YEL insurance must be terminated if you, as an entrepreneur:
- sell your company
- sell your entire partnership share in a general partnership or limited partnership
- sell your shares in a limited liability company such that after the sale you own a maximum of 30% of the company’s shares alone or a maximum of 50% together with family members
YEL insurance is personal. This means that without YEL insurance you are also barred from practicing entrepreneurial activities covered by YEL in other companies.
If you sell part of your company, find out whether your decreased entrepreneurial activities still fulfil the conditions for YEL insurance. The same applies to the company’s buyer.
The business transaction might also affect the insurance of the company’s employees. Read about TyEL insurance for employees here.