Workers' compensation insurance

Workers' compensation insurance is employer-obligated, i.e. mandatory, business insurance in Finland. It covers your employees in the event of accidents that happen at work or on the way to or from work.

Workers' compensation insurance protects your employees' livelihood if they have an accident at work or on the way to work or if the employee falls ill with an occupational disease.

Workers' compensation insurance is based on the Finnish Occupational Accidents and Occupational Diseases Act, which obliges all employers in Finland. Workers' compensation insurance enables, for example, various rehabilitations to improve work and functional ability. Rehabilitation is always individual and applied for according to need.

Table-based pricing

The price of workers' compensation insurance is influenced by, for example, the size of your company. In small companies, where the total salary amount paid is reasonably small, the table-based payment determined by the insurance companies is mainly used. If the company is part of a larger group, however, the pricing model is determined based on the parent company. The table-based payment is mainly based on salary costs and the risk classification of the work performed in your company. The risk classification of the occupational category is determined by e.g., based on how dangerous the work is for employees.

Special fee-based pricing

For larger companies, special payment bases can be used. In this case, the amount of the insurance premium is also affected by compensations caused by accidents in the company. The main rule is that the greater part of the risk the policyholder bears themselves, the lower the insurance premium (when no abnormal damages occur). If abnormal damages occur in the company, the payment increases according to how much of the risk the company itself has borne. In special premium-based insurances, the company's own safety activities are emphasized, where insurance brokers closely support their clients. When occupational safety is well taken care of, fewer injuries occur and insurance premiums are therefore lower.

You can switch to special pricing voluntarily

Insurance companies define in their payment bases where the border between the special premium-based and standard-fee-based companies is in each insurance company.

Insurance premiums include e.g., the insurance company's treatment costs, other items related to the risk fee and statutory supplements. The items allocated to the risk payment cover compensation costs that are the responsibility of the insurance company, such as major damages and compensations paid after the end of the insurance.

About 80% of the basic structure of the insurance premium consists of the insurance premium and approx. 20% of statutory supplements. The amount of statutory supplements is the same for all insurance companies.

Insurance broker helps to evaluate your company's various stages of development, whether it is worth taking out workers' compensation insurance on a standard or special payment basis.


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