Key points at a glance
- For occupations with a high level of responsibility: Whether you are a doctor or lawyer – for occupations in which small errors can have far-reaching consequences, professional liability insurance is essential.
- Necessary protection: In some cantons and for certain occupational groups, professional liability insurance is mandatory.
- Comprehensive insurance protection: Professional liability insurance covers compensation payments for justified claims and the costs of averting any unjustified or excessive claims.
Professional liability insurance by professional group
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For doctors
Even when the highest level of care is exercised, errors leading to substantial claims for damages can occur in the day-to-day work of doctors. For this reason, medical professionals in occupations requiring university-level study are legally obliged to have professional liability insurance. It enables you to defend yourself against unjustified claims and protects you against the financial consequences of justified claims for damages through malpractice, for example.
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For attorneys
Professional liability insurance covers attorneys if, for example, claims for damages are made as the result of incorrect advice or missed deadlines. It provides coverage in the event of claims for damages made by clients and is mandatory for self-employed attorneys.
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For financial service providers
Financial market regulation (FinSA / FinIA) contains requirements concerning the insurance coverage of financial service providers. AXA provides you with an insurance package that is specially tailored to these requirements: professional liability, directors’ and officers' (D&O) liability insurance, and fidelity insurance can be combined according to your needs.
This way, you can be confident that your coverage is compliant with the law – and you benefit from attractive combination discounts on your insurance premium: If you take out further modules of the AXA insurance package for financial service providers (D&O and/or fidelity insurance) in addition to a professional liability policy, you will receive a premium discount of 15%. Members of the Swiss Association of Wealth Managers (SAM) receive an additional 10% discount on the total premium.
Request a personal quotation online now or find out more in the SAM member area (in German).
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For fiduciaries who offer auditing services
In the fiduciary and auditing business, protection against liability claims is a basic requirement. AXA's professional liability insurance for fiduciaries who offer auditing services is ideally tailored to sector-specific risks. The following areas of activity are insured in addition to classic fiduciary services:
- Activity as internal auditor
- Tax advice
- Management consultancy
- Real estate administration
- Activities as liquidator, administrator, or non-official bankruptcy administrator for execution proceedings
- Protector of trusteeships or trusts
- Member of a creditors’ committee
- Estate executor
- Legal advisory
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For IT service providers
Hardly any sector is changing and growing as quickly as the information and telecommunications industry. Taking prompt action is essential for reliable risk management. Professional liability insurance exists to prevent a moment of inattention from turning into a financial burden for an IT company. It reliably protects all insureds from the financial consequences of a failure to fulfill contractual obligations adequately.
The insurance covers the following activities, among others:
- Planning, developing, producing, and maintaining software and networks
- Operating and organizing a data center, and providing cloud- or web-based services
- Providing services such as analysis, consultation, and training as well as expert opinions
- Telecommunications services
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For advertising, public relations, and marketing service providers
In day-to-day business, mistakes and momentary lapses in attention can have far-reaching consequences and lead to significant claims for damages. This also applies to service providers in the areas of advertising, public relations, and marketing. Professional liability insurance provides insureds with reliable protection against the financial consequences of a failure to fulfill contractual obligations adequately, or at all – and covers the following sector-specific risks, among others:
- Failure to notice printing or color defects in the prospectus samples delivered by the printer
- Placing advertisements in the wrong publication
- Breaching competition rules
- Infringement of copyrights when designing advertising materials
- Omitting to publish an advertisement
- Publishing advertisements that have been designed or written in a way that is not compliant with the customer’s instructions
- Failure to notice deficiencies when giving approval for printing
- Inadvertently deleting third-party data due to an operating error
Downloads
- Third-party liability insurance Companies – General Insurance Conditions (GIC) [.pdf , 245KB]
- Professional liability insurance Lawyers, consultants, fiduciaries, auditors, and other service providers – General Insurance Conditions (GIC) [.pdf , 284KB]
- Professional Liability Insurance IT Service Providers – General Insurance Conditions (GIC) [.pdf , 296KB]
- Liability insurance for architects and engineers – Supplementary Conditions (SC) [.pdf , 147KB]
- Financial Loss Insurance for Financial Institutions and Financial Service Providers - General Insurance Conditions (GIC) [.pdf , 309KB]
Support and frequently asked questions
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What is the difference between professional indemnity and commercial third-party liability insurance?
Both insurance types overlap in some areas. The difference: Companies that can be held liable on account of their operational activity need commercial third-party liability insurance, while professional indemnity insurance is the right solution for those who can be held liable for breaches of professional duty or for pure economic loss caused by their professional activity.
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Who should take out directors' and officers' liability insurance?
Policyholder and premium payer is the employer as a legal entity. However, the de facto directors and officers themselves are covered. So, for example:
- Members of the board of directors of a joint stock-company (AG);
- Members of the administration of a cooperative;
- Managing director of a limited liability company (GmbH);
- Association board members;
- Trustees;
- Members of executive boards and senior management (including interim managers);
- Founders of a GmbH or AG;
- Employees assigned de facto director or officer functions;
- Liquidators, in the case of voluntary liquidation.
You can find more information on directors' and officers' liability insurance here.