If you’re pondering over becoming a self-employed person or starting up a company in Norway, you should think about taking out company insurance. Norwegian insurance will cover your staff, your savings, your properties, your vehicles, and even your operating income. This guide will help you appreciate what you need to know about policies for businesses in Norway and was written in affiliation with LOCALMARKET.
Now, let’s talk about insurance policies in Norway. There are several forms of policies that an organization may choose to carry out. Some are concerned with the protection of employees, while others cover the protection of the business and its assets. We will break these down for you so you have more clarity.
Employee insurance policies are the following:
- Travel insurance for your employees
- Mandatory employee compensation insurance
Then, there are policies that cover the wider operations of your business and cover your significant assets. These are:
- Insurance for your assets
- All third-party liabilities
- Insurance for commercial purposes
- Insurance against operating loss
Compensation for Employees
This mandatory liability insurance is offered by the company owners to their employees or is taken out by self-employed workers. This refers to deaths, accidents or illnesses at work. The affected parties are guaranteed compensation for all the time that they are away from their work. The extent and amount of the payout would depend on what is negotiated between the company and the insurer. This type of insurance is also supposed to cover loss of life, mobility, or any disability that the employee may suffer.
Travel Insurance for Employees
This one isn’t mandatory but you can get a policy if your employees spend time traveling for business. This policy should ideally include theft, damage to professional items, delayed flights, unaccounted for emergencies, illness and/or death.
That is the policy that you will buy if you want to cover entities such as vehicles, supplies and appliances that belong to the company. Generally, this policy protects the properties in the event of:
- Vandalism and/or theft
- Natural disasters
- Water and fire damage
Third Party Liability Insurance
This type of insurance covers businesses from lawsuits for negligence which is of special interest to suppliers. It covers:
- Corporate liability, i.e. related to the company. It covers any and all physical damage that is caused to assets or employees by a third party
- Product liability, i.e. related to what the company sells. This covers damage to any employees or assets due to traceable manufacturing defects/errors
This type of insurance makes sure your physical building is protected. It insures against vandalism, theft, fire/water damage and natural disasters.
Insurance for Operating Loss
This policy is pretty similar to commercial insurance and is related to properties or assets loss. However, instead of referring to the cost of repairing the property or object, this refers to the operational loss you incur as a direct consequence of the damage. This not only includes the conditions in the commercial insurance policy, but also covers the damage done to any of your manufacturers/suppliers.
Costs for any of these policies vary depending on how big your business is, how many people you employ, and how much coverage you need.