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.
Special fee-based pricing
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.
As a general rule, workers' compensation insurance must be included in the business insurance
- when the wages you pay exceed 1400 euros per calendar year. The limit is employer-specific and all wages you pay during the same calendar year are added together.
- when you have work done in Finland.
Workers' compensation insurance is mandatory insurance for employees of all ages and must be taken out before starting work. Workers' compensation can be either continuous or temporary, but it cannot be taken out afterwards.
Workers' compensation insurance includes the employee group life insurance required by the collective agreements concerning your operations.
The workers' compensation insurance covers, for example
- medical treatment expenses and costs of diagnostic tests
- travel expenses relating to medical treatment
- per-diem allowances for the period of disability
- disability pensions in the event of a permanent disability
- handicap benefits in the event of a permanent injury
- rehabilitation expenses and survivors’ pensions.
Workers' compensation also covers occupational diseases such as hearing impairment, respiratory allergies as well as skin and asbestos-related diseases.