cases, there is an obligation to register with the Workers Compensation (Berufsgenossenschaft), even if there is no obligation to insure.Self-employed artists and publicists must insure themselves through the artists’ social insurance fund (Künstlersozialkasse).
It is recommended to register for voluntary insurance, even if it is not mandatory. Self-employed persons can usually choose between private or statutory insurance. Changing from private health insurance to a statutory insurance is only possible under certain conditions. For the structure of retirement provision, startup owner has his sole responsbility. It is possible to voluntarily insure oneself in the statutory pension insurance (Gesetzliche Rentenversicherung) . As a member of accident insurance (Unfallversicherung), you can insure yourself against the consequences of industrial accidents and occupational disability. If you take out private insurance, you should also always make sure that you do not lose any entitlements to benefits that you have already acquired from statutory insurance and that it may be advantageous to take out voluntary insurance in statutory insurance.
In order to cover personal risks that may threaten the company’s existence, there is a variety of other insurance policies, for example private liability insurance, accident insurance, daily sickness benefit, occupational disability insurance, life insurance, etc.
If people are employed, they must be covered by social insurance (LINK text Registration). This also applies if the founder of a GmbH is himself employed as managing director of his company.

Company Insurance

Which company insurance policies are necessary or recommended depends on the types and sizes of the company and types of involved risks. A self-employed app developer needs less insurance than a company that manufactures medical devices or processes hazardous substances. A rough distinction can be made between insurance policies that cover damage to the company, liability claims against the company or legal disputes.
One of the most important insurances is the business liability insurance (Betriebshaftpflichtversicherung), which covers personal injury and property damage to third parties. If necessary, it is advisable to combine the business liability insurance with a product liability insurance (Produkthaftpflichtversicherung) that covers damages caused to the customer by the use of a product.
Professional liability (Berufshaftpflicht) is mandatory for some professions, especially for medical professions and advisory professions, including lawyers, tax consultants, architects and midwives.
A contents insurance (Inhaltsversicherung) is similar to a household contents insurance for businesses and covers damage to the company’s equipment. These are, for example, machines, goods or raw materials that are damaged by tap water, fire, storm, burglary or theft.
Business interruption insurance (Betriebsunterbrechungsversicherung) covers , for example, salaries and rent in the event of loss of production.
Electronics insurance (Elektronikversicherungen) takes effect in case of failure or infestation of IT components. A cyber insurance (Cyberversicherung) protects in case of data loss due to hacking or viruses. However, it only takes effect if you can prove that you have installed sufficient protection.
Environmental liability insurance (Umwelthaftplichtversicherungen)covers damage to third parties caused by soil, water or air pollution, e.g. by leaking heating oil.
Legal expenses insurance (Rechtsschutzversicherung) covers lawyers’ fees and court costs in case of legal disputes.
Other insurances are, for example, burglary insurance, financial loss liability insurance, trade credit insurance, special insurances for management and board members, storm insurance, fire insurance, tap water insurance, fidelity insurance, machinery insurance, car insurance, etc.

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Link Text Plum / Sozialversicherung , Gesetzliche Anmeldungen
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