The foundation of exali.com's professional indemnity insurance is the Financial Loss Indemnity Insurance (FLII). That is because professional mistakes by IT specialists, media workers and consultants often lead to financial disadvantages - i.e. financial losses - for a third party. This can be the customer or client, for example. That is why the protection of so-called “pure” or “real” financial losses plays a central role in professional indemnity insurance.
Definition: Financial loss is damage that is neither personal injury (killing, injury to the body or damage to the health of people) nor property damage (damage, spoilage, destruction or loss of things, in particular money and pecuniary symbols), nor does it result from such damage. The loss, modification or blockage of electronic data is also considered to be financial loss.
Blanket Coverage for your Profession in Financial Loss Indemnity Insurance
The financial loss indemnity insurance is conceived as “blanket coverage for your profession”. As a result, all activities and the associated professional liability risks in the areas of IT, media, consulting and services are insured without the need for a comprehensive list. The only restrictions are the exclusions in the insurance conditions.
Here are some Examples of Damage Events Covered by Financial Loss Indemnity:
Programming error when creating accounting software
Loss of sales by the customer due to a malfunction in the order form
Written warning and claims for damages due to copyright or trademark violations
Additional costs for the customer due to incorrect advice
Damage from passing on virus-infected files
Damage due to incorrect database update
Loss of data caused by incorrect data back-up
Accidental deletion of customer data
Damage due to incorrect configuration of a VoIP system
Claims for recourse due to hacked software (security vulnerability)
First-party Claims Insurance
In addition to damage to a third party (e.g. customer or client), certain first-party claims are also insured through financial loss indemnity insurance:
Costs of an external PR consultant in the event of imminent or already occurred reputational damage due to a damage event.
Changing or blocking your own website (e.g. hacking damage)
Replacement of lost, own written or electronic documents for order processing
Costs for loss of your own domain caused by a third party (domain legal protection)