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If several people in your company advise, plan or carry out commissions, protection against financial losses needs a concept for the whole business.
Professional liability — also called financial loss liability insurance (Vermögensschadenhaftpflicht) — covers financial losses that clients suffer as a result of errors in advice, planning or the execution of commissions. For companies it is crucial that all employees, subcontractors and business areas are covered and that the sum insured matches the size of the commissions. Personal injury and property damage, by contrast, are covered by business liability insurance — the two insurances complement each other.
With every additional person in the company, the number of possible sources of error grows:
Financial losses of your clients due to wrong advice, miscalculations or missed deadlines.
Cover for mistakes, misjudgements and incomplete advice that lead to financial losses.
Protection for architects, engineers and experts in case of faulty plans and expert reports.
Cover for financial losses due to missed deadlines, appointments or due dates.
Cover for the unintentional disclosure of confidential information or trade secrets.
Covers lawyers’ and court fees for defending against justified and unjustified claims.
It is particularly important for companies whose main activity is advice, planning or management:
Especially for professions involving advice or expert reports, e.g. tax advisers, architects, IT consultants or doctors, where a single advisory error can cause high financial losses.
Yes — business liability covers personal injury and property damage from ongoing operations, whereas professional liability covers pure financial losses resulting from wrong advice or professional activity.
With a retroactive cover clause, damage from commissions that are already completed but not yet time-barred can also be covered.
That is exactly the core of professional liability — it covers financial losses caused by a mistake in advice or execution, even without direct personal injury or property damage.
As a rule yes, if they act within the scope of the insured business. It is important that all business areas and any subcontractors are correctly stated — we check this with every offer.
Content reviewed by: Agnieszka Valenta, insurance broker · As of October 2026
We check whether all business areas, employees and subcontractors are covered and coordinate professional liability and business liability.
Personal advice in Breitenwaida – for businesses from the Hollabrunn district, the whole Weinviertel region, as well as Vienna and Burgenland. We advise in English, German, Polish, Serbian and Bosnian.
