Which and how many insurances you need varies from one business to another. Each type of insurance may have different names at different insurance companies. Insurance can be divided into three categories
Thus, you must investigate the coverage of each individual insurance. This is
often hard work.
1) Insurance prescribed by national law
Insurance prescribed by national law differs from country to country. But usually it is compulsory to take out insurance for ones staff. The insurance should cover injury at work, health problems, death and other personal problems which affect the employee and his or her family.
If you start a personally owned company you as a person are seldom covered by the insurance for the company. You are the owner and not an employee. Therefore you have an insurance which covers any injuries inflicted on you while working in your own company.
The insurance companies can deliver whatever insurance you can think of. It is just a matter of the price for the insurance policy. Therefore you have to consider what kind of risk you can accept. This is called risk management.
The most normal insurances to take are:
You could contact insurance consultancies specialised in business consulting
that can help you find the best possible coverage at the lowest cost. Some
consultancies are definitely serious, but, like within other trades, here you
also 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.