Insurance for the self-employed: you need to know this!

Entrepreneurship is taking risks. As a self-employed person, taking out the necessary insurance is advisable. Some insurance policies – such as professional liability insurance – are mandatory. Others are not, but they are worth considering. Discover how you can protect yourself and your business against setbacks.

Pension insurance: start thinking about it later now

If you’re lucky, you won’t have to deal with setbacks for a long career. Then, when it’s time to pass the torch, you want to enjoy your old age with peace of mind. But it’s best to prepare for that now.

You accrue a statutory pension through your social contributions. But if you want to enjoy life after retirement, it is best to provide something extra yourself. 

You save for later with the Social Free Supplementary Pension via Liantis, but you are reaping the benefits now.

Do you work as a self-employed person from a company? Then the individual pension commitment (IPT) is a fiscally advantageous addition to your Social VAPZ. Thanks to the individual aspect, you decide how your company provides for a supplementary pension, whatever your future as an entrepreneur brings.

Self-employed persons within a sole proprietorship can opt for a pension agreement for self-employed persons (POZ) 

Finally, there is an additional option for (para)medical professions. Are you working as a healthcare provider, and are you covered by a convention? Then, under certain conditions, you are entitled to an annual allowance from the National Institute for Sickness and Disability Insurance, also known as the  RIZIV allowance.

Mandatory insurance for the self-employed

If you employ staff, you are required by law to take out occupational accident insurance that protects your employees against the consequences of an accident.

Furthermore, depending on your specific activity, you may also have to take out other mandatory insurance policies. The best-known of these insurance policies is professional liability insurance. With such insurance, you cover yourself against costs you incur as a result of accidental damage due to a contractual or professional error. Professional indemnity insurance is mandatory for most regulated industries, such as lawyers, accountants, architects or doctors.

In certain cases, such as when you run a catering business, you must also take out civil liability insurance according to the law. Examples are insurance against fire and explosion, civil liability insurance during operation and civil liability insurance after delivery.

Directors’ liability and fiscal, and legal assistance: not mandatory but recommended

Best auto insurance policies are not mandatory but can save you a lot of headaches when things go wrong.

As a directormanager or mandatary in a company, for example, you bear a lot of responsibilities. For example, you can be held liable for an accident involving one of your employees or an unjustified dismissal. With director’s liability insurance, you avoid having to personally pay for damage claims against your company in cases such as these.

And if one day you get the tax authorities or VAT administration, you want to be assisted by professionals. However, it comes with a hefty price tag. With the fiscal and legal assistance policy, you do not have to worry about these costs. The same applies to a social, legal assistance policy, which covers you as an employer against costs arising from labour law conflicts with employees, trade unions or the government.

Protection in the event of illness or death

If you become self-employed due to an accident or illness, you cannot count on the same safety net as an employee or civil servant. Moreover, the bills keep coming in, while at the same time, you see your income dwindling.

Your health insurance fund will pay part of the hospital bill if you must be admitted. With hospitalization insurance, you can cover yourself against the remaining medical costs.

If your disability is recognized, you will benefit from your health insurance fund. However, in most cases, more than this will be needed to cover your fixed costs. Guaranteed income insurance gives you extra breathing space, allowing you to focus fully on your recovery or rehabilitation after an accident.

If you want to go further, you can take out life insurance. Then your insurer will pay an amount to the beneficiary if you die before your policy expires. As an entrepreneur, you can protect your family financially if something happens to you.

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