The differences between commercial and professional liability insurance

In the modern business world, liability insurance is an indispensable part of risk management. They offer companies and the self-employed financial protection against claims for damages. They not only assume the compensation of justified insured claims, but also the defense against unjustified insured claims

The main difference between commercial and professional liability insurance is their respective scope of cover: Both insurance solutions protect against claims for damages due to personal injury or property damage. Professional liability insurance also covers pure financial losses and offers special cover tailored to the needs of certain professional groups, such as doctors. Both insurance solutions offer additional cover that can be used to put together optimum insurance cover tailored to the respective insurance requirements.

Commercial liability insurance is important for all companies – regardless of their size or sector. 

Our specific commercial liability solutions:

• General commercial liability insurance: It covers the usual risks and can be extended to cover specific sectors.
• For agricultural businesses: There are many potential sources of danger on farms, such as machinery or animals.
• For the construction industry: On a construction site, small mistakes often have major consequences for people, other buildings or the environment. 
• For events: A large event harbors numerous risks of accidents and injuries. 
• For public institutions: The activities of a municipality can give rise to a wide variety of liability claims. 

Professional liability insurance is essential for professions where even small mistakes can have considerable financial consequences. For some occupational groups, such insurance is even required by law.

Our specific professional liability solutions:

• For doctors and medical staff: A treatment error can have serious health consequences for patients and result in high compensation claims.
• For lawyers, notaries and consultants: Missed deadlines or incorrect legal advice can lead to considerable financial losses for clients.
• For architects and engineers: Planning errors or inadequate construction supervision can cause costly construction errors.
• For investment managers: Inadequate financial advice and inadequate due diligence of assets can lead to high claims for damages. 
• For technology providers: Professional liability protects you, for example, against the financial consequences of faulty software, a cyber attack on one of your customers or a breach of data protection regulations.