«You don’t need any insurance except liability insurance.»
Professor Peter Gauch, one of the most distinguished experts on the law of obligations, gave us students the advice that you don’t need any insurance, except for liability insurance. This opinion, which was expressed decades ago, has become even more important in recent years, because both private individuals and companies are increasingly able to cause enormous damage with small errors or causes; especially in the field of computer science and digitalisation. This damage poses enormous risks for the perpetrators, against which they must protect themselves by means of liability insurance
Check Coverage of Risks!
In liability insurance, it is essential to check whether the effectively existing risks are covered at all, and if so, with a sufficient insurance sum. It must be considered that insurance companies exclude certain risks and areas to minimize their own risks (note! Exclusions can usually be found in the General Terms and Conditions of Insurance, GTC). However, if these risks or areas are relevant for an individual or a company, explicit inclusion must be negotiated with the insurance company.
Private liability insurance usually does not cover damages from employment
Important: Private liability insurance usually does not cover damages arising from the professional environment!