00:00:04: It couldn't help but wonder,

00:00:06: if

00:00:06: taxes are truly unavoidable why do they always feel like a bad date we never agreed to?

00:00:13: Welcome to Tax and the City.

00:00:15: I'm Julia Tadje from Taxum your personal tax boutique in Zurich.

00:00:20: Here we talk taxes simply and honestly Sometimes just you & me sometimes with guests Always rooted in real life And Just Like That something mandatory becomes A little more delightful.

00:00:39: I couldn't help but wonder how something as boring as insurance manages to cause so much stress, usually at exactly the wrong moment.

00:00:48: We move countries we build careers... ...we start businesses.. ..we embrace freedom and somewhere along the way we assume that insurance will just take care of its leaf until it doesn't!

00:01:00: Welcome back to tax in a city where international life meets tax reality.

00:01:05: And when you talk about things no one really wants to talk about until they absolutely have.

00:01:11: Today's episode is about insurances in Switzerland, what you actually need and why this topic is especially critical for international and self-employed professionals.

00:01:23: I'm joined today by Carol Janze who is an insurance specialist at CFA.

00:01:29: She has seen behind the curtain of the insurance industry more than twenty years in Dubai and Switzerland.

00:01:37: And is now working at CIFA, where she helps people make sense of it without fear or fluff.

00:01:46: Carol I'm so happy to have you here!

00:01:47: Welcome to Tax and the City.

00:01:50: Thank You very much.

00:01:51: thank you for having me.

00:01:52: So Carol.

00:01:53: before we dive into policies and obligations i'd love to start with YOU.

00:01:58: How did you end up an insurance?

00:02:01: Let's be honest It's isn't usually a childhood dream or was it for you?

00:02:06: Yeah, no.

00:02:07: No!

00:02:08: Okay I'm kind of they leave.

00:02:10: yes yeah honestly like insurance has never been a dream.

00:02:16: when i was a child uh...I actually wanted to become the military pilot

00:02:20: which is almost the same like insurance.

00:02:22: Yes

00:02:23: right and then..i was a bit of a tomboy growing up.

00:02:29: My parents say that, you know my fascination for planes already started when I was two years old.

00:02:34: Okay

00:02:35: And yeah and then i applied When I was fourteen For the military training.

00:02:41: That early?

00:02:42: Yes You have to.

00:02:42: in Switzerland.

00:02:45: They sent me back an assessment with a nice tight test and obviously... ...I completely failed.

00:02:51: So for the listeners.. ..i wear glasses

00:02:55: Shame so you couldn't become a pilot.

00:02:57: Yeah, exactly.

00:02:58: So that dream died and my father suggested then two very different career paths either I go for my handball career like to become an international athlete or apply for insurance or banking.

00:03:17: It's

00:03:17: almost the same

00:03:19: Exactly

00:03:20: Very similar.

00:03:21: All of these topics are very similar.

00:03:26: But, yeah.

00:03:27: Surprisingly I then decided that i really want to go into insurance.

00:03:31: because Yeah!

00:03:33: I was always strong with the idea of protecting what truly matters.

00:03:39: So let's say you save for years For a house

00:03:44: Put

00:03:44: all your savings in your house and In a blink of an eye due to fire You lose everything.

00:03:50: Yes And Let's say save for your startup, you put all of the money in and just because it's a single liability case.

00:04:00: You lose again everything right?

00:04:02: Or on very human level or smaller levels... You get to first Rolex!

00:04:07: You are so proud of this, want to wear it freely And don't do that too old time but its gonna be damaged or someone is going steal it.

00:04:16: So.. To me I really like that.

00:04:20: we have products which or really give us safety and make our lives better in a way.

00:04:29: Yes, I love the way how you look at insurances as protecting things that matter to us...

00:04:35: Exactly!

00:04:36: Our freedom.

00:04:37: To me it sounds like a lot of protecting the freedom.

00:04:40: Exactly.

00:04:40: Protecting your freedom from protecting mental health.

00:04:45: something happens there's a safety net.

00:04:48: yes

00:04:49: yeah i really liked.

00:04:51: Okay, so military pilot handball career then insurance.

00:04:56: Yes!

00:04:58: So what made you stay Carol?

00:05:01: You told us how you initially ended up in the insurance industry.

00:05:06: why are you still there?

00:05:08: I really love that.

00:05:09: these products are relevant to everyone and as i mentioned before it's about protecting your life your health, life and achievements.

00:05:22: And just everything what really matters for you.

00:05:26: That's different from a lot of people?

00:05:28: Yes somehow the same for everybody.

00:05:31: yes because it needs to be protected.

00:05:34: I get that part where i think is very important.

00:05:40: It Is The Same For A Lot Of People.

00:05:46: It's nothing that is relevant to me, or they are ignoring it.

00:05:51: They make a lot of mistakes in this very interesting field because they actually think it is super boring and don't understand.

00:06:02: so what are the biggest mistakes people made?

00:06:06: In terms of insurances in Switzerland maybe especially internationals I'm sure you see a few things again and again.

00:06:17: Yes, yes.

00:06:19: so from my perspective the biggest issue is not that people ignore insurance but they misunderstand it.

00:06:25: okay especially in Switzerland.

00:06:29: internationalists or expects to move here And they think that Switzerland's going to be very safe place everything regulated.

00:06:37: taking care of this couldn't be further than truth.

00:06:41: Next, Switzerland still has a very liberal system where they expect you as an individual to take care of your risk management or other topics which includes that you have the correct coverages in place.

00:06:58: There are of course certain mandatory things, but our mandatory product.

00:07:04: Like

00:07:04: social security which is managed through the Federation?

00:07:08: Exactly like the first pillar and so on... Yeah And also some parts of the second pillar Of course.

00:07:13: But then it ends.

00:07:16: Yes It can still be.

00:07:20: I would say at least half what could happen to you and can actually financially destroy you is not mandatory by the Swiss law exactly.

00:07:33: Okay, yes!

00:07:34: And although Switzerland is safe we are all not safe from something happening in our lives so this automatically saves everything that's being taken care of.

00:07:45: I get why it could be a misunderstanding especially for international people

00:07:49: coming to Switzerland because Switzerland is perceived as a country where everything is safe.

00:07:55: Yeah, yeah.

00:07:55: so that's actually a false sense of security.

00:07:57: totally

00:07:58: yes.

00:07:59: I'm sure you have tons of stories then you can tell us from there.

00:08:06: it's

00:08:06: going

00:08:08: to be few.

00:08:09: yes some of them do think are interesting and relevant to the people listening too.

00:08:17: So first of all, when I meet an expert like my number one question is always do you have a private liability insurance?

00:08:25: That's the most important part.

00:08:28: I see some other major areas as well but let's start with that with private liability

00:08:33: which is the Haftpflichtversicherung.

00:08:36: Yes exactly so through no fault off your own You can actually in Switzerland get bankrupts.

00:08:45: and how.

00:08:47: Let's say you are on your phone, you're distracted and go down a staircase.

00:08:53: And accidentally push someone which happened to me already.

00:08:57: I have to say let's see this person is the manager.

00:09:02: he has high earner maybe three kids.

00:09:06: after that accident he permanently disabled.

00:09:10: okay i'm liable for it.

00:09:12: exactly was me pushing?

00:09:14: yeah yes

00:09:16: And like with all the consequences, like that.

00:09:20: All the hospital bills to loss of income and a long-term consequences and so on.

00:09:25: it can easily reach five million Swiss francs.

00:09:28: Easily easy

00:09:29: land right?

00:09:31: You're liable.

00:09:32: So if you don't have a private liability insurance It's going be extremely expensive for you And

00:09:40: that's potentially going to ruin most people.

00:09:42: Exactly, exactly.

00:09:43: and it is not reckless behaviour It just everyday life kind of can happen in front of a tram or whatever We always think of like claims.

00:09:56: That has nothing to do with me

00:09:58: That something you know very special situation.

00:10:02: This could never happened but its simply not true.

00:10:06: everyone.

00:10:08: Yes, we are

00:10:09: just existing.

00:10:11: Exactly!

00:10:12: We cross the street and go to a shop... We're surrounded by other people's belongings.

00:10:20: Yeah totally yeah.

00:10:22: And also what I always tell my clients is let's get coverages for very little money but huge coverage For private liability For a single person, you pay maybe on average one hundred and fifty francs.

00:10:39: A year?

00:10:40: Which is not a lot!

00:10:44: When the insurance sum is five million francs right?

00:10:48: Yes compared to one matcha latte it's literally nothing.

00:10:54: Okay so this like that first no-brainer liability insurance.

00:10:58: yes whatever you do put liability insurance in if your not sure you have won Honestly, please check today.

00:11:09: Today

00:11:09: really?

00:11:10: Because it is something that you cannot avoid being hit by something like this unless you stay at home for the rest of your life and

00:11:19: even then.

00:11:20: actually I wanted to mention that as well because Unless You move into Switzerland And you already have Your house but you Actually Have To rent an apartment Then In Switzerland, I would say the chances are eighty or ninety percent you will have your faith's private liability claim anyway because You're gonna be a tenant.

00:11:42: Yes and when we move out Your landlord The Swiss picky landlords Will for sure find something.

00:11:49: We could

00:11:50: do one episode about swiss landlords during the handover flat.

00:11:55: yes It

00:11:56: is quite shocking For me.

00:11:59: it's normal, of course.

00:12:00: But when I hear experts talking about this apparently It is quite shocking right?

00:12:06: So its not even a question if at some point you will use it but Its just when we'll be using the prior liability coverage.

00:12:16: Sure.

00:12:17: so like first take away for today If it covers at least five million.

00:12:25: Yeah

00:12:28: Is the more the better?

00:12:29: But it's like standard.

00:12:30: Yes, yes.

00:12:31: Like nowadays even ten.

00:12:33: okay yeah increase them can't

00:12:35: go wrong with ten million.

00:12:36: no

00:12:38: and Even you can go up to twenty million.

00:12:40: Yeah The premium will be only thirty forty francs more maybe.

00:12:44: so as I said in your beginning It is little money for a huge coverage.

00:12:50: So sounds like massive relief And being able put some of responsibility.

00:12:59: Okay, so number one and then the next yeah.

00:13:03: The Next One is actually health insurance.

00:13:06: Yeah So what I hear a lot from

00:13:08: which is mandatory?

00:13:09: Which is mandatory?

00:13:10: yes Like when it comes to kind of the normal health insurance anyone has to have as an individual

00:13:17: sick one.

00:13:18: Yes exactly.

00:13:19: And many experts think or maybe even Swiss people i'm not sure they think that When they have this health insurance, it's going to cover your salary as well.

00:13:30: Which is completely wrong!

00:13:32: So when I'm ill and can't work?

00:13:34: Exactly

00:13:35: yes

00:13:36: You'll have your health insurance And in a nutshell you're health insurance covers Your doctor expenses & hospital expenses & some medications.

00:13:44: So

00:13:44: actual medical costs

00:13:45: Yes but not your salary

00:13:48: Or the salary that i am missing out on Because I cant' work.

00:13:53: Let me have a short nerdy moment here.

00:13:56: Okay, nerd alarm?

00:13:58: Yes!

00:14:01: So I'm talking about the article three hundred and twenty-four A of The Swiss Code Of Obligations which says an employer only has to pay your salary for you sick leave For a certain period of time.

00:14:16: And that is so much shorter than everyone thinks.

00:14:19: let's say many expats.

00:14:21: they Chops where you don't start after your apprenticeship and you finish when you retire usually

00:14:29: jobs.

00:14:31: Yeah, so usually let's say You work at this for disemployer four two years.

00:14:39: The law says the employer only has to continue paying your salary for two months

00:14:45: Which is nothing which it's

00:14:46: nothing?

00:14:47: And after that by law

00:14:49: by law there is no Income protection

00:14:52: can completely stop paying a salary.

00:14:54: Yes, yes and he's not even Asked to have this policy in place like it

00:15:04: It is by law?

00:15:05: Yes the free

00:15:05: choice for him whether He wants to protect your salary For a longer period or if he's just gonna take the risk And pay you four two months and then you're left alone.

00:15:17: so um This is something that for most people The employer has something in place, which is the Krankentag Geldversicherung.

00:15:27: So it's a daily allowance insurance and I think very advisable if you take on new job... ...I always recommend have look at the pension fund of

00:15:39: course!

00:15:41: But also ask how is sick leave?

00:15:45: handled in this company, and what's the policy you're having?

00:15:49: It is quite common to have a crank-and-tuck delta position in place that pays for eighty percent of the salary during almost two years.

00:15:59: That's correct!

00:16:01: Nice employers will do that but there are many employees who don't have that or they'd have something in place which is smaller And it is up, as you said.

00:16:13: It's nothing that the employer is forced to have.

00:16:17: so it is very important to look at that and if your employer does not have it... ...it might still be a good idea to take on the job because interesting project massive salary who knows but then its' important.. ..to take care of such insurance or some coverage yourself.

00:16:33: Yes yes yes But I had say this smaller than request.

00:16:38: let us see.

00:16:39: It's always that easy to get

00:16:43: an insurance

00:16:47: as a individual because you also have a health check usually.

00:16:54: And this doesn't happen if we just join the company here.

00:16:58: But health insurance always wants to know everything about you.

00:17:02: Of course!

00:17:03: Whether do or no, have been in the hospital when you were born?

00:17:08: It's just insane what they want to know about your health history and so therefore I wouldn't be so comfortable to think well i can organize it myself.

00:17:21: Yes like I'm saying if

00:17:23: You

00:17:24: Have To Or If You Want to Accept a Job Although it is not properly taken care of, there might be a solution that you can do.

00:17:31: There

00:17:32: might be solutions yes.

00:17:33: Harald will know!

00:17:36: She could find out for you?

00:17:37: Exactly!

00:17:39: Okay so this is the sick leave insurance.

00:17:42: Yeah

00:17:43: yeah.

00:17:44: So in our top three what else would you rate their?

00:17:49: The third part actually about law protection

00:17:55: Even if I'm not going to fight with my neighbour Exactly.

00:17:59: But maybe

00:17:59: he wants to fight with you

00:18:01: or

00:18:01: she, we never know.

00:18:02: You'll

00:18:03: never know?

00:18:04: Exactly!

00:18:06: So law production is not... I would say about myself that i'm quite a peaceful person as well but you never know what actually comes from you kind of like all kinds of incidents just what we discussed before with liability And also, you don't know how the mood of others you meet in your life.

00:18:32: That's true!

00:18:34: Let me give some examples... One thing which happened to many clients one way or another.

00:18:42: let say start a new job and the vibe is great but have little bit back issue.

00:18:51: Your boss overhears making appointments for lunch break And maybe he's not so, his may be more kind of a fearful person and she starts to make things up in his head.

00:19:05: Maybe thinks well at some point it is going to have sick leave.

00:19:09: now I'm gonna cover the costs right?

00:19:11: Yes It doesn't feel comfortable with it and decides to terminate your contract.

00:19:17: Okay

00:19:19: Now you have two options, right?

00:19:21: You can either stand up for yourself.

00:19:23: It's going to be very expensive or you have to walk away and especially when it comes to law protection but also with other insurance coverages what I really love about it is also about fairness.

00:19:36: Yeah!

00:19:37: Can i actually stand-up for my rights and find the war which is presenting me a good end out of it.

00:19:52: Just what you said, It's not that the person decided to be such a fight?

00:19:56: Exactly!

00:19:56: This is something happened to them.

00:19:59: Okay so yeah I get it.

00:20:01: So for legal insurances there are many different insurancies and they don't cover the same areas or floor and in the same amounts.

00:20:19: This is definitely a kind of insurance that it's very much worth talking about with an expert.

00:20:26: That knows the different insurances, the different options at the trust?

00:20:31: Yes.

00:20:32: and also like you know when it comes to risk management people always think well we are all the same kind of individuals but no someone owns a house Someone is self-employed.

00:20:45: The third one is...

00:20:47: Guy Geiber

00:20:48: A skydiver.

00:20:52: Risk management, insurance is risk management right?

00:20:56: Yes And it's just so different from person to person and the best is really have a look at a person an individual or like start-up of company.

00:21:10: with this three hundred sixty degrees view Like what are your needs?

00:21:15: how is life kind of unfolding for you, right?

00:21:18: Yes.

00:21:19: And the answer is not the same for everybody exactly.

00:21:23: so I would say liability insurance.

00:21:26: The answer is the same everyone needs one

00:21:29: and all businesses as well.

00:21:32: yes

00:21:33: they sometimes forget it.

00:21:34: yeah i'm really surprised about that.

00:21:36: You know That um...you need to have a professional liability Aswell.

00:21:41: Yeah even like when yourself employed.

00:21:44: Yeah, need to make sure some legal insurances offer an extension to your private liable.

00:21:50: Exactly yeah

00:21:51: cover yourself employment.

00:21:53: you have to take that box?

00:21:54: Yep

00:21:55: otherwise it won't be covered.

00:21:57: exactly

00:21:59: what do?

00:22:00: Like?

00:22:00: you have a lot of clients and You must see that all the time.

00:22:05: What did they gain beyond saving money and beyond like being protected from something on an emotional level.

00:22:15: Yeah, yeah.

00:22:17: so the number one underestimated thing about that insurance is actually this service.

00:22:23: I really like to come up with a incident which happened to a friend of mine even and she was between toddlers.

00:22:35: they were all sick.

00:22:36: everyone didn't sleep.

00:22:39: The page she was opening wasn't the bank, that's a page from the bank.

00:22:48: A login page form the bank but it was fake

00:22:52: and... She just opened her mail okay?

00:22:55: Yes so she put in her login data And somehow they got ten access to their bank account.

00:23:03: Fishing

00:23:05: Fishing.

00:23:05: yes

00:23:07: They stole all of our money.

00:23:09: Fortunately, it was only six thousand francs because it's her household account.

00:23:14: But imagine you're still saving accounts?

00:23:16: Yeah

00:23:16: and even six thousand!

00:23:18: Yes

00:23:18: yes... You don't want to lose that in an instant right?

00:23:21: No I mean the criminals nowadays are very good at faking QR codes, twin requests or whatever And we have to understand they get better and better.

00:23:36: so we really need be careful For her.

00:23:41: Yeah, as I said it was only six thousand drinks but it was a lot already.

00:23:46: But let's say your saving account.

00:23:47: You know that That really an incident you never want to experience.

00:23:54: the same goes two startups and other businesses, you know When you have cyber attack they can block Your entire system And they're gonna ask for ransom ransom payment in your coverages.

00:24:13: but the most important thing about this coverage actually the service.

00:24:19: imagine something happens to you that next day and u just know okay i call my broker or my insurance company.

00:24:27: They take care of me

00:24:29: they gonna.

00:24:30: you know it's like a firefighter, they will instantly gonna take care of the case, we'll do whatever they can because they have protocols and experts on their side.

00:24:43: And you're going to be taken care off...

00:24:47: This is an emotional thing like the emotional damage is there anyway?

00:24:51: Exactly!

00:24:51: It's

00:24:52: very happy that someone by your side actually supports you.

00:24:56: Yeah it's a emotional support.

00:25:00: The situation is completely overwhelming for you And you don't know, usually individuals or like small businesses.

00:25:08: they don't have a plan for when cyber attack happens.

00:25:13: Which is normal because fortunately we are not affected by it on the daily basis?

00:25:18: Yeah!

00:25:18: Not yet I'm telling you that their cases are exploding nowadays.

00:25:25: I can imagine

00:25:26: Yes So yeah Like having someone to say you in that In that situation, earlier in my career I was working at the claims department for seven years and The best an insurance company can do is when you have a claim And the claims handler tells You everything's going to be okay.

00:25:52: I

00:25:53: got it!

00:25:54: We will take care of this.

00:25:56: i'll lead you through the entire process.

00:26:01: You don't have to think for a use,

00:26:04: you don't need do it alone.

00:26:06: Exactly!

00:26:07: If got someone that is with more experience and not emotionally involved but can focus on action solution of the problem

00:26:19: which

00:26:20: then an emotional relief for you

00:26:22: Yes totally these people have the process in place.

00:26:27: They can tell you step after step what to do, or they are going to take a lot off of your shoulders

00:26:36: because actually doing it for

00:26:38: them?

00:26:38: Yes!

00:26:39: This is really most underestimated part.

00:26:43: and also when I see certain claims like roadside assistance coverage... What we're buying?

00:26:54: If you break down in the middle of the street, your car breaks down.

00:26:59: Usually yourself broke it as well?

00:27:03: Yes!

00:27:05: Because just recently here in Zurich I helped a couple.

00:27:11: They broke down with their cars from Germany to Switzerland and they blocked three lanes.

00:27:20: It was extremely stressful for them.

00:27:24: If you can call and they're going to tell, we will take care of it.

00:27:29: Yes We'll organize everything

00:27:31: You.

00:27:32: just the most important thing is that you calm down on That.

00:27:36: no

00:27:36: one's heard

00:27:37: No-one has heard.

00:27:38: Help is

00:27:39: on their

00:27:39: way

00:27:41: And

00:27:42: then you have such a better time than much better times Than if your left on yours own.

00:27:51: I

00:27:53: think most people that listen will be like, yes of course.

00:28:18: which is what I like about your company, because you have contracts with all the insurances.

00:28:24: You know all their products and you can recommend a proper insurance for each individual person.

00:28:32: One insurance company might be right from one policy to another,

00:28:39: correct?

00:28:39: So an insurance brokerage company like CFA is independent so it's not... speaking to an advisor with one insurance, then it will tell you how to have the car insurance and the health insurance in this same company.

00:28:57: And you would potentially not recommend having everything in the same company but do some cherry picking for your clients which is what we actually do.

00:29:07: Yes We analysed a market For best products The best premiums.

00:29:12: of course

00:29:13: It's

00:29:14: a combination.

00:29:15: Yes, and also personally I use my insurance based on my experience regarding claims handling because what actually buy when i buy kind of policy is the claim right?

00:29:32: Hopefully you never need it!

00:29:34: If you knew... And I want to have nice people on the phone.

00:29:43: You

00:29:43: want them pick up your phone?

00:29:44: Exactly!

00:29:47: And I wanted them to be...

00:29:49: Responsive, supportive

00:29:53: and not looking for the last little bit which can explode certain cases.

00:29:59: you know This is a big plus for me as well.

00:30:04: Of course that's professional You know, experience which

00:30:08: company handles.

00:30:10: Which claims how?

00:30:12: Yeah, um, Carol you brought some examples for us so to show what it actually means To have some insurances.

00:30:23: So tell us

00:30:24: yeah Okay, let's start with an individual.

00:30:28: when you have as I said a private liability insurance usually compare that with the household insurance.

00:30:34: And then let's say your household insurance is maybe eighty thousand francs worth.

00:30:40: So the household insurance is coverage for everything that I own in my flat?

00:30:47: Yeah, also the handbags

00:30:51: and shoes!

00:30:53: And the Rolex!

00:30:57: When you combine it with about five million for your private liability, you will lend between five hundred and eight hundred francs per year.

00:31:09: For the two...for the liability and household insurance?

00:31:12: It's set for a combination.

00:31:13: yeah

00:31:14: And it means if house burns down If I'm being broken into everything is being stolen I'm covered up to eighty thousand francs because this might be low means high too.

00:31:28: and after

00:31:28: Yeah!

00:31:29: ...and if i do something to someone accidentally up to five million.

00:31:35: All I have to pay is what did you say, four hundred?

00:31:37: Five hundred

00:31:38: a year?

00:31:38: Five hundreds or when like having more expensive companies than it can go up to maybe eight hundred.

00:31:45: Okay but again nothing compared the potential damage that would get out if there's case.

00:31:56: One important thing here is household insurance for all objects which are movable.

00:32:03: Okay, so

00:32:04: one good thing to understand what is covered in a household insurance and what it's actually covered in the building insurance Is when you turn your house upside down And everything that falls out Yes It's household insurance

00:32:19: okay?

00:32:19: Everything that sticks will be building insurance.

00:32:24: So my toaster is the Household Insurance.

00:32:26: The kitchen is the Building Insurance Correct if it's mounted correctly.

00:32:35: Good, and then let say you have a car right?

00:32:40: And with the car we can say that it differs very much like of course a Fiat five hundred is not going to be the same price as an Aston Martin but still easily, you know between thousand and three thousand francs or maybe four thousand around that

00:32:59: amount.

00:33:00: For the

00:33:00: car insurance?

00:33:03: And then maybe have like a travel insurance as well which could be for the basic coverage may be one hundred and thirty franc

00:33:10: per year.

00:33:11: so Which means if I book flight And then

00:33:22: you have the law protection, around three hundred and fifty

00:33:27: francs.

00:33:28: And a lot of times those insurances not only include like one person but if you are at household with your car or kids You will everyone in one policy

00:33:38: because

00:33:39: it's not that everyone has an insurance for this amount.

00:33:44: It is cheaper to have more people in an insurance like four individuals in insurance.

00:33:49: Yeah,

00:33:49: totally yeah.

00:33:50: let's say three hundred and fifty is maybe as an individual but then when you're a family it may be fifty or a hundred francs more.

00:34:01: It's not the enormous amount exactly.

00:34:03: so it's not health insurance where one person

00:34:07: of your

00:34:07: salary

00:34:08: goes

00:34:09: to health insurance

00:34:11: per person.

00:34:12: this Exactly, yeah.

00:34:15: Insurance.

00:34:16: but a lot of the other insurances are household insurance per household.

00:34:20: Yeah

00:34:22: So it's quite.

00:34:24: you know like The people have to idea that insurance is very expensive But I don't see that very much in my daily work?

00:34:37: Maybe we can be precise.

00:34:39: Insurances can be very expensive.

00:34:42: True especially if you don't have them.

00:34:48: You can sign up for expensive insurances that have a very bad coverage which is like the worst combination, but if you pick the proper insurance years with right amount of coverage I agree with what you get from your money Like not consider any insurance.

00:35:17: Yeah,

00:35:18: but just to hope for the best.

00:35:24: Yes This is something that like we have been discussing here in this podcast a lot this principle of it's gonna be fine.

00:35:33: This is not true for insurances It's not true.

00:35:36: four investments if you're not true For your old age savings?

00:35:44: These are all topics we were kidding about, like trinity or the boring topics.

00:35:49: It kind of is but it's nevertheless super important topics and please look at them.

00:35:57: And what you want to do is raise awareness

00:36:01: Because

00:36:02: not knowing is most dangerous.

00:36:04: I think

00:36:04: Yes!

00:36:05: Also maybe to clarify certain wrong assumptions.

00:36:10: People have a lot of wrong assumption about taxes Yes.

00:36:13: And about insurance as well?

00:36:15: About old-age pension savings, so these are kind of like the three areas where there is a lot of misconceptions and wrong beliefs... ...and that's what we're here for exactly to clean up the mess.

00:36:34: Do you have any other examples with you?

00:36:36: I do want to share.

00:36:38: Yeah!

00:36:38: So maybe For like for a startup, we can go through.

00:36:43: Like maybe it's true... For self-employed?

00:36:45: Yeah!

00:36:46: Self-employ'd.

00:36:48: But do you need to be careful with the terms right.

00:36:51: when you say self employed this usually means that uh You don't have a GameBehar or an OctaneCasale show.

00:37:00: Yes,

00:37:01: you are self-imployed.

00:37:02: just you mentioned your name mention it to the SBA and start working

00:37:07: in there.

00:37:09: It is

00:37:09: very simple Also in terms of taxes because it's in your personal tax return, but nevertheless comes with some implications.

00:37:18: Yes and also It is important to know that Certain insurances again if you are kind of an individual Because you're still a self-employed

00:37:31: person

00:37:33: then Coverage can be more complicated.

00:37:37: But nevertheless, let's say you want to find your GameBehaw or your OK.

00:37:44: And then maybe a female for the years old?

00:37:48: Maybe have yoga studio... Or an app that you'd like to develop right now.

00:38:01: You're going to pay yourself about eighty K. as a salary, which is not that much but also not little.

00:38:11: Let's assume someone has the salary of ATK in which they are paying themselves with their GMBH?

00:38:19: What does it mean for insurances?

00:38:24: For an average person you have to count about twenty-three percent.

00:38:34: That will go to first and second pillar.

00:38:37: Okay, yes

00:38:38: especially the first pillar is more expensive than the second pillar

00:38:43: depending on how old you are.

00:38:44: yeah

00:38:50: Yeah But this is just it's not little.

00:38:52: twenty three percent of your income Is quite a lot right?

00:38:57: And I think that One thing to consider and the other things what we just discussed before is like a professional liability.

00:39:08: Let's say you are alone in this GmbH.

00:39:11: for

00:39:11: instance,

00:39:14: as I mentioned that you earn an ATK per year your premium will be three hundred francs again very low.

00:39:24: or what do get?

00:39:26: And the same applies to legal protection.

00:39:30: You've mentioned that before, you can have an extension for your

00:39:35: private... For private legal insurance?

00:39:37: Yeah exactly.

00:39:38: but then like I would say more than majority don't offer this extension.

00:39:45: Okay

00:39:47: it depends on the contract.

00:39:49: Yes yes yeah.

00:39:50: so then besides first and second pillar Really, like you don't have to vary a

00:39:58: preview

00:39:59: but just get the coverage.

00:40:01: Yes super important.

00:40:03: and a lot of people when they set up their own company They are focusing on the business Of course And On Their Business Model The Business Plan.

00:40:11: All Great Ideas They Are Having.

00:40:14: We Don't Say That This Is Perfect To Do But Then Please Get Some Support get some support in terms of insurances.

00:40:25: If you have a GmbH, you need someone that helps with proper accounting if your self-employed and still needs to take off the account yourself or you'll find something when it does for you.

00:40:39: And again this is an upcoming topic here.

00:40:41: You don't do everything on your own.

00:40:45: don't recommend finding out everything with a chat GPT.

00:40:52: Yes, it doesn't necessarily give the right

00:40:59: answers?

00:40:59: No I can really have to discourage people to use for insurance because when they first came out i was like oh great!

00:41:07: I've my personal assistant.

00:41:08: now you know... Because its a lot also for me too look forward to analyse and so on.

00:41:15: But I got all the wrong answers, like not a single one was correct.

00:41:20: And sometimes I would get a little bit angry and say that's wrong!

00:41:24: Why did you give me the

00:41:25: wrong answer?

00:41:26: The LGBT says oh actually yes it is true yeah...and then its different.

00:41:30: It could come up to

00:41:30: be like oh yes sorry Yeah well yes sorry

00:41:34: Oh yeah i'm being very honest about this.

00:41:36: This case also for old age saving questions complicated tax question Please.

00:41:45: I mean, chat GPT and all the other AI tools might give you a first idea but please make sure to discuss it with an actual expert that takes responsibility for their answers which AI doesn't?

00:42:01: Yes correct!

00:42:01: And the best thing i have to say about my situation is that i'm free of charge so...

00:42:09: That's actually free.

00:42:14: Yeah, we get paid by the insurance companies.

00:42:17: Okay

00:42:18: so you get a provision?

00:42:19: Exactly like a brokerage and people can just call us And then do their risk management.

00:42:27: We will get paid through the insurance company because they are another kind of sales For them, either they pay their own sales representatives or us.

00:42:38: And because you work for over thirty different insurances... You are still independent?

00:42:43: Because you will get such a feed from every insurance that your working for so you can still recommend the proper one.

00:42:51: Yeah and it's also misconception.

00:42:54: we'll look at those who give us best brokerage.

00:42:59: It is more-or less same anyway It's like one percent, maybe more or less.

00:43:08: And I'm certainly not going to look into that when i do an offer because my name stands for my reputation and... ...I want to protect it as much as possible!

00:43:20: Do you want happy clients?

00:43:22: Exactly!!

00:43:22: I want happy client.. ..and they want to sleep well aswell!

00:43:26: That is very

00:43:28: good!!!

00:43:30: I want them to sleep very well because of my risk management.

00:43:33: Yes, and then what?

00:43:35: Me like they won't.

00:43:36: for me it's a slip very wall because i offered the best protections.

00:43:41: oh my goodness this is great.

00:43:44: final words.

00:43:45: almost so carol has actually selling good sleep a good night's sleep.

00:43:53: but you know listening to these conversations It reminded me of something I see every day here at Taxum.

00:44:01: People don't want to avoid responsibility, they just don't wanna make the wrong decisions and then have misconceptions in their head that keep them from making the right decision.

00:44:12: Carol thank you for bringing clarity on this topic.

00:44:17: so if we had two things people should take away today What would it be?

00:44:22: Let me guess, first we need to get a liability insurance.

00:44:25: Yes!

00:44:28: And second like the one thing I see a lot is that people think they have to turn their sellers upside down to look for their policies.

00:44:38: you don't have two.

00:44:40: please just write your insurance company and ask for your policy

00:44:46: copy.

00:44:46: send

00:44:46: her a copy.

00:44:48: You don't have to do anything besides writing a small email and you will know what kind of coverage is.

00:44:56: Okay, that's like That's good tip because people are often like I have no idea where it is so i won't start looking at all exactly.

00:45:03: yeah really?

00:45:03: Like now we don't need that.

00:45:06: also if you don't understand but actually

00:45:10: Signed up for

00:45:12: which policies you have just call your insurance or call the broker

00:45:17: And ask them until you understand.

00:45:19: Yes, yeah get the knowledge from someone else.

00:45:23: Yeah

00:45:24: That's very good.

00:45:25: so Yeah insurance isn't about expecting the worst.

00:45:29: it's about protecting your life and Everything that you're building up.

00:45:35: this is what insurances are about.

00:45:38: I think Yeah You don't have to do this alone.

00:45:45: All the relevant information about Karol, her company.

00:45:49: Of course also about taxes can be found in show notes as usual and just like that you've been listening to another episode of Tax In The City.

00:45:58: Thanks Karol for being here today.

00:46:00: Thank You very much.