Insurances for self-employed individuals – What you need to know

Your personal insurance won’t cover your work 

Despite being your own boss, personal insurance isn't enough. It won't protect you or the equipment you use for work.

When you're self-employed, your business finances are often closely linked to your personal finances. Therefore, having business insurance is crucial.

Some business insurances are mandatory, while others are optional.

Employers’ Liability Insurance is mandatory

If you have employees or work as a director, you are legally required to have workers' compensation insurance. At IDA Forsikring, statutory occupational accident insurance is included in our Office Insurance.

Company cars require insurance

Personal car insurance doesn’t extend to company vehicles. You’re obligated to have liability insurance for business cars, and this is available through our Business Car Insurance.

Insurances to consider as a self-employed person

Various optional insurances are designed for self-employed individuals. Here's an overview:

Business travel insurance: Provides round-the-clock worldwide coverage for you and your employees.

Netbank insurance: Protects your bank account in case of compromise, with the bank covering your account if it gets hacked.

Moveable insurance and business- and product liability insurance: Covers your inventory and products. At IDA Forsikring, this is part of the Office Insurance policy.

Business health insurance: Ensures prompt medical treatment for you and your employees, minimising extended sick leaves.

Professional indemnity insurance for advisors: If you or your employees provide advice as part of your role, there is a possibility of financial loss for the client. In such cases, liability insurance will cover the compensation claim.

Key person insurance: Key person insurance ensures that your company can continue operating if a vital employee is unable to work for an extended period. This insurance provides financial assistance while the employee is on sick leave.

IDA Forsikring: Your partner for self-employed insurance 

At IDA Forsikring, we offer extensive coverage for self-employed individuals. Since IDA members co-own IDA Forsikring, we provide some of the most cost-effective insurance policies for the self-employed.

You can tailor your insurance to suit your specific needs. For example, IDA Office Insurance covers inventory, products, and work-related injuries, making it a practical choice for your busy work life.