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Financial Loss Cover

Compensates financial loss caused to a third party by the company’s operations.

Prepare against financial liability risks

Financial Loss Cover provides cover against financial losses caused by your company or employee to a third party that are not connected to bodily injury or material damage.

Professionals at your assistance in case of loss

While you focus on your core business, we will investigate your company’s liability and negotiate with the injured party if necessary.

Includes cover for legal expenses

In addition to financial losses, the insurance also compensates the customer’s investigation and legal expenses that arise from the claim.

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For whom is Financial Loss Cover intended?

Financial Loss Cover is ideal for companies that may cause losses mainly of a purely financial nature. Such companies include, for example:

  • attorney and law firms
  • accounting and bookkeeping firms
  • real estate brokers, and
  • property management firms.

Protect your business financially against claims for damages. For instance, an accounting firm may cause significant financial losses to a client as the result of an accounting error. The insurance covers, up to the sum insured entered in the policy document, financial losses caused to a third party and not related to bodily injury or material damage.

Why is financial loss cover useful?

In general, the purpose of liability insurance is to cover the company’s liability for damages caused to third parties. A basic form of liability insurance for any company is business liability insurance, but this does not cover financial losses. If the damage caused by a company’s operations is mainly in the form of financial losses, the cover afforded by business liability insurance against the losses typical to the company is very limited.

Financial loss cover, in turn, covers purely financial losses and liabilities that arise from a contract. With business liability insurance, it provides comprehensive insurance cover.

In the event of loss, you will be assisted by Pohjola Insurance experts, who will investigate whether a liability exists and what the amount of damage is. This frees up your company’s resources for your core business and allows you to focus on the essential while we negotiate with the party demanding damages. If the claim is disputed and taken to court, your liability insurance will also cover the legal expenses of the proceedings. 

How it works

  1. Request an offer

    Enter your contact details in the form and we’ll contact you.
  2.  

  3. Our specialist’s proposal

    We’ll chart your company’s risks with you and tailor insurance cover that suits those risks.
  4.  

  5. You’ll decide how to proceed

    Our offer is not binding on you. Take your time to read it and make your decision.
Request a quote

Example of losses related to Financial Loss Cover

Faulty bookkeeping caused the tax authorities to issue back taxes to the client

Bookkeeping made by accounting firm A contained errors which caused the tax authorities to issue back taxes to the client. Because of this, the bookkeeping needed to be redone. The back taxes were compensated from the financial loss cover, but the amount of taxes originally paid was not, because this would have been payable by the client even if the bookkeeping had been done correctly. The client had the bookkeeping redone by accounting firm B. The financial loss cover does not compensate having erroneously performed work redone or transferred to another party. That is, the costs were not compensated under accounting firm A’s financial loss cover. The expenses would not have been covered even if A had drawn up the books again themselves.

Example of losses related to Financial Loss Cover

Property manager failed to submit application for state subsidy for renovation by deadline, and therefore the subsidy was not received

A property management firm was tasked with applying for a state subsidy for the renovation of a housing company’s building. The property manager failed to submit the application by the deadline, and therefore the subsidy was not received. The subsidy amount was compensated to the housing company from the property management firm’s financial loss cover, less the deductible.

How can I take out Financial Loss Cover for my company?

Please leave your contact information using the button below and we will send you a quote for Financial Loss Cover. Requesting the quote will not obligate you in any way. Our experts at Pohjola Insurance have extensive understanding of the sector and can provide more information on the content and price of financial loss cover. We also offer customised liability insurance for your company’s specific needs. Contact us for more information.

After receiving your quote request, we will contact you to determine the best liability and other insurance solutions for your company!

Explore our other liability insurance products
Mies on palaverissa ja hymyilee tietäen, että hänellä on turvanaan uuden yrittäjän vakuutuspaketti eli Yritysykkönen.
Special Corporate Insurance
Insurance package to protect your company’s movable property and operations. Special Corporate Insurance also covers sudden breakage losses.
Mies ja nainen keskustelevat siitä, miten oikeusturvavakuutus toimii yrittäjän turvana.
Legal expenses insurance
Cover against your company’s unexpected legal expenses.
Nainen selaa kannettavalla tietokoneellaan tietoja tilanteista, joissa vastuuvakuutus on hyödyksi.
Liability insurance
Business liability insurance covers your company in case of indemnification liabilities.
The insurer is Pohjola Insurance. The losses will be covered in accordance with the law and the insurance terms and conditions.