insureQ

Your individual financial loss liability insurance

  • customized commercial insurance
  • get a non-binding quote in 9 minutes
  • purchase and manage 100% online
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Which damages are covered?

  • financial damages occured by your customers
  • infringement of copyrights
  • consulting, programming or printing errors
  • consequences of missed contract deadlines
  • loss of customer data
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How much does this policy cost?

The financial loss liability insurance is available

from 11 € / monthly

Would you like to know how much this insurance costs for you or your business? With just a few questions, we can calculate a tailored quote.
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Covered in 9 minutes*

Step 1 – Answer a few questions about your business

Step 2 – Get a product recommendation and personalized quote

Step 3 – Purchase your coverage immediately and manage 100 % online

*Depending on elected insurance product, desired start-date of policy and our insurance partners

he financial loss liability insurance for companies and self-employed

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Christian Gengler, MSc.

Insurance Expert

As a decision-maker in your own company or in freelance work, you bear a great deal of financial responsibility - both for yourself and for your clients. If mistakes are made, you need the right cover: We tailor the financial loss liability insurance to your individual activities to protect you against all risks.

insureQ: your tailor-made financial loss liability insurance

The majority of all tradespeople are exposed to a risk of financial damage to third parties. Well-planned coverage against financial loss is therefore one of the most important points for companies, start-ups, associations and the self-employed to protect themselves against claims for damages. Risks vary from occupational group to occupational group - and should be weighed up individually before taking out financial loss liability insurance.

This is where insureQ can help you: Our 100 % digital, personalised commercial insurance cover is designed for business owners who are looking for a transparent, tailored and fair insurance offer that is always available to them online. insureQ offers effective insurance cover without a lot of hassle, prior knowledge and lengthy sales pitches.

Financial loss liability from insureQ: comprehensive protection in just a few steps

With just a few clicks you can get your individual financial loss liability insurance: You provide us with all the important key data about your professional group and your company in a short form - our algorithm finds the insurance offer that best suits you based on your information.

If you are satisfied with your package, you can take out the insurance immediately. If you have any changes you would like to make, you can of course customise your cover and get personal advice from our insurance experts.

Your advantages with the tailor-made financial loss liability from insureQ:

  • individual financial loss liability insurance for companies, start-ups and the self-employed.

  • personalised protection - 100 % tailored to areas of activity, plans and risks

  • completely digital: take out your financial loss liability insurance online in just a few minutes

  • direct cost calculation via the insureQ algorithm

  • personal consultations with our experts possible at any time

  • convenient online processing of policy adjustments & claims notifications

  • experienced partners as insurance carriers: ARAG, Hiscox and R+V insurances

insureQ is at your side day and night with a completely digital commercial insurance offer. We answer your questions and design the ideal protection for you. With our customised financial loss liability insurance, you and your company are protected against all potential financial losses and covered for any emergency.

What is financial loss liability insurance?

As the owner of a business, you are often exposed to an increased risk of financial damage: as soon as you or an employee make a mistake that puts a business partner or customer at a financial disadvantage (or excludes them from a financial advantage), the other party can claim financial loss - and therefore also damages. As a self-employed person, you would have to pay for such claims even with your private assets - in order to secure your existence and the future of the company in such cases, the financial loss liability insurance was developed.

What is my financial loss liability insurance liable for?

In addition to covering the costs of damages, a financial loss liability insurance policy also checks the legitimacy of the claims made and covers the legal costs incurred in the event of unlawful claims (passive legal protection).

The type of damage covered in each individual case should be clarified in advance through a personalised consultation. Depending on the field of activity and individual risk, either individual, previously determined cases of damage or all financial losses incurred can be covered. Self-damage (e.g. lost data, damage to reputation by employees) can also be covered by financial loss liability insurance. The amount of coverage varies from insurance company to insurance company and should therefore also be tailored to the individual profile of your company.

A financial loss liability insurance does not cover personal injury or damage to property: If a business partner is injured or a laptop is damaged in the course of your work, these must be covered by an additional public liability insurance.

Liability for financial loss, professional liability or public liability: What is the difference?

If you inform yourself about the different insurances for tradespeople, you quickly end up with 3 different models: financial loss liability, professional liability and public liability. But what is the difference - and which insurance is most suitable for your professional field?

Basically, the terms financial loss liability and professional liability can be used interchangeably. Both refer to a type of commercial insurance that is liable for financial losses. Professional liability, on the other hand, covers personal injury, property damage and the resulting consequential property damage. It is therefore particularly elementary for businesses such as construction companies, as they are inevitably exposed to a higher risk of such damage.

Most companies make use of the protection of both insurances through a combined insurance package. However, depending on the individual risk factors for financial losses or personal injury or property damage, different priorities are often set, which should be defined in a prior consultation.

Who needs financial loss liability?

Entrepreneurs who take on an advisory or administrative role for their clients are usually exposed to the highest risk of financial loss. Therefore, especially professionals in the areas of consulting, auditing, administration or supervisory management should cover themselves with financial loss liability insurance. This includes a whole range of professions: Data protection officers, insurance brokers or auditors, for example, should also seek advice on suitable financial loss insurance in addition to managing directors.

insureQ can tell you in just a few minutes whether financial loss liability is the right option for you: Just tell us briefly what area you work in and our algorithm will find the best insurance cover for you.

Do I have to purchase financial loss liability insurance?

For some professions, financial loss liability insurance is actually a requirement of the professional chamber for the exercise of their activity. The protection is mandatory, among others, for:

  • lawyers

  • notaries

  • doctors

  • non-medical practitioners

  • pharmacists

  • property managers

  • chartered accountants

  • insurance brokers

  • tax consultants

  • engineers

  • architects (depending on the federal state)

An insurance certificate must be submitted in advance for admission to these activities. They are also subject to a minimum amount which must be covered by insurance and which varies from sector to sector. Regardless of this, however, the possible amount of damage should also be determined in advance, based on the field of activity. If the insurance cover expires, the professional activity can also no longer be carried out.

Who is covered by my financial loss liability insurance?

If you, as the managing director, take out property liability insurance for your company, all your permanent employees as well as interns and working students are also insured. External assistants, such as cleaners, are also covered by the property damage liability insurance. If you often work with external partners (e.g. data protection officers), you should definitely find out whether and how they are protected by your insurance as part of a personalised consultation.

How much does financial loss liability insurance cost?

It is difficult to give a general price range for a financial loss liability policy without knowing the most important information about a company. The costs are calculated according to the size of the company, the individual risk factors, the desired amount of cover and the additional services booked.

At insureQ, you can get your individual quote for financial loss liability insurance in just a few minutes. We can not only tell you how much your insurance will cost, but also optimise your offer so that no unnecessary additional services are integrated that you do not need. This way, you get the best possible insurance cover at a fair cost.