Professional liability insurance

Anyone who takes up work in certain professions in Germany has the obligation to insure themselves against liability claims which may result from the exercise of the activity. Such claims can include personal injury, property damage and financial loss. This type of insurance is called professional liability insurance .

Affected are professions whose practice involves an increased risk risk of causing harm to other people. The obligation to take out professional liability insurance, as well as other provisions, claims, sums insured, etc., are regulated differently between individual professions and, in the case of individual professions, also between federal states. There is a federal legal basis for liability insurance for the following professions in particular:

• Security services in accordance with § 34a Para. 1 No. 4 GewO
• Debt collection companies in accordance with § 12 Para. 1 No. 3 RDG
• Notaries in accordance with § 19a BNotO
• Lawyers in accordance with § 51 BRAO
• Tax consultants in accordance with § 67 StBerG
• Auditors in accordance with § 54 WPO

In addition to, and possibly in addition to, federal regulations, requirements may also arise from state law or professional professional regulations regulations.

Examples of this are

• Architects, for example, para. 1 no. (9) of the Professional Code of the Baden-Württemberg Chamber of Architects
• Pharmacists, for example, Art. 18 Para. 1 No. 4 in conjunction with Art. 59 Para. 1 of the Bavarian HKaG
• Doctors, for example § 21 of the (model) professional code of the German Medical Association)
• Engineers, for example § 11 NIngG)

In addition certain company forms may also be subject to insurance obligations may also be subject to insurance obligations.

Public liability insurance

A distinction must be made between professional liability and public liability insurance . This covers the liability of persons authorized to represent the company as well as persons in an employment relationship with the company.

Financial loss liability insurance

In addition, there is also financial loss liability insurance . This relates to damage to assets caused by professional activity that is not the direct result of personal injury or property damage.

Which types of risks compulsory insurance cover depends on the insurance in question.

• Professional liability insurance covers errors or negligence in the performance of professional duties or in business activities.
• General liability covers damages arising from unlawful acts. This is a general right to compensation from third parties that has arisen in the exercise of the profession or business activity).