What do new company founders have to consider with regards to insurance?

Before setting up your own company, you should carefully check which social, personal and business insurance the new company will need and what level of cover makes sense.

In technical insurance terms, owners of PLCs or LLCs are considered to be employees of their company. As such, all second pillar, pension fund and accident insurance policies are required alongside OASI, DI, LE and UI. Depending on the sector, certain companies have to take out insurance with SUVA. Only OASI, DI and LE insurance is mandatory for sole-traders. They can decide themselves whether to join a pension fund or take out accident insurance. 

While business and professional liability insurance is not mandatory, it is still recommended. You should also consider supplementary accident, daily allowance or cyber insurance, for example. A detailed risk analysis will help you identify the potential risks and therefore the insurance policies that make sense for your company.


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