Professional Indemnity Insurance in Finland

The necessary components of a professional indemnity insurance depend on the industry of the insured person in Finland. But there are some important points that should always be kept in mind:

Blanket coverage for your profession:  All activities in the relevant industry are comprehensively insured through a ‘blanket coverage for your profession’, which means that the addition of a new activity in this area is always automatically insured. We offer blanket coverage for your profession for all of our professional indemnity contracts.

Financial losses: The basic protection of professional indemnity insurance should always consist of financial loss liability, since, depending on the industry, according to an internal study by exali.com, up to 93 percent of all reported damage events arise from this area.

Infringements of rights: Copyright and trademark law as well as the new data protection laws and regulations are extremely complex and contain many legal ‘grey areas’. Therefore, violation of rights should always be included in the scope of insurance. At exali.com, the consequences of infringements of rights are comprehensively insured.

International protection: Since damages and liability cases in times of the World Wide Web cannot be limited to the place of performance, even with a local service, worldwide insurance coverage for financial losses should be standard. This is the case with exali.com.

Modular construction: Since the requirements of self-employed people in business differ considerably, it is important that professional indemnity insurance can be individually adapted to the needs and not just at the time of signing. For this purpose, exali.com offers various insurance modules with different sums insured to choose from.

At exali.com, we are committed to comprehensive and transparent insurance coverage. That is why we communicate all exclusions clearly and precisely; with no hidden clauses or ‘fine print’.

Limits to blanket coverage for your profession: The exali.com Professional Indemnity Insurance for Digital Professions covers all professional liability cases very comprehensively on the basis of statutory, public and contractual liability. All activities in your sector are covered, only if you carry out a completely foreign activity, this is excluded. Example: As an IT service provider from Helsinki, everything from programming to hosting and web design to all activities in the web environment is covered. If you run a furniture trade at the same time, the liability of the furniture trade would not be insured.

Intent: As is customary in indemnity insurance and other commercial insurance lines, wilful - that is, knowingly and wilfully harming a third party - is not insured. Note: However, Negligence is insured.

Sum insured: If the actual damage is above the agreed sum insured, liability will only cover the insured part. Therefore, do not make any compromises when choosing the sum insured .

Professional indemnity insurance should insure financial damage (financial losses) as well as damage to property, personal injuries and consequential losses resulting therefrom in the basic coverage. In addition, it is advisable to cover all activities in the job profile (so-called blanket coverage for your profession). To protect against cyber risks, which are currently becoming increasingly important, we recommend adding First-Party Cyber and Data Risks Insurance. This option is explained in detail in the premium calculator.

You are welcome to discuss which services are important to you at any time with one of our experts from exali customer service.

In most professional groups, the sum insured is not specified by law. For Finnish freelancers, the self-employed and small companies, sums insured of 100.000 euros to 3.000.000 euros per insured event are common.

Since the amount of possible damage is difficult to predict, it is difficult to make a final recommendation for a specific sum insured.

Certainly it makes sense to ask the following questions when choosing the sum insured when choosing an insurance:

• If my service or work is flawed, how high can the damage be for my customer in general?
• Do you have customers from the SME sector (Small and Medium Enterprises) or major customers such as industrial companies?
• Can there be a loss of sales or a production standstill for one of my customers? If so, how high?
• Can serial damage result from my mistake? If so, how many of my customers would be affected and what would the cumulative damage be?
• Does my principal stipulate a certain sum insured in the project contract?
• How high is the risk of violations of rights through my work?
• How high is the risk not only of harming a third party (e.g. customer or principal), but of suffering damage yourself from a cyber attack or malware?

Note: If you are unsure about the amount of coverage / sum insured, the exali.com experts from our customer service will be happy to help you.

The notice period is 1 month and takes effect the end of the insurance year. exali.com offers a minimum term of 1 year or 3 years (with a 10 percent discount). If you do not terminate the contract in due time, the contract is automatically extended by another insurance year.

However, there is a special right of termination in the following cases:

• Increase in premiums, without adjustment of benefits (adjustments due to increase in sales or discontinuation of the start-up discount are not included)
• Loss of activity (e.g. freelancer switches to a full employment position)
• After processing a damage event

Note: If premiums have been overpaid, they will be reimbursed proportionally with the special termination.