Insurance and personal health and security provisions

Company insurance

Before requesting offers for insurance, you need to know what your main risks are and where real damage can occur.

Examples of company insurance

  • Corporate liability insurance [Betriebs-Haftpflichtversicherung]:
    to cover claims for damages by third parties, e.g. by customers, suppliers, visitors and employees
  • Professional liability insurance [Berufs-Haftpflichtversicherung]:
    For services companies and freelancers. This type of insurance covers the financial consequences of a professional oversight, for instance, incorrect advice, appraisal.
  • Business interruption insurance [Betriebs-Unterbrechungsversicherung]:
    to cover running costs, such as wages, salaries, rent and interest, etc. at times when revenues cannot be generated.

Personal insurance

Health and disability care insurance

If you are planning on changing from the statutory health insurance scheme to private health insurance, you should first consider the advantages and disadvantages of such a move. If you opt for private health insurance, you will normally not be able to return to the statutory health insurance scheme. The consumer advice centres can advise you in this matter.

Daily sickness allowance

A self-employed person who is unable to work (for instance, due to illness) will usually cease earning. A daily sickness allowance [Krankentagegeld] can offset these losses in income. This type of insurance can be taken out under voluntary statutory health insurance or as private insurance. You should compare insurance companies! Rates can differ considerably. You can also contact the consumer advice centres for assistance.

Occupational disability insurance

Occupational disability insurance provides you with a monthly pension should you find yourself unable to pursue your occupation. When taking out this kind of insurance, please check to see if you should take out separate accident insurance. For more advice in this matter, you should contact the consumer advice centre.

Statutory disability scheme

Unlike private occupational disability insurance [Berufsunfähigkeitsrente], the statutory disability scheme [gesetzliche Erwerbsminderungsrente] of the statutory pension fund will only pay out when the person insured is unable to pursue any kind of work, irrespective of their qualifications or their last job.

Accident insurance

The employers' liability insurance association, i.e. statutory accident insurance scheme, is an important addition to all other forms of insurance. Private accident insurance is another option. Both types of insurance pay out when an accident results in invalidity. Entrepreneurs or freelancers are not normally compulsorily insured, however, they can insure themselves voluntarily with their employers' liability insurance association against the consequences of accidents at work or on the way to and from work. The industrial/commercial employers' liability insurance associations are organised according to sectors.
As always, it is important to obtain advice here.

Life insurance

A risks-only life insurance policy is the best way to protect the financial future of your family. This type of insurance becomes payable when the insured party dies. The level and duration of cover can be agreed to individually.

Pension provision

If while working as an employee you already paid into the statutory pension fund you will continue to be entitled to your claims. Self-employed freelancers and business people can continue to pay into the German Pension Insurance scheme and/or can take out private pension insurance. Some self-employed people are obliged to be insured in the statutory pension insurance scheme. This applies, for instance, to skilled craftspeople, midwives, teachers, artists and publishers.

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