Properly insured when volunteering: financial expert tips for optimal protection

Properly insured when volunteering: financial expert tips for optimal protection

According to a report by www.capital.de,

Volunteering is becoming increasingly important in Germany. It is important that volunteers find out about their insurance coverage, as in the worst case scenario they could be liable with their private assets. According to the Federal Ministry for Family, Senior Citizens, Women and Youth, 40 percent of the German population worked on a voluntary basis in 2019. As a result, the question of insurance coverage in the event of injuries while volunteering is crucial.

The article emphasizes that in voluntary activities such as volunteer work in the fire department, in health care and other public institutions, statutory accident insurance automatically applies if the volunteer is injured in the process. In addition, non-profit associations can insure their members legally or take out private group accident insurance for a small annual contribution. In addition, liability insurance is essential for volunteers, which covers third parties in the event of damage.

In terms of the impact on the market, it can be seen that insurance companies could increasingly offer special insurance packages for volunteers. These packages could be tailored to the needs of clubs and volunteers, which could lead to a growing market segment. On the consumer side, it is clear that volunteers are likely to pay more attention to the availability of special insurance options in order to protect themselves against financial risks associated with their volunteer work.

In terms of the industry, increasing demand for specialized volunteer insurance solutions could lead to increased innovative development of insurance products and services to meet growing needs. This could lead to competition among insurance companies to offer tailored offers and attractive rates for volunteers.