Which insurance is most important for self-employed individuals?
January 21, 2023 | 30,00 EUR | answered by Ingo Gallenberg
Dear lawyer,
My name is Max Rapp and I am a self-employed entrepreneur in the construction industry. Over the past few years, I have invested a lot of time and money into building my business successfully. However, I am now faced with the question of which insurance is most important for self-employed individuals.
I am aware that there are various insurances that can be important for self-employed individuals, such as public liability insurance, disability insurance, or health insurance. However, I am unsure which risk is the greatest for me as a self-employed individual and which insurance would provide me with the best protection in case of an emergency.
I am concerned that in the event of an accident or serious illness, I could lose my livelihood if I am not adequately insured. Therefore, I am wondering which insurance would provide me with the most security as a self-employed individual and how I can best protect myself to safeguard my business and personal financial situation.
Could you please assist me and recommend which insurance is most important for self-employed individuals and what specific steps I should take to ensure I am adequately protected?
Thank you in advance for your assistance.
Sincerely,
Max Rapp
Dear Max Rapp,
Thank you for your inquiry and trust in my expertise as a lawyer specializing in insurance law. As a self-employed individual in the construction industry, you are indeed faced with the challenge of adequately protecting yourself to avoid losing your livelihood in case of emergencies. I am happy to provide you with recommendations on which insurances are particularly important for self-employed individuals and how you can best protect yourself.
First and foremost, professional liability insurance is one of the most important insurances for self-employed individuals, especially for entrepreneurs in the construction industry. This insurance protects you from the financial consequences of third-party liability claims that may arise during your professional activities. Given the increased risk of property and personal injury in the construction industry, professional liability insurance is essential to protect you from high costs.
I also recommend that you consider obtaining disability insurance. As a self-employed individual, you are your most important asset, and in the event of disability due to an accident or illness, your livelihood could be at risk. Disability insurance safeguards your income if you are unable to continue working in your profession. Make sure that the insurance coverage amount is sufficient to maintain your standard of living in case of disability.
Additionally, health insurance is essential to ensure you have access to medical care in case of illness or injury. As a self-employed individual, you have the option to choose between statutory health insurance (GKV) and private health insurance (PKV). Private health insurance often offers more comprehensive benefits and personalized rates, but the decision should be carefully considered with a focus on long-term security.
To ensure you are optimally protected, I recommend working with an insurance broker or advisor specializing in insurance for self-employed individuals. An expert can analyze your individual situation and offer you tailored insurance solutions. Make sure that the insurances are tailored to your needs and risks, and are regularly reviewed to ensure optimal coverage in case of emergencies.
I hope that my recommendations will help you in securing yourself as best as possible to protect your business and personal financial situation. If you have any further questions or need assistance, I am at your disposal.
Best regards,
Ingo Gallenberg, Lawyer
