Already during the company formation, you have to think about the insurance of your company. There are certain insurances, which you have to take out obligatorily. In addition, there are other offers that are recommended for optimal protection. In the following article, we will gladly explain everything you need to know about the various company insurances.
Which insurances are obligatory?
1. Social insurances (AHV/IV/EO/ALV)
A few days after the entry in the commercial register, you will receive a questionnaire from the compensation office of the responsible canton. This will clarify whether or not your company is liable to pay contributions. The obligation to pay contributions begins as soon as compulsorily insured persons are paid wages. Currently, the contribution amounts to 10.6% of the gross salary, half of which must be paid by the employee.
In addition, contributions must also be paid for unemployment insurance (ALV) and the family compensation fund (FAK). The ALV contributions amount to a total of 2.2% of the gross wage and are borne half by the employer and half by the employee. The FAK contributions vary from canton to canton and are usually paid by the employer.
2. Occupational pension plan (BVG)
The occupational benefit plan, also known as pension fund or 2nd pillar, provides, among other things, for the accumulation of a retirement pension as well as financial security in the event of disability and for surviving dependents in the event of death. Together with the 1st pillar (see social insurance), the pension fund covers around 60% of the last salary. However, if you want to continue your accustomed standard of living after retirement, you should definitely also take out a 3rd pillar.
BVG contributions must be paid for employees with a gross salary of at least CHF 21,510 or CHF 1,792.50 per month and an employment contract duration of at least 3 months. The employer must choose the insurance company and pay at least 50% of the contributions.
3. Accident insurance (UVG)
All employees who are employed by you must be compulsorily insured against occupational accidents, from 8 hours per week also against non-occupational accidents. We will be happy to explain everything that is important, show you the various solutions and find the right offer together.
What other insurances are available for companies?
1. Daily sickness benefit insurance (KTG)
If you or your employees are unable to work due to illness, this can have serious financial consequences. A daily sickness benefit insurance protects you and your employees against this financial risk. It covers the insured salary for up to 2 years in the form of daily benefits. Although this insurance is not required by law, it is highly recommended and is therefore taken out by most companies.
2. Business owner insurance
This insurance is the optimal solution for self-employed persons to protect themselves against the financial consequences of illness or accident. Thanks to an individually tailored daily allowance, which is insured, they do not have to worry about their income in case of an emergency. In addition, medical expenses as well as a lump sum in case of disability or death benefit for surviving dependents can also be included. The business owner insurance is not obligatory, but highly recommended for self-employed persons.
3. Inventory or property insurance
To protect inventory, goods and equipment against natural hazards and other unforeseen events, it is worth taking out inventory insurance. In addition, such insurances often cover loss of sales due to business interruptions, which is often the result of damage caused by natural hazards. The insurance also covers any furniture, utensils, machinery and IT equipment, protecting your business from the devastating financial consequences. The insurance is not required by law, but especially production companies and larger enterprises should not do without it.
4. Liability insurance
If third parties suffer damage because of your company or your employees, your company is liable with all its assets. With a liability insurance you can protect yourself against these risks which are difficult to assess. The liability insurance takes over the financial consequences in case of justified claims for damages and takes care of the defense in case of unjustified claims. This insurance is also not mandatory, but is taken out by many companies.
5. Legal expenses insurance
Legal protection insurance supports your company in legal cases, for example if you have problems with employees or customers, answers questions about tenancy law or other issues and fights with you for your rights. Since the insurance company assumes the financial risk for legal cases and is also available as a direct contact person for legal questions, it is worthwhile to have a voluntary legal protection insurance.
Have you recently started a business? Or would you like to have your current insurance coverage reviewed and receive competent advice from experts with many years of experience? Our in-house insurance experts at Simplecare.ch AG will be happy to advise you on all questions regarding company insurance. Contact us now!