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Protection for purely financial lossesFinancial loss liability insurance

Even self-employed or freelance professionals are not immune to mistakes – be it a missed deadline, incorrect information or wrong professional advice. The resulting financial losses can quickly lead to claims for compensation – and, in the worst case, jeopardise your existence.

Protection against financial risks due to professional errors

General financial loss liability insurance protects you specifically against the financial consequences of such professional errors. The insurance covers genuine financial losses, i.e. losses that do not result from personal injury or property damage.

This insurance is aimed in particular at professional groups such as:

  • Energy consultants
  • Experts
  • Property managers
  • Financial and wealth management service providers
  • Professional advisors and many others who are not subject to the obligation to take out professional indemnity insurance.

Important: Personal injury and property damage are not part of general financial loss liability – this is the responsibility of business or professional liability insurance.

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Insured risks & hazards
  • Professional negligence:
    Errors or negligence – such as missing a deadline – that cause financial damage to third parties.
  • Incorrect advice:
    Claims for compensation due to incorrect, incomplete or omitted advice with financial consequences for clients.
  • Pure financial losses:
    Damage that is not attributable to personal injury or property damage, but is of a purely financial nature.
  • Missed membership fees:
    Protection for claims if contributions are not collected on time and are therefore time-barred.
  • Errors in the procurement of materials:
    Cover for financial losses caused by erroneous or inadequate procurement, e.g. incorrect deliveries or quality problems.
  • Liability for employees:
    Insurance cover for errors caused by employees in the course of their work.
Possible scope of cover & extensions

Depending on the structure of the policy, the insurance may include the following benefits:

  • Assumption of financial losses of third parties due to unintentional professional errors.
  • Protection against claims for compensation as a result of incorrect advice or information.
  • Protection in the event of work-related omissions that have financial consequences.
  • Cover for employees acting on behalf of the company.
Insured Persons
  • The Insured Company
  • Employees and staff working on behalf of the company

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