Business Liability Insurance in Germany

Business Liability Insurance for international companies with subsidiaries in Germany

Insurance broker Munich will find the right solution for you.

Business liability insurance – when does it make sense?

Business liability insurance is essential for every business, every company, every self-employed person and also for freelancers. Despite all the caution, it can never be completely ruled out that you will injure other people or damage their property while doing your job.
Every company is generally liable without limitation, with all its assets, for damage caused by owners and employees. For small and medium-sized companies, the resulting claims for damages from the injured parties very quickly threaten their existence. Personal injuries in particular can quickly run into the millions. Professional and business liability insurance steps in here and protects against financial ruin.

There is special insurance coverage for web shops and e-commerce operators. More information on our website:

webshop-versichern.de

What damage does business liability insurance cover?

Personal and material damage to customers

Example: If a patient suffers health damage due to a medical error (medical liability insurance) or if a customer slips on the company’s premises (commercial liability insurance) and injures himself. Liability damage would also arise, for example, if an architect accidentally damages the customer’s car during construction work.

Commercial liability insurance for specific product property damage

Special product property damage is covered by the extended product liability insurance, but in most cases must be agreed separately.

The scope of services extends to the protection of third-party claims for damage such as

• due to the lack of guaranteed properties

• due to the defectiveness of items that only arise when the delivered products are combined, mixed or processed with other products
• due to useless costs for the processing or processing of defective products
• for costs for the removal and installation of defective products
• due to testing and sorting costs for defective products
• due to defectively delivered, assembled or maintained machines.

For specific professional groups, a pure property damage liability policy may be necessary, which also pays out regardless of previous

property damage or personal injury.

What does commercial liability insurance pay out in the event of damage?

The insurer covers the costs of justified liability claims for damages. Furthermore, the insurance cover includes checking whether and to what extent claims are justified and takes over the defense against unjustified claims. The insurer covers the costs of the check and legal protection regardless of the agreed sum insured.

Commercial liability insurance – what is paid in the event of a claim?

The costs of settling justified claims

The costs of defending against unjustified claims

In any case, the claim is paid less the agreed deductible.

How much does commercial liability insurance cost?

Commercial liability insurance can be purchased from around 90 euros per year. The premium depends on the type of business and what sums of insurance the business owner wants to take out. Since the scope of insurance can vary greatly depending on the business or company, individual advice is highly recommended. This is the only way to ensure that there is actually cover in the event of a claim. You are also welcome to call us at our advice centers in Munich or request non-binding information by email.

What damage is not covered by commercial liability insurance?

The following are not insured:
• Damage that you personally suffer
• Damage caused by performance
• Damage that you intentionally cause
• Damage that is not subject to the company-specific risk, such as damage to consignment goods or damage that cannot be assigned to the insured risk.
• Pure financial losses, in this case there is protection through financial loss liability insurance.

Financial loss liability insurance

Financial loss liability insurance is an absolute must for lawyers, tax consultants, insurance brokers, architects, real estate agents or even software developers to protect against third-party claims. This sub-category of professional liability insurance is specifically geared to the requirements of advisory professions and compensates for the financial loss that customers suffer as a result of incorrect advice.
Financial loss is damage that is neither personal injury nor property damage. It is therefore about damage to the customer’s assets, a so-called “financial loss”.

For example, if you calculate your client’s tax return incorrectly and this error causes him to suffer financial losses, these will be covered by the financial loss liability insurance and not by the commercial liability insurance, which covers damage to people and property.

Company insurance is generally required by companies, freelancers and other businesses to protect themselves, their employees or the company from financial loss.