In accordance with the Self-Employed Persons' Pensions Act (YEL), entrepreneurs are obligated to take out pension insurance.
As entrepreneurs are not covered by the statutory accident insurance, new entrepreneurs are advised to take out a voluntary accident insurance policy. Furthermore, unlike employees, entrepreneurs do not have a contractual group insurance policy. Entrepreneurs are themselves responsible for arranging voluntary life insurance cover with an insurance company. In the case of unemployment, entrepreneurs may qualify for a basic allowance from the Social Insurance Institution of Finland (Kela); entrepreneurs may also voluntarily join the Entrepreneurs' Unemployment Fund if they wish to provide themselves with earnings-related unemployment benefits.
Entrepreneurs may also receive a maternity allowance, special maternity allowance, paternity allowance, parental allowance, special care allowance or rehabilitation allowance and sickness allowance.
