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Risk of illness for the self-employed
Unlike your employees, you can’t count on your income still being paid into your account in the event of prolonged illness. That’s why it’s essential to take precautions early to prepare for such a scenario. By taking out daily sickness allowance insurance for the self-employed, you can protect yourself financially.
Daily sickness allowance insurance for the self-employed
First, a thorough analysis of your needs is required. With the help of our experts, you’ll determine the amount of your monthly income loss in the event of 100% incapacity to work.
Next, the following factors should be considered:
What are your fixed monthly costs?
How much money do you need to cover your living expenses and those of your family?
Do you already have insurance that partially covers the loss of income?
How much do you have saved up to cover a waiting period?
How do you assess the costs resulting from fewer or no follow-up contracts?
How do you estimate the financial shortfalls caused by the inactivity of your employees during your illness-related absence?
How high would any contractual penalties be for missing deadlines due to your illness-related absence?
Our experts will be happy to assist you in identifying additional industry-specific factors that need to be taken into account.
Together with our expert, you’ll then define the insured daily allowance, the waiting period and the desired benefit duration. Daily sickness allowance insurance can be taken out under either the Health Insurance Act (HIA) or the Insurance Policies Act (IPA). But what does this mean, and what are the differences between the two options?
Voluntary daily sickness allowance insurance under the Swiss Health Insurance Act (HIA) can be taken out as an individual insurance option for the self-employed or as collective insurance for businesses. Anyone residing in Switzerland, engaged in gainful employment and between the ages of 15 and 65 can choose to take out daily sickness allowance insurance under the HIA with the insurance provider of their choice.
As with basic health insurance, providers have an obligation to accept applicants. In other words, all interested individuals or groups can take out this insurance product. However, the insurer may require a health questionnaire to be completed before enrolment and may impose certain exclusions if necessary. These exclusions are valid for a maximum of five years after enrolment.
Premiums will be the same for men and women. Since the maximum insurable daily rate is low (from CHF 10 to CHF 30), taking out this insurance solution is generally not advantageous.
Unlike daily sickness allowance insurance under the HIA, this insurance variant is subject to the Swiss Insurance Policies Act (IPA). As with optional supplementary health insurance, insurers are free to set the conditions for enrolment, but unlike the HIA variant, providers are not obliged to accept applicants. This means that your application may be rejected by the insurer.
Premiums will be determined based on your age, gender and health status, and it may include other criteria depending on the insurance provider. Applicants are free to choose the daily allowance, waiting period and duration of benefits, and all these factors will affect the insurance premium. All essential aspects of the selected insurance product are specified and regulated in the policy and the general insurance conditions (GIC).
Daily allowances for pregnancy and childbirth are not included in the standard products of all providers, so we recommend that women contact us as early as possible before planning a pregnancy. Our experts will be happy to clarify which benefits are already covered and which can be integrated into your existing insurance policy with an additional insurance module.
Apart from your choice of insurance company, the following criteria can also influence the premiums you pay:
Insured salary or insured sum
Industry
Place of residence
Risks (weighted differently depending on the company)
Age
Gender
Desired waiting period
Our experts will be happy to obtain comparative quotes for you following a thorough analysis of your needs. They’ll help you decide on the best offer and are always available to answer any questions you may have.
We’ve got your back
Our insurance experts will provide you with professional support so you can focus on your business. They’ll take your needs into account and find the best solution for you and your industry on the insurance market. This service is free of charge for you.
For us to access your data with insurance companies as accredited brokers and obtain comparative quotes for you, we’ll need your written consent in the form of a brokerage mandate.
Simply download the mandate form, fill it in and send it to us via e-mail or by post to Union Swiss Brokers Holding AG, Lyssachstrasse 9, 3400 Burgdorf. We’ll contact you upon receipt to discuss the next steps.
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