Business Insurance

Some business are legally obliged to have certain types of insurance. Usually you learn about this when you register your business, because proof of such insurance is an important part of the registration process.

But even if there are no legal demands for you to have certain insurance coverage for your business, common sense and economic prudence make some types of insurance available in Germany imperative for your business:

• General third-party liability insurance (which covers you if you cause damage to someone else’s property or injury to someone while acting in your business capacity). This covers, for example, damage to someone else’s laptop if you spill your coffee over it or compensation for pain and medication if someone stumbles over your power cord and breaks a leg.
• Pecuniary damage liability insurance: sometimes there is also pecuniary damage you are liable for resulting from damage or injuries you have caused to a third party or from the results of your work.

Why are these insurances imperative? Because not having them can destroy you financially and render everything you have built up in the past null and void.

While liability insurances are considered very important by every professional, there are some other business insurances that you could survive without, but which still make sense to consider, depending on your needs:

• Coverage for your office interior and equipment: if you have expensive office equipment and electronics, coverage against theft and destruction/damage is also very important.
• Event insurance: if you organize events as part of your business activities, there are a large number of risks that you should cover.

Sometimes a contract partner might also demand specific insurance coverage from you before signing you up for your services. In such cases it is also important to find the correct insurance coverage for such demands.