Business liability as the foundation
Business liability insurance protects your company against third-party claims for damages arising from its business activities. It is essential that the insured activity is described accurately and completely in the policy. If new services are added, the policy must be amended – otherwise there is a risk of a gap in cover.
Depending on the industry, components such as product liability, environmental liability or professional indemnity insurance for advisory professions are also part of it.
Contents and business interruption
Contents insurance covers fixtures and fittings, machinery and goods in the event of fire, escape of water, storm or burglary. Often of greater economic significance, however, is business interruption insurance: it covers lost profits and ongoing costs for as long as the business is at a standstill following insured property damage. A typical example is a fire after which wages, rents and leasing instalments continue to be payable while no revenue is generated.
Cyber insurance
Attacks on information technology can paralyse business operations and trigger data protection obligations. Cyber insurance covers, to the agreed extent, the costs of specialists for recovery, loss of income and third-party liability claims. In return, insurers expect minimum technical and organisational standards, which we review with you in advance.
Directors' liability and fleet
Managing directors and board members may be personally liable to their company for breaches of duty. D&O insurance (directors' and officers' liability insurance) protects the private assets of the officers and covers the defence against unjustified claims.
Above a certain number of vehicles, fleet insurance is often clearer than many individual policies. All vehicles are managed under a single master agreement that simply reflects additions and disposals.
Our approach for business clients
We begin with a risk analysis: we discuss with you your activities, customers, suppliers, locations, vehicles and dependence on individual machines or systems. From this we determine which risks threaten the existence of your business and which you can bear yourself.
On this basis, we obtain quotations, compare terms and conditions and deductibles and present the results to you in a clear comparison. After conclusion of the contract, we look after the policies on an ongoing basis and adjust them when your business changes.
Frequently asked questions
Is business liability insurance sufficient for advisory activities?
Usually not. Pure financial losses caused by incorrect advice are, as a rule, not insured or only insured to a limited extent under business liability insurance. Professional indemnity insurance exists for this purpose.
Who is insured under D&O insurance (directors' and officers' liability insurance)?
The insured persons are the company's officers, such as managing directors, board members and supervisory board members. The policy is usually taken out by the company.
Does business interruption insurance pay out even without property damage?
Conventional business interruption insurance requires insured property damage. Interruptions caused by cyber attacks are covered by cyber insurance, where agreed.
How often should a company's insurance cover be reviewed?
Regularly, and whenever activities, turnover, number of employees or locations change.