Starting or running a business?
Discover everything you need to know about doing business in your country from one of the Ye! country guides. We have kick-started a few and will be adding more. Check it out and stay tuned!
Insurance
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.
Is there any mandatory insurance I need to get in Turkey?
Vehicle Insurance
Compulsory Traffic Insurance (Zorunlu Trafik Sigortası) is required for all vehicles in Turkey and proof of insurance must be carried at all times. It covers the cost of damage of the other vehicle in the event of a road traffic accident.
Unemployment Insurance
Employees, employers and the state are required to make a compulsory contribution to the Unemployment Insurance Plan at the rates of 1%, 2% and 1%, respectively, of the gross salary of the employee. Like the social security premium payments, unemployment insurance premiums are also to be paid on a monthly basis. Employers are able to deduct such contributions from their taxable income.
