I am self-employed. What types of insurance do I need?

Your Private Insurance Will not Cover Your Work

Although you are your own boss, private insurance is insufficient because it does not protect you or the equipment you use for your business. When you are self-employed, your business finances are often closely tied to your finances, making business insurance essential.

Some types of business insurance are mandatory, while others are optional.

Employers' Liability Insurance is Mandatory

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

Company Cars Require Insurance

Private car insurance does not cover company vehicles. Therefore, you must obtain liability insurance for business cars, which is available through our Business Car Insurance policy.

Insurance Types to Consider for Self-Employed Individuals

As a self-employed individual, various insurance options can help protect you and your business. Here's a clear overview of some important types of insurance to consider:

1. Business Travel Insurance: This insurance provides around-the-clock worldwide coverage for you and your employees while travelling for business purposes.

2. Netbank Insurance: This coverage protects your bank account in case of a security breach, ensuring that your bank will cover any losses if your account is hacked.

3. Inventory and Product Liability Insurance: This insurance covers your inventory and products. At IDA Forsikring, it is included in the Office Insurance policy.

4. Business Health Insurance: This ensures prompt medical treatment for you and your employees, helping to minimise extended sick leaves.

5. Professional Indemnity Insurance for Advisors: If you or your employees offer advice as part of your role, this insurance provides coverage in case a client suffers financial loss due to that advice, protecting you against compensation claims.

6. Key Person Insurance: This insurance ensures that your company can continue operating if a critical employee cannot work for an extended period. It provides financial support while the employee is on sick leave.

Considering these insurance options, you can better protect yourself and your business.

IDA Forsikring: Your Partner for Insurance for Self-Employed Individuals

At IDA Forsikring, we provide comprehensive coverage explicitly tailored for self-employed individuals. As IDA members co-own IDA Forsikring, we can offer some of the most affordable insurance policies for the self-employed.

You can customise your insurance to meet your unique needs. For instance, our IDA Office Insurance covers inventory, products, and work-related injuries, making it an ideal choice for your busy professional life.