The right insurance for seniorpreneurs

As a seniorpreneur, you have already gained a lot of experience in life. You already have your own wealth of knowledge. But what about insurance for the over-60s? What do I need to consider if I am already of retirement age? And how long can I pay into the AHV? Here we answer the most important questions about insurance.

As a seniorpreneur, you are an employee in your own corporation (e.g. LLC or PLC) and are therefore covered by all compulsory insurance.

Business insurance

In principle, there is no legal requirement for business insurance. However, there are various special features that are interpreted very specifically. For example, FINMA requirements may be important for financial services. Therefore, clarify whether there is any compulsory business insurance that you have to insure in your business.

Personal insurance

The compulsory personal insurance policies with which you and other employees of the corporation must be insured include AHV, IV, EO, unemployment insurance, accident insurance and occupational retirement provision.

ATTENTION: If you hire additional employees in your own company, you must not forget to insure them as well!

The corresponding insurance premiums depend on many different factors, such as differences in the industry, age, turnover and salary levels. So there are no flat-rate premium rates.

Old-age and Survivors' Insurance (AHV)

All persons who live or work in Switzerland are required to be insured under the AHV.
The AHV covers the loss of earned income due to old age or death to the basic subsistence level. It provides benefits for the elderly and for survivors, the amount of which depends on previous income and the contribution period.

As a seniorpreneur, you are therefore compulsorily insured under the AHV scheme until the age of 65. If you continue to work after that, you are still subject to AHV contributions, but only if you earn more than CHF 1,400 per month or CHF 16,800 per year.

Disability insurance (IV)

Disability insurance (IV) is compulsory throughout Switzerland. You must therefore have IV insurance.

The aim of the IV is to enable disabled people to secure their own livelihood. However, if this is not possible, the IV will provide a (partial) pension.

Income compensation order (EO)

Insurance is mandatory for all persons who live or work in Switzerland.

The EO covers part of the loss of earnings in the event of military service, civilian service, civil defense, maternity (maternity allowance) and paternity (paternity leave).

Unemployment insurance (ALV)

All employees are subject to compulsory ALV insurance. As an employee of your own corporation, you are thus subject to compulsory unemployment insurance.

The unemployment insurance pays in the event of unemployment, short-time work, insolvency of the employer, weather-related work absences and reintegration measures.

However, as soon as you reach retirement age, you are no longer covered by unemployment insurance.

Accident insurance (UVG)

Accident insurance is mandatory for every employee. As a seniorpreneur, you are employed in your own corporation and are therefore subject to the UVG.

The mandatory accident insurance covers the medical expenses resulting from occupational and non-occupational accidents, as well as daily allowances and pensions.

Please note: Employees whose working hours are less than 8 hours per week are not insured against non-occupational accidents under the mandatory accident insurance.

Occupational pension (BVG)

In principle, every employee is insured under the BVG from an income of CHF 21,510. This insurance is compulsory when you start your employment and at the earliest when you turn 18.

As a seniorpreneur, you are subject to BVG obligations until the age of 65. Even if you take early retirement and receive a BVG pension, but become self-employed before the age of 65, you are still subject to BVG obligations. You can remain insured under BVG until the age of 70 at the latest. However, if you only become self-employed after your 65th birthday, you no longer need BVG insurance. Don't forget that any employees you may have under the age of 65 are subject to BVG.

ATTENTION: Note that self-employed persons are not mandatorily insured under the BVG, UVG and ALV. This means that if you have set up a partnership (e.g. a sole proprietorship and a general partnership), you are not mandatorily insured under the occupational pension plan, accident insurance and unemployment insurance.

There are various options for you to take out additional voluntary insurance. These include, for example, daily accident and sickness benefits and higher coverage through the 3rd pillar in the absence of BVG. If you have any further questions or are unsure about what is really necessary in your case, please feel free to contact the AXA specialists.

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Optional insurance for seniorpreneurs

Depending on the type of business you are in, it may be important to take out optional insurance. Please note that the types of optional insurance recommended for each company vary.

So, first ask yourself what risks could arise in your company and how high the corresponding damage would be. Then think about what insurance you need in addition to the mandatory insurance. We recommend that you get professional help and advice so that nothing is forgotten.

Business liability insurance

Business liability insurance covers liability risks that arise from business activities. This means that personal injury and property damage caused by your company to a third party are covered.

Professional indemnity insurance

You should take out professional liability insurance if your company employs a professional group whose work may give rise to liability claims. For example, doctors, dentists, lawyers, trustees and architects are among these professional groups. Professional liability insurance covers personal injury, property damage and financial losses.

Property insurance

Building insurance: Building insurance covers immovable property. If you buy or own a property, only damage caused by natural forces and fire is covered by the mandatory building fire insurance. If your company is exposed to further risks, you can insure additional damage here.

Insurance of chattels: Insurance of chattels includes movable items that you place in a building, either as a tenant or an owner. Damage to furniture and furnishings is therefore insured.

Corporate legal expenses insurance

In business, legal disputes can arise quickly. These can result in high legal fees and court costs. With commercial legal expenses insurance, you can protect yourself financially against

Cyber insurance

It is important to protect yourself against cyber risks such as hacking and data loss and the associated liability. Every company can be at risk here, as business processes are increasingly digitized. We therefore recommend that you take out appropriate insurance that protects you from the financial consequences of any attacks.

Transportation insurance

Does your business model depend on the transportation of goods? This involves dangers and risks that are out of your hands. You are handing over responsibility for your goods to a third party during transportation. With transportation insurance, you can protect yourself financially against such risks.

Technical insurance

With a technical insurance policy, you can insure technical devices and machines (such as printing presses, processing machines, computer hardware, film and photo equipment). This covers unforeseen and sudden damage or destruction.

AXA's specialists are there for you!

Do you have further questions about insurance for your own seniorpreneur business? No problem! Just call or email the experts at AXA. They will help you with all your insurance questions and address your individual needs!

SME specialist

Heiko van Husen

heiko.vanhusen@axa.ch

079 551 33 72

SME specialist

Maik Rufener

maik.rufener@axa.ch

079 240 24 88