Financial Loss Liability Insurance through exali is designed for freelancers, self-employed professionals and companies in IT and telecommunications, media and marketing, consulting and other eligible service professions. Select your activity to find suitable cover.

The policy provides broad cover for the activities described in its insured professional sectors, subject to its scope and exclusions. Some activities, such as eligible engineering work, require an agreed extension. Contact our customer consultants if your work spans several areas or you are unsure which activity to select.

Financial Loss Liability Insurance covers liability claims for pure financial losses arising from insured professional activities. Examples include lost sales caused by a programming error, financial loss due to incorrect advice or a missed deadline, and claims arising from copyright infringement or the transmission of a virus to a client’s system. Coverage for financial losses plays a fundamental role, accounting for 88% of all claims.

To complement Financial Loss Liability Insurance, exali recommends adding General Liability Insurance for personal injury, property damage and resulting financial losses. Both can be combined within your Professional Indemnity Insurance.

Yes. exali's Financial Loss Liability Insurance for Digital Professions fully covers losses suffered by clients as a result of using AI tools in the insured professional activities. This can be relevant in IT, media, consulting and many other digital services. There is also an optional AI-Related First-Party Losses add-on. It covers additional costs that you incur because an AI system malfunctions or performs an incorrect action. This includes, in particular, necessary additional costs for analysing the problem, correcting the error and restoring systems.

Financial Loss Liability Insurance primarily protects against claims from third parties. For specified financial losses suffered by your own business, you can add First-Party Financial Loss Insurance to your policy. When agreed, this extension includes cover within its terms for:

• Costs of reversing unauthorised alterations to, or blocking of, your own website.
• Costs of restoring or reproducing your own work documents required for client assignments.
• Specified financial losses caused by dishonest acts or errors by insured employees.
• Specified fraud losses, including qualifying social engineering, phishing and CEO fraud incidents.

The respective limits, deductibles and conditions apply. exali’s customer consultants also provide personal support with questions about your Financial Loss Liability Insurance and with reporting claims.

The policyholder is, of course, insured, whether the policyholder is a natural person or a legal entity. In addition, the persons listed in Section C of the Terms and Conditions are co-insured:

Co-insured persons are

• the policyholder’s statutory representatives,
• the policyholder’s managing and other salaried employees, casual workers, volunteers, apprentices, unpaid trainees, interns and working students,
• employees of temporary labour companies integrated into the policyholder’s operations,
• freelancers (natural persons) integrated into the policyholder’s operation, insofar as they are active in the name of and on behalf of the policyholder,
• shareholders, limited partners, members of Supervisory Boards and Advisory Boards (natural persons), if they perform an activity insured under this contract in the name and on behalf of the policyholder.

Insured companies are

• the policyholders,
• subsidiaries, branch offices and offices of the policyholder in domestic countries and the countries of the European Economic Area (EEA) or the United Kingdom (UK),
• subsidiaries of the policyholder outside of the EEA and the UK, if they are explicitly named in the insurance policy.

The premium is calculated individually for each customer's situation and professional sector. The calculation takes into account annual turnover, the selected sums insured, optional add-ons and possible discounts, such as a start-up discount or a multi-year term discount. exali's Professional Indemnity Insurance starts at € 170,60 net per year. The average premium is € 506 net per year.

Calculate your premium here

Report the claim to exali Customer Service as soon as possible so that the next steps can be discussed with you. If you have suffered or become involved in a loss, try to stay calm. You can reach us by telephone on +49 (0) 821 80 99 46-0 or by email at info@exali.com. Together, we will prepare the required information and forward it to the insurer.

The notice period is one month before the end of the insurance year. exali offers a minimum policy term of either one year or three years, with a 10% discount for the three-year term. If notice is not given at least one month before the policy expires, the policy automatically renews for another insurance year.

A special right to cancel applies in the following cases:

• The premium is increased without a corresponding change in cover. This does not include adjustments caused by an increase in turnover or the end of a start-up discount.
• The insured professional activity ends, for example because a freelancer takes up permanent employment.
• After a claim has been settled.
• Any premium paid in excess will be refunded on a pro rata basis.

If you temporarily pause your business activities, your insurance cover continues as usual. This is important because clients may still make claims against you after a project has ended. If you stop your business activities completely, you have a special right to cancel the policy from the date on which you notify us that the business has closed. Any premium paid in excess will be refunded.