Why would you get insurance?

Insurances are safety nets, a way to manage risks of loss. Buying an insurance means transferring the cost of potential loss to the insurance company in exchange for a fee, known as the premium. Commercial insurances – insurances aimed at protecting and providing safety nets to businesses, employers and employees – are crucial in protecting enterprises and companies against risks of business failure. 

What are the types of insurances relevant to companies and business startups in Switzerland?

Vehicle insurance

In Switzerland, all vehicles need to be insured. Vehicles can be insured on a third party liability level and a comprehensive level. A third party liability insurance is required when a claim is made against you for personal injuries and legal costs. Comprehensive vehicle insurance covers damages caused to your own car by you, as well as injury, property damage, fire and theft.

Personnel Insurance

This insurance covers the owner and the employees of a business in the case of sickness, accident or illness.

Public Liability Insurance

It is a compulsory insurance that protects against claims by third parties for negligence, death, injury, loss and damage of property and economic or financial loss.

Building and contents insurance

This insurance protects the business property against fire, water and other damages such as earthquakes, lightning, storm, explosions, burglary and theft.

Which offerers are there? What are the best-rated products for young entrepreneurs?

Please click here for a list of insurers in Switzerland provided by the Swiss Financial Market Supervisory Authority (FINMA).

Is there any mandatory insurance I need to get? What are they?

According to the Swiss law, self-employed persons have to pay contributions for retirement insurance (AHV), invalidity insurance (IV), loss of earnings compensation (EO) and health insurance.

Useful links

• Insurance in Switzerland