Professional liability insurance
Professional indemnity insurance is a liability insurance for specific professions, the possible incorrect advice by an increased risk to inflict financial losses have. These include lawyers ( professional liability insurance for lawyers), accountants, architects and engineers, trustees and physicians, as well as an interpreter / translator. Therefore, should in this context instead of a professional liability actually from a financial loss liability insurance of the question.
A public liability insurance can be both alone and completed in addition to a "real professional liability insurance." However, an employer's liability insurance makes sense in contrast to the professional liability insurance only for the protection of a company. Assured the business against financial losses, which are caused due to personal injury or property damage. In addition, damage caused by the sole fault of a single employee, covered. Therefore, an employer's liability insurance provides financial protection against personal injury and property damage as well as from financial losses (eg loss of earnings ).
In order to distinguish
Professional or financial loss liability insurance
A lawyer contains a client out of ignorance before important details. Then suffers pecuniary loss and this makes this the responsible legal advice. In this case, the statutory financial loss liability insurance would take over.
Professional or business liability insurance
In a law firm, a client slips on the freshly cleaned marble floor and suffers an injury. According to § 823 BGB, the lawyer would also be in this liability. If present, the liability insurance of the lawyer would defend or take the damage.
Overlap in terms of the tariff, the insurer
In practice, it often leads to a confusion of terminology: in contrast to an extensive craft business could be a single self-employed craftsman will call such a cover colloquially still as professional liability insurance. Partial take the insurer from this problem out before not even own a proper distinction. Often refers to a liability insurance policy in the policy conditions themselves as a business and professional liability insurance.
Compared to property insurance, in which you can freely decide often, whether you flush, subject specific professional groups of insurance. Thus must not pursue his appeal without having first completed a professional liability insurance a lawyer. It does not matter whether the profession is carried out as part-time or full-time employment.
Source
- Sample terms and conditions of the GDV
- Insurance terms and conditions