Starting a new business and exploring new market is always challenging, pursuing new opportunities exciting, but also fraught with risks. When you shift these activities into foreign markets, unfortunately, at some point it’s inevitable you’ll experience unforeseen problems. When you suddenly find yourself caught up in unpleasant commercial legalities, which can be difficult enough to navigate in your native country, in unfamiliar territory it is much worse, quickly snowballing into a catastrophe.
That is what happen when you want to set up and insurance company in Germany. You’ve probably gone through one of our blogs that talk about the pension plans in Germany. Insurance industry is a big third-pillar player and “Application Process And Job Seeker Visa Requirements In The Deutschland” is therefore regarded lucrative. Therefore, opening an insurance firm in Germany is not a miscalculation.
Even businesses who are well-established and have a highly qualified legal team at their disposal get nervous at the prospect of dealing with complex German and EC regulations. The usual employee responsibilities like health and safety, plus transport, ecology and other generic necessities turn alien.
How do you go about it?
Enlisting the services of an experienced insurance professional to steer you through the complex regulations is paramount; an expert who is proficient and will protect your assets. An insurance specialist who is familiar with the area is the same as having a local legal representative on side for a local dispute. They know their territory and understand the risks.
Checklists are an invaluable guide. All good insurance professionals should provide one similar to this:
- To first analyze the company’s circumstances and identify potential risks. That way, the company will always be working towards achieving its business-oriented goals and vision.
- Devise a risk management plan specific to the clients’ needs; standard protocols don’t always serve businesses who offer unique products or services. You can go ahead and tailor products that have never been in the market before. Customize a client’s policy as possible. For instance, there is a big niche about that in the self-employment sector.
- Routine checks to monitor that set protocols are effective in anticipating and dealing with changing risks, both internal and external to the company.
- Fast, efficient and easy-to-understand assistance when dealing with claims. Delays very quickly lead to insolvency in Germany!
- A single point of contact that is competent in dealing with company pension plans, insurance, and financial matters.
- Cross-border and international expertise for solving problems regarding healthcare plans and other employee benefits. If you want to tap the niche that comes about with increasing number of expatriates then this has to be one of your strategic plans.
- Global 24/7 cover for staff and management against liability and compensation claims, plus illness, disability, accidents and death. An emergency hotline while travelling for business.
- Help with translation. You can choose to be the first insurance company to help in translation. Remember, as per now, it is still a little bit challenging to lead a normal lifestyle if you can’t speak German. Times are changing and maybe expatriates are just waiting for that one player who will tilt the language barrier crisis.
Not only does Germany have the fourth strongest economy globally, it is Europe’s largest, with a committed, highly skilled workforce. Having a reliable insurance specialist by your side means you get to do what you do best: run a successful business.
