Self-employed? Then you are the boss but also arrange your financial security yourself. Insurance helps a lot with unexpected costs. Think about disability or liability, for example. In this article, we will show you which insurances there are, which are compulsory and what they cost.
What types of insurance are there for self-employed people?
As a self-employed person, you can take out all kinds of insurance to protect both your business and yourself. Here are the top ones in a row, explaining why they are really important.
Health insurance
In the Netherlands, everyone must have health insurance. So too ZZP'ers. The basic insurance covers care such as the GP and hospital. As an entrepreneur, do you want more coverage? Then you can take out extra insurance for physiotherapy or the dentist, for example. How much premium you pay depends on your insurer and the coverage you choose.
Disability insurance
As a self-employed person, you obviously do not have sickness benefit. Disability insurance (AOV) ensures that your income continues if you are unable to work due to illness or an accident. The amount of your premium depends on your age, the work you do, health and the amount you want to insure. An AOV is useful if you need to keep paying your fixed expenses (for when you are ill, for example).
Business liability insurance
You may accidentally cause damage while working. For example, a window cleaner knocking over an expensive vase or a freelancer damaging equipment. Business liability insurance covers such unexpected costs. This way, you avoid paying for high damage claims as an entrepreneur.
Professional liability insurance
Professional indemnity insurance really comes in handy if you provide advice or services. By this we mean, for example, a consultant or IT specialist who accidentally makes a mistake resulting in major financial losses. In some industries, this insurance is even mandatory. How much premium you pay depends on your profession and the coverage you choose.
Legal expenses insurance
Legal problems can quickly become very expensive, especially if you need a lawyer. Do you have disputes with customers, suppliers or other business partners? Then legal expenses insurance is your salvation. Whether you are dealing with defaulters or contract problems, this insurance provides legal help and keeps costs down.
Business insurance for your car
Do you have a car on your business? Then you need business car insurance. This is in fact mandatory if the car is in your company's name. The insurance covers damage caused by accidents, theft or other incidents. How much premium you pay depends on your vehicle, mileage and claims history.
Inventory and property insurance
Do you own expensive equipment, tools or stock? Then inventory and goods insurance is good to have. This insurance protects your belongings against fire, theft or water damage. Ideal for entrepreneurs who use a lot of equipment, such as photographers, hairdressers or shopkeepers. The premium here depends entirely on the value of your inventory.
Which insurances are mandatory for self-employed people?
The health insurance is the only real compulsory insurance for self-employed people. Insurances such as disability insurance, are advisable but certainly not compulsory. On the contrary, in some sectors professional liability insurance may be compulsory. This often applies to architects or financial advisers.
What is the cost of insurance for self-employed people?
The cost of insurance varies from person to person and situation to situation. But here is a rough estimate to give you an idea:
- Health insurance: from €130 per month. This is your basic care. It may not be cheap, but it is mandatory.
- Disability insurance: will cost you between €100 and €500 per month. Depending on your profession and the amount you want to insure.
- Business liability insurance: between €10 and €30 per month. As a business owner, protect yourself from the small accidents that can cause big costs.
- Professional liability insurance: between €40 and €100 per month. This is for those times when you make a mistake that costs your customers money.
- Legal expenses insurance: costs between €20 and €50 a month. This is insurance for legal help, so you don't have to pay for the lawyer yourself.
- Business car insurance: from €50 a month. For when you take your car out for work.
- Inventory insurance: from €10 per month. This protects your belongings such as equipment, tools and stock from damage or loss.
These are indications of what you can expect. But note that it always depends on your specific situation.
Conclusion
As a self-employed person, you decide which insurances you need. The health insurance is compulsory, but AOV and liability insurance are also highly recommended. Costs vary depending on the insurance and situation. Want to know more about a specific insurance? Then compare the options at different providers.
