Sat. Jun 10th, 2023

Personal risk insurance for entrepreneurs

As an entrepreneur, you are irreplaceable to your loved ones and to your company. Personal risk insurance provides security in case of a serious illness, disability or death. Entrepreneur Insurance covers all the personal risks faced by people who are self-employed.


One in five Finns will fall seriously ill before the age of 65. For an entrepreneur, work absences can be costly. With insurance cover for a serious illness, you will receive lump sum compensation that you can use as you see fit.


Even brief absences due to illness are often directly visible in your company’s result. Disability insurance can help secure your standard of living – whether your disability is brief or permanent.


Life insurance gives your loved ones financial security and makes it possible for your entrepreneurial activities to continue if an unexpected situation arises.

You can include the following personal risk insurance policies in Entrepreneur Insurance

Cover for serious illness

One in five of us will fall seriously ill before the age of 65. Although most will survive, their everyday will life come to a halt. A lump sum equal to one year’s salary provides security and makes it possible to concentrate on getting better. Cover for serious illness consists of a tax-free lump sum benefit that you will receive upon being diagnosed with or treated for a serious illness.

The cover will be activated 90 days after the insurance was taken out, and it will end once you have been paid the benefit or at the latest when you turn 65.

Disability cover

An entrepreneur’s work input is often crucial for the company, and even a brief absence is directly reflected in the company’s bottom line. When you are prepared for the possibility of a disability, you also secure your family’s livelihood. Voluntary disability insurance for entrepreneurs covers you in the event of both short-term and permanent disability.

Short-term disability

If you have to be away from work for some time due to an illness or accident, you will receive sickness allowance from the Social Insurance Institution of Finland (Kela). The amount of your sickness allowance is calculated on the basis of your self-determined earned income under the Self-Employed Persons’ Pensions Act (YEL).

The earned income reported by entrepreneurs is often too low, and the daily allowance granted by Kela is thus insufficient to cover the entrepreneur’s desired income level during a period of disability.
Mandatum’s insurance cover for short-term disability gives you agreed supplementation of your daily allowance for all disability days that come after the waiting period.

The insurance cover ends at the latest when you turn 60.

Permanent disability

If you become permanently disabled due to an illness or accident, you will receive disability pension based on your earned income under the Self-Employed Persons’ Pensions Act (YEL). Cover for permanent disability supplements the amount of your disability pension, which is rarely more than half of your earned income.

Under the insurance, you or your company will be paid an agreed lump sum compensation. You can choose the amount of the insurance cover. A sensible compensation sum will usually cover both your personal debts and your company’s debts and liabilities and safeguard the continuation of your business and your income.

A disability is considered permanent if it has continued uninterrupted for at least one year. The insurance cover ends at the latest when you turn 65.

Life insurance

With voluntary life insurance for entrepreneurs, you ensure the financial security of those close to you when the unexpected happens.

Life insurance is always planned according to your life situation such that it covers both your personal debts and your company’s debts and liabilities and secures the livelihood of your loved ones. The agreed sum insured is paid in a lump sum directly to your next of kin or to your company.

Entrepreneur Insurance: personal risk insurance with comprehensive cover for the self-employed

With personal risk insurance, you supplement your statutory social security and ensure your standard of living as well as the continuity of your business if you fall ill, become disabled or pass away. By insuring yourself, you are also safeguarding your family’s income. Entrepreneur Insurance premiums are generally tax-deductible for your company.

Read the product description

We make a donation to Tukikummit for every new personal insurance policy sold

By insuring yourself you also help others. By purchasing personal risk insurance, you can help to secure the life of a disadvantaged child or adolescent in case of injury. For each new life insurance policy we sell, we will donate approximately 1 per cent of the first-year insurance premiums towards arranging accident insurance. This means each year more than 1,000 children and adolescents will receive accident insurance.

Mandatum works together with the Tukikummit foundation. The assistance granted by Tukikummit supports the children of disadvantaged families in Finland who are in danger of being marginalised for financial reasons.


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