Depending on the type of company you are running, the following company insurance schemes are recommended.
Employer’s liability insurance
This insurance covers damages caused to third parties, e.g. suppliers and customers. Special professional indemnity and financial loss liability insurances exist among others for engineers, real estate agents or architects.
Business interruption insurance
The business interruption insurance covers the running costs until the business is rebuilt should the business come to a standstill, e.g. due to fire, breakdown of machines or computer equipment or a similar event, which means that you cannot generate any income. Running costs are e.g. wages, salaries or rents. There is also a corresponding business interruption insurance policy for freelancers.
Product liability insurance
A combination of a business liability insurance policy and a product liability insurance policy is sensible. The product liability insurance covers claims made by third parties caused by defects in your company’s products. It is required above all for suppliers, manufacturers or licence holders.
Other company insurances are for example:
- Burglary insurance
- Electronic equipment insurance
- Fire insurance
- Storm insurance
- Thirty-party motor insurance
- Environmental liability insurance
- Water damage insurance
- Machinery insurance
- Fidelity insurance
- Insurances for employees
The German original version of this text was drafted in close cooperation with the relevant departments. The Wirtschaftsministerium released it on 31.08.2017. Only the German text is legally binding. The Federal State does not assume any liability for the translated texts.
In cases of doubt or if you have any questions or problems, please contact the relevant authorities directly.