Insurance

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When setting up a business, you should consider what types of insurance you need for yourself or your company.

Most Swedish insurance companies offer insurance packages for small entrepreneurs. You should always compare prices, terms and conditions before making a decision. It is also worth contacting the trade association for the industry or sector in which you will be operating. Many trade associations offer their members group insurance. Bear in mind that there is no requirement for you to insure yourself or your business in Sweden.

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Social insurance

Business owners have the same rights as employees to the social insurance system. You are therefore entitled to sickness benefit, parental benefit, pension benefit and more. But there are differences that you need to know about. The sickness benefit qualifying income (SGI) is calculated in different ways depending on whether it is excess or jacks salary that you pay taxes on. The type of company can affect the amount of your benefit if you become sick or take parental leave.

For sole traders and partners in a limited partnership there is an exception that says that during your companies first 24 months your SGI is at least the equivalent of what an employee with the same duties, training and experience would get.

Read more about social security at the Social Insurance Agency (Försäkringskassan)

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Business insurance

Business insurance may include property insurance, third-party insurance covering your costs if your products or services cause loss or damage, legal expenses insurance covering legal fees and consequential loss insurance which provides compensation for loss of income during business interruption.

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If you have employees

If your business will have employees and you are bound by a collective agreement, you must take out insurance based on the collective agreement. A collective agreement is an agreement between an employer and an employees' organization which defines the conditions that will apply in areas such as salaries and employment. You may also take out collectively agreed insurance outside a collective agreement.

If you are not bound by a national or local collective agreement, you are not obliged to take out collectively agreed insurance.

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