Changes in business operations
Changes in the business operations of a contract employer, such as changes in ownership or company form, may affect the TyEL insurance. In all situations of change, it is always advisable to contact Elo.
Common business change situations
1. Your company no longer has employees or your business operations end
2. Changes in ownership the ownership
3. Your company merges with another company (merger)
4. You transfer your business operations to another company
5. Your company divides or you receive business operations from a dividing company
6. You change your company's legal form
1. Your company no longer has employees or your business operations ends
Terminate your TyEL insurance if
- you no longer have employees insured under TyEL, or
- your business operations end.
You can terminate the insurance in Elo's online service for corporate customers or by contacting our customer service.
2. Changes in ownership the ownership
Changes in ownership the ownership of a company can change due to business sales or changes in partners or shareholders.
- If you sell your business as a sole proprietor, notify Elo of the termination of the TyEL insurance.
- Notify Elo of changes in partners for general and limited partnerships. These changes do not affect the validity of your TyEL insurance.
- Changes in shareholders of a limited company do not need to be reported unless the change affects group membership. If a shareholder works in the company, changes in ownership may affect whether the owners fall under TyEL or YEL. A YEL insurance must be taken if the ownership share is over 30% alone or over 50% with family members.
3. Your company merges with another company (merger)
When a limited company merges with another company, notify Elo of the termination of the merging company's TyEL insurance. As the receiving company, you insure the employees transferred in the merger with TyEL insurance. You can add them to your existing insurance or take out new insurance for them. The merged company's insurance is linked to the receiving company's insurance, transferring rights and obligations to the receiver.
4. You transfer your business operations to another company
If you are the transferring party, notify Elo of the termination of your TyEL insurance. As the receiving company, you insure the employees transferred in the arrangement with TyEL insurance. You can add them to your existing insurance or take out new insurance for them.
5. Your company divides or you receive business operations from a dividing company
When a limited company divides into two or more companies, notify Elo of the termination of the divided company's TyEL insurance. As the receiving company, you insure the employees transferred in the arrangement with TyEL insurance. You can add them to your existing insurance or take out new insurance for them.
6. You change your company's legal form
A change in legal form occurs, for example, when
- you change a sole proprietorship to a limited company, general partnership, or limited partnership
- a general partnership changes to a limited partnership or limited company
- a limited partnership changes to a limited company or general partnership
If the business ID changes
- notify Elo of the termination of the old TyEL insurance
- take out new TyEL insurance for the new, continuing company if it does not already have one.
If the business ID does not change, we will update your company's TyEL insurance with the new information from the registration date onwards.
Notify Elo of changes with an informal notification. It is advisable to attach a copy of the trade or association register extract, business notification, or other similar document to the notification.