Both types of insurance protect the policyholder’s assets against claims for damages brought by third parties. Both public and professional liability insurance cover personal injury and property damage as well as consequential financial losses.
Pure financial losses are those that are measurable in pecuniary terms, but which are attributable neither to personal injury nor property damage. Thus, they are financial losses where no one is injured and no property damaged.
Example: A lawyer omits to mention an important clause when advising a client. As a result of this erroneous advice, the client suffers a financial loss.
As a rule, it is not mandatory to take out public liability insurance. But there are exceptional cases in which it is obligatory, e.g. in the automotive industry (Art. 71 of the Swiss Road Traffic Act – SVG). It is advisable to take out public liability insurance because even small errors can lead to serious loss or damage and, in turn, to claims for damages from third parties.
Unlike public liability insurance, professional liability insurance cover may be a prerequisite for obtaining a licence to practise certain professions. As the relevant provisions differ from canton to canton in Switzerland, it is not possible to make a general statement in this regard.
The cost of public and professional liability insurance depends on many different factors and is calculated on the basis of the risks being insured. It is thus not possible to name a fixed price. Contact us now for an obligation-free quote.
The insurance covers the policyholder and persons representing the policyholder, persons exercising a management function as well as all other employees and auxiliary staff.