Personal Insurance

What is personal insurance?

Personal insurance is designed to protect individuals and their families against financial risks and losses in the event of unforeseen circumstances. Personal insurance provides security and financial protection for the policyholder and their family in case of unexpected events.

What does personal insurance cover?

Personal insurance typically covers a range of risks and events that can affect the policyholder and their family. The most common coverages include:

• Worker’s compensation Insurance: This insurance covers injuries that occur in connection with your work. If you are injured at work, the insurance will cover your medical expenses, permanent disability, loss of earning capacity, and potential compensation.
• Accident Insurance (collective): This insurance is typically purchased on a collective basis within a profession. It covers both work and leisure time and includes sudden events that lead to personal injury resulting in permanent disability. Accident insurance provides financial compensation in the event of an accident that results in permanent disability and potentially to your family in case of death.
• Health Insurance: Health insurance allows you to access private medical care and treatment. It often covers expenses for specialists, hospital stays, medication, and diagnostic tests. With health insurance, you can get faster access to treatment and ensure that you receive the best possible care.
• Key Person Coverage (Business Interruption Insurance): This insurance is linked to individuals who are crucial to the business. If a key employee becomes ill, disabled, or dies, the insurance will compensate the company for any business interruption or additional costs related to the loss of the individual.

Additionally, personal insurance may include further coverages such as life insurance, which provides financial protection for the beneficiaries in the event of the policyholder's death, or disability insurance, which provides compensation in case of permanent or temporary loss of the ability to work due to injury or illness.

Example of the use of personal insurance

A company has a key employee, Thomas, who is an important project manager responsible for a critical project. Unfortunately, Thomas becomes seriously ill and is unable to work for an extended period. The company has a personal insurance policy on Thomas, and compensation is paid to the company. This ensures that the company receives a replacement payment that can cover the financial losses and costs associated with finding and training a temporary or permanent replacement for the project manager.

Thus, personal insurance helps maintain the continuity of the company's operations and reduces any financial losses due to the employee's absence.

Get independent insurance advice at Söderberg & Partners

It can be challenging to predict when and to what extent damage will occur. That’s why it’s important to have an experienced insurance broker by your side who takes into account the risks and scenarios within business insurance that you may not have considered. Read more about our specialized expertise in business insurance

At Söderberg & Partners, our insurance brokers have the qualifications and experience to advise your business – whether you have 2 employees or more than 1,000.

It’s important to us that you, as a company, feel confident that you are properly insured. This allows you to focus on what you do best – running your business.

Based on our professional knowledge, we are often used as a sparring partner, especially when it comes to expanding business areas and evaluating the potential impact on your company. If we notice patterns in damages and types of claims, we assist you with strategies to prevent current or future damages, ensuring that your business is as well-protected as possible. We handle the administrative tasks and equip you to make the right decisions regarding risk management and insurance coverage.

Read in advance about the different types of business insurance for your company