Industry-specific commercial insurance fitted to your risks
Today, business and company insurances are as individual as the companies themselves. With insureQ's tailor-made insurance cover, you can protect yourself quickly, easily and comprehensively against the risks of your industry.
What is a business insurance?
There is no such thing as business insurance in the classic sense. A business insurance policy always consists of a combination of several different insurance products which, in the best case, are precisely adapted to the respective company or self-employed activity and therefore also cover all possible risks - regardless of whether they are claims for damages, court costs, loss of earnings, loss of payment or damage to company property.
Uninsured claims from very different areas can cause enormous costs. Since self-employed persons are sometimes liable with their private assets, they can quickly threaten their existence.
A carefully compiled portfolio of business and company insurances protects you, your company and your future. Even if the focus is on protecting the company or business, personal protection (e.g. in the event of disability) often also plays a fundamental role.
What types of business insurance are there?
Since every industry has its own risks to face, more and more insurance products and policies, some of them very individual, have emerged within the insurance industry over time. The "classic" business insurances, which plays a fundamental role for many different industries, often include the following:
professional liability insurance
public liability insurance
legal protection insurance
content insurance
At the same time, there are many other insurances for companies that are much more specialised but - depending on the industry - can be at least as important as the better-known variants. These include, among others:
D&O / directors and officers liability insurance
product liability insurance
commercial buildings insurance
business interruption insurance
cyber insurance
electronic & machinery breakdown insurance
cargo insurance (+ freight forwarders liability insurance)
fidelity insurance
credit insurance
and much more
Other business or company insurances are very much oriented towards the requirements of specific occupational fields. These include glass insurance, surety, water liability insurance or car contents insurance.
Which business insurance does my company need?
The right insurance cover for entrepreneurs, the self-employed and freelancers is not an off-the-shelf product. In addition to the industry and the number of employees, the insurance cover that a business insurance package should include also depends on, e.g., what type of machines are located on the premises. Since it is almost impossible to make general statements, we simply skip this step and put together the business insurance cover that best suits you, your activity and the actual risks.
insureQ: all insurances for your business from one source
Whether you work as a tradesman, IT service provider, consultant, restaurant owner, freight forwarder or in a completely different field: with the help of our intelligent insureQ algorithm, we put together the right business insurance cover for you. It protects you against all relevant risks and at the same time prevents you from unnecessary extra costs. By entering the key data about your activity and your business, we can quickly and easily assess which business insurances and sections thereof you need.
If you wish, the entire process including the purchase of your insurance policy can be completed in just a few minutes and 100 % digitally. If you have any questions about individual aspects or adjustments to your cover, our insurance experts are always available to assist.
Your tailor-made business insurance from insureQ:
individual protection for entrepreneurs, self-employed and freelancers
liability, legal protection, etc. - all business insurances from a single source
100 % digital: take out insurance online within a few minutes
personalised offer with immediate price calculation
personal insurance advice from experts on request
Hiscox, ARAG and R+V as insurance carriers and experienced partners
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There is no need for prior experience and complicated industry terminology to find the right protection with insureQ. We always make sure that you know exactly which part of the business insurance is relevant to you and your activity. Our service is available to you online and, if you wish, also personally on the phone.
Who are the risk carriers of insureQ business insurance?
insureQ stands for a fast, convenient version of insurance. In order to combine innovation and digitisation with stability and to offer you comprehensive protection in all areas, we work together with three experienced insurance partners. Hiscox, ARAG and R+V have been active in commercial insurance for more than 100 years and ensure that you are on the safe side in all situations of your everyday professional life.
Which insurances do I need for my business?
Business insurance is generally not mandatory - at least for most sectors. Unlike private health or motor vehicle liability insurance, for example, as an entrepreneur or self-employed person you can decide for yourself whether you want to take out certain business insurance policies.
The fact that the impression often arises that insurance is compulsory for all businesses and self-employed is due to the fact that almost every self-employed in Germany takes out professional or public liability insurance. The reason: even several years of premium payments often amount to only a fraction of what a single uninsured claim could cost. This principle can be applied to almost every common company and business insurance policy.
Industries & professions: For whom is company insurance mandatory?
In some sectors certain risks are part of everyday work. Hence certain professions must have insurance coverage in place by law. For example, lawyers only receive their licence if they have proof of professional liability insurance with a minimum coverage of €250,000. Other examples for businesses requiring mandatory insurance are as follows:
| Industry | Mandatory Insurance |
|---|---|
| Physicians | Public liability |
| Dentists | Public liability |
| Alternative practitioner (Chamber members) | Public liability |
| Pharmacists | Public liability, product liability, transport insurance (for medication dispatch) |
| Lawyers | Professional liability |
| Tax consultants | Professional liability |
| Notaries | Professional liability |
| Auditors | Professional liability |
| Real estate or property managers | Liability for pecuniary damage |
| Architects | Professional liability |
| Engineers | Professional liability |
| Transport service providers | transport insurance |
Introduction
As an expert in the field of business insurance, I can provide you with comprehensive information about the concepts mentioned in the article you shared. I have extensive knowledge and experience in this area, and I will use my expertise to address your questions and provide you with valuable insights.
Understanding Business Insurance
Business insurance is not a single insurance product but rather a combination of different insurance policies tailored to the specific needs of a company or self-employed individual. It provides protection against various risks that businesses may face, such as claims for damages, court costs, loss of earnings, loss of payment, or damage to company property.
Types of Business Insurance
- Professional Liability Insurance: This insurance protects professionals, such as doctors, lawyers, or consultants, against claims of negligence or errors in their professional services.
- Public Liability Insurance: It covers the costs of legal claims made by third parties for injury or property damage caused by the business's activities.
- Legal Protection Insurance: This insurance covers legal expenses incurred in disputes related to the business, such as contract disputes or employment issues.
- Content Insurance: It provides coverage for the loss or damage of business property, including equipment, inventory, or furniture.
In addition to these "classic" business insurances, there are specialized insurance products that cater to specific industries or professions. Some examples include:
- D&O (Directors and Officers) Liability Insurance: It protects directors and officers from claims related to their decisions and actions in managing the company.
- Product Liability Insurance: This insurance covers claims arising from injuries or damages caused by a product manufactured or sold by the business.
- Business Interruption Insurance: It compensates for lost income and additional expenses incurred due to a temporary closure or interruption of business operations.
- Cyber Insurance: It provides coverage for losses and liabilities resulting from cyber-attacks, data breaches, or other cyber-related incidents.
These are just a few examples, and there are many more insurance options available depending on the specific needs of different industries or professions.
Choosing the Right Business Insurance
Selecting the appropriate business insurance for your company depends on various factors, including the industry, the number of employees, and the nature of your business operations. It is crucial to assess the specific risks your business faces and customize your insurance coverage accordingly. Working with insurance experts, like those at insureQ, can help you determine the most suitable insurance package for your needs.
insureQ: Your Business Insurance Solution
insureQ is an intelligent algorithm-driven platform that helps businesses find the right insurance coverage. By entering key data about your business and industry, insureQ can assess your needs and recommend the most relevant business insurance options Their platform offers the following benefits:
- Tailor-made coverage: insureQ provides individualized protection for entrepreneurs, self-employed individuals, and freelancers.
- Comprehensive coverage: They offer a wide range of business insurance options, including liability insurance, legal protection, and more, all from a single source.
- Digital convenience: The entire insurance process, from obtaining a quote to purchasing a policy, can be completed online in just a few minutes.
- Expert advice: If you have any questions or need assistance, insureQ's insurance experts are available to provide personalized advice and support.
Risk Carriers of insureQ Business Insurance
insureQ collaborates with three experienced insurance partners to ensure comprehensive protection for their customers. These partners are Hiscox, ARAG, and R+V, all of whom have been active in the commercial insurance industry for over 100 years.
Mandatory Business Insurance
While business insurance is generally not mandatory for most sectors, certain professions and industries have legal requirements for specific types of insurance. For example, lawyers need to have professional liability insurance with a minimum coverage amount to obtain their license Other professions, such as dentists, pharmacists, tax consultants, and architects, also have mandatory insurance requirements.
Conclusion
Business insurance is a crucial aspect of protecting your company and mitigating potential risks. By understanding the different types of business insurance available and working with experts like those at insureQ, you can ensure that your business is adequately protected. Remember to assess your specific needs, consider industry requirements, and seek professional advice to determine the most suitable insurance coverage for your business.
