CYPRUS – MESI COURSE (ENGLISH) - Vifin Course Creator

Introduction – Insurances

Above all while starting your business you have to think on what insurances you need.

You should think about your personal health insurance (having a health insurance is obligatory in Germany). First of all your health insurance company has to be informed that you will work as a self-employed person.

If you want to start your own business in Germany the corporate liability insurance is one of the most important forms. This is because all companies are liable for damages which are caused by third parties. Please, note that in Germany it often takes time to get insurance policies. Insurance companies will highly analyze your business conditions and your preparation.

Furthermore you should also think about the common risks which you as an entrepreneur will meet during your activity. You need to analyze your expenses and costs, your current situation as well as your expected future risks.

On the next sides you will learn about the most important insurances for your future business.

Insurances – overview

In connection with your company you should know about these insurances which will be explained on the following slides:

Different kinds of company insurances
The most important personal insurances

Company insurances

Now let's talk about company insurances. This question is really important as you have to be prepared for the main risks and which damages can be caused on your business. In the following list you will learn about the most important company insurances in Germany:

Corporate liability insurance [Betriebs-Haftpflichtversicherung] – protects your company from the damages caused by a third-party.
Professional liability insurance [Berufs-Haftpflichtversicherung] – this insurance is mainly if you are working in the service sector or as a freelancer. It saves you from the financial consequences of a professional mistake, foul play and force majors.
Business interruption insurance [Betriebs-Unterbrechungsversicherung] – this kind of insurance can be used in cases when you are not able to generate revenue in order to cover running costs such like salaries, wages, rents and interest rates.
Occupational Accident Insurance Fund [Berufsgenossenschaft] – when you start your business you have to contact the occupational accident insurance fund [Berufsgenossenschaft] which is responsible for the branch you are working in. It is obligatory to take out this insurance if you employ staff in your business.

Personal insurances

There are several different personal insurances you can take out. The most important once for you as an entrepreneur are the following:

Daily sickness allowance [Krankentagegeld] – if you are self-employed and can not work due to illness.
Occupational disability insurance [Berufsunfähigkeitsversicherung] – monthly pension if you are unable to work.
Accident insurance [Unfallversicherung] – you get statutory and personal accident insurances if an accident results in invalidity. It is not an obligation for entrepreneurs and freelancers but they can insure themselves voluntarily.
Life insurance [Lebensversicherung] – it can be seen as a protection for you and your family and for your future pension.
Pension provision [Pensionsrückstellung] – of course you will have a pension provision if you already paid into the statutory pension fund during a previous work. Membership in the pension fund for self-employed people is mandatory.

Thoughts and reflections

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What do you need to do now?
When are you planning to do it?
Who can help you doing it?

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Kursus oversigt

Introduction to MESI platform

Introduction to modules and platform implemented

Glossary implemented

Module 1: Introduction to entrepreneurship - entrepreneurial attitudes and skills

Introduction to module implemented

Entrepreneurship implemented

Traits and attitudes of an entrepreneur implemented

Developing your own business idea implemented

Assessing your business idea implemented

Developing a Business Plan implemented

Module 1: Quiz 13 out of 14

Module 2: Legal and regulatory framework

Introduction to module implemented

1 Introduction and requirements under the residency law implemented

2 Legal structures and regulatory framework implemented

3 Formalities and public authorities implemented

4 Taxes implemented

5 Insurances implemented

6 Legal regulations & Contracts implemented

Module 2: Quiz 8 out of 9

Module 3: Strategic planning and project management

Introduction to module implemented

1 Introduction implemented

2 Strategic planning – creating vision and goals implemented

3 Strategic planning – analyzing possibilities implemented

4 Project management implemented

5 Time management implemented

Module 3: Quiz 13 out of 14

Module 4: Access to markets

Introduction to module implemented

Introduction – from idea to market implemented

Understanding your market implemented

Understanding your customers implemented

Developing your products or services implemented

Marketing and sales implemented

Module 4: Quiz 16 out of 17

Module 5: Understanding the local business culture

Introduction to module implemented

Introduction implemented

Communicating across cultures implemented

Verbal communication etiquette in business 6 out of 7

Non-verbal communication etiquette in business implemented

Active listening and empathy not started

Module 5: Quiz not started

Module 6: Funding and fundraising

Introduction to module implemented

Introduction implemented

Funding your business idea implemented

Different types of funds implemented

NABC implemented

Investor Pitch not started

Module 6: Quiz not started

For trainers / teachers

Inspirational material implemented