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Insurance in Brazil

Business Insurance

Having the right company insurance in Brazil gives you more than just a good night's sleep. It is fundamental to the protection and management of your business. It's hard to get the equilibrium right too: some will try to get away with minimal insurance, whereas others will overindulge on insurance they don't really need. The easiest way to evade this is to consult an expert. They will advise you on the appropriate insurance for your company.

Paying insurance premiums in Brazil is always going to appear onerous, but can you really afford to be without sufficient coverage? More importantly, can your company afford it? This is especially true to setting up overseas. As a foreign business, you are susceptible to infractions, accidents, even disasters, which you will not be accustomed to in the UK. You only have to look over the past few years to see how many people in both the East and West that have been afflicted by natural disasters.

It is advised you seek out a reputable insurance broker, who will not only be able to recommend the exact insurance needs for your company, but also compare deals and negotiate cost-effective packages. They will also be able to inform you of any legal requirements in Brazil that you may not be aware of.

Generally, there are four main types of insurance:

• Vehicle Insurance
• Personnel Insurance
• Public Liability Insurance
• Building and content insurance

Vehicle Insurance

By law, in Brazil, all vehicles must be insured to a third party liability level. There are two predominant policies to choose from: third party and comprehensive insurance. If a claim is made against you for personal injuries and legal costs, then third party injury insurance is required.

Comprehensive vehicle insurance covers damages caused to your own car by you, as well as injury, property damage, fire and theft,

Personnel Insurance

This type of insurance covers you and your employees in the event of sickness, accident or illness.

An employer must provide accident or sickness cover for their employees. However, self-employed people are not covered by employee compensation, and therefore need to cover themselves through a private insurer. There are various types of insurance available, such as income protection, trauma, life and disability.

Public Liability Insurance

This is a compulsory form of cover in Brazil, and protects from claims by third parties against negligence, death, injury, loss and damage of property, and economic or financial loss.

Building and Contents Insurance

This insurance covers your property and its contents and/or stock against fire, water and other damages such as earthquakes, lightning, storms, explosions, burglary and theft.

Personal Insurance

There are a handful of insurances in Brazil that are tailored to meet your day-to-day needs and cover you in the event of damage or injury to yourself or other persons, as well as assets and property.

Life Insurance

Life insurance in Brazil isn't just something to think about when you reach old age. In fact, the earlier you take it out, the better deal you get. Insurers are more likely to give a better deal to someone who is young and healthy than old and ill. Even if you have no family or dependents to worry about, there are still very good reasons for you to invest in life insurance.

Life insurance isn't really a country-specific affair, like health or vehicle cover is. It is tailored to your individual circumstances and needs.

It is important to know the kinds of life insurance available to you. Typically, these are term/temporary insurance and investment/permanent insurance.

Term insurance invariably provides compensation and benefits to a family or dependent in the case of death within the terms outlined in the policy. It ensures that, in the instance of death, the people you leave behind are not left in financial turmoil.

Investment-type insurance will be inclusive of endowment and 'whole of life' policies, and is valid for as long as premium payments are made. Technically, part of the premium is invested and will build in value. It can even be cashed before you die. Therefore, the earlier you buy, the more will accumulate, the more you can reclaim.

It is essential to remember, that, when looking for a life insurer, you shop around. It is imperative that you get a deal to suit your needs. So, with this in mind, not only are you looking for a good price, but a suitable, individual policy. Ask yourself what you need from a life insurance policy. There are many people that can help you deduce which company and policy is most appropriate for you, and there are many price comparison sites located on the internet.

Health Insurance

The health system of Brazil is composed of a large public, state-managed system and serves the majority of the population. The private sector is managed by health insurance funds and private entrepreneurs.
It is highly recommended that you take out private health insurance in Brazil. Private health insurance covers a vast range of medical and dental treatment all over the country. Private patients generate higher earnings for medical professionals and therefore will invariably be consulted by senior doctors. A private patient can also request a doctor who speaks their native language.

Private cover is vastly available and can be purchased on an individual or work-benefit basis. Even if you take out private insurance, you are still eligible for free public healthcare.

Home Insurance

Home insurance in Brazil covers damages as a result of fire or water, theft and accidents. What is not covered, however, is damage consequential of natural disaster, war or general dilapidation. The cost of home insurance generally depends on what it would cost to replace your home and exactly which additional contents you have insured alongside it. In this instance, home insurance is particular to each case, as opposed to universal.

Home insurance can be seen as two separate types in Brazil: building and contents. Single policies are available that cover both, but it is recommended you treat them separately. For example, the cheapest house cover may not be cheap for contents.

Car Insurance

You cannot drive without car insurance in Brazil - it's the law. You and any injured persons will be covered for damages, fire, accidents and theft. Car insurance is based on the following criteria: type of car, location, marital status, sex and age. If you are a novice driver, drive a big, powerful car, or have a history of reckless driving, expect to pay more for your insurance.

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