Which insurances are important for my start-up?
September 15, 2023 | 40,00 EUR | answered by Martina Köhler
Dear tax consultant,
I am about to start my own business and I am unsure about which insurances are particularly important for me as a founder. My name is Mia Bauer and I plan to open my own photography studio.
Currently, I am still employed and have health insurance through my employer. Since I want to become self-employed now, I am wondering if I need my own health insurance and what costs would be involved.
Furthermore, I am unsure if a public liability insurance for my photography studio is necessary and what it specifically covers. I am worried that in the event of damage to third parties, I could be financially overwhelmed and therefore I would like to take precautions.
I have also heard that professional liability insurance for photographers could be important. Could you explain to me how this insurance is relevant to me and what services it includes?
I want to secure my photography studio as much as possible to minimize financial risks. Therefore, I would greatly appreciate your expertise on which insurances are essential for my business start-up and how I can best protect myself.
Thank you in advance for your help.
Sincerely,
Mia Bauer
Dear Mrs. Bauer,
Thank you for your inquiry regarding insurance for your planned start-up as a photo studio operator. It is understandable that you are concerned about securing your business, and I would like to assist you in clarifying your questions.
First of all, it is important to mention that as a self-employed individual in Germany, private health insurance is mandatory for you. Since you are transitioning from an employment situation to self-employment, you must promptly arrange for your own health insurance. The costs of private health insurance depend on various factors such as age, health condition, and chosen plan. I recommend that you obtain quotes from different providers and compare the services and costs to find the health insurance that suits you best.
Now, regarding liability insurance for your business: As a photo studio operator, it is essential that you have a business liability insurance. This insurance protects you from financial damages that may arise from your professional activities. For example, if a customer slips and gets injured in your studio, or if you accidentally damage a customer's equipment. In such cases, the business liability insurance covers the costs of compensation claims and legal fees. It is definitely advisable to have this insurance to protect yourself from potential financial risks.
As for professional liability insurance for photographers: This insurance is specifically tailored to the professional risks faced by photographers. It protects you from claims by third parties that arise due to errors or omissions in your photographic work. For example, if you accidentally delete important shots or cannot carry out a shoot due to technical problems. The professional liability insurance covers the costs of compensation claims and damages. This insurance is also very important for photographers to ensure professional protection.
In addition to these insurances, you may also consider contents insurance for your photo studio to protect your equipment from theft, fire, or water damage. Legal expenses insurance may also be useful in case of disputes or legal issues.
I hope that this information has been helpful to you and I am available to answer any further questions you may have. It is important to arrange the appropriate insurances for your start-up early on to minimize financial risks and successfully launch your business.
Best regards,
Martina Köhler
Tax advisor and expert in start-ups
