Professional indemnity
Required by law for the licence under § 34d, § 34f and § 34i GewO; pays your clients' financial losses from advice and brokerage.
Insurance broker / Business types / Professional services
Insurance for insurance brokers, investment intermediaries and mortgage intermediaries in Germany
An application that was never passed on, a notification to the insurer that was forgotten, a fund recommendation that does not suit the investor: intermediaries are liable for advice errors, and German law makes insurance against them a condition of the trade licence. We are brokers ourselves under § 34d of the Trade Code (GewO) and know this duty from our own practice. This page explains the sums that apply and what they cost.
The question almost everyone asks first
Do I need a separate policy for each licence?
Not necessarily. Many insurers cover § 34d, § 34f and § 34i in one policy but charge a separate premium for each licence. What matters is that each licence is confirmed with its minimum sum, because the chamber of commerce (IHK) only enters you in the intermediary register once the insurance confirmation for that licence has been received.
What goes wrong in this trade
- 01
A gap in the client's cover
A broker forgets to adjust the sum insured after an extension, and the client is underinsured when fire strikes. He claims the difference from the broker.
- 02
Not passed on
Applications, cancellations, notifications of increased risk and claim reports left lying around are among the most common intermediary claims.
- 03
The wrong investment
A fund recommendation does not match the client's risk appetite and the advice record is thin. After a price fall, the investor sues.
- 04
Mortgage finance
An unsuitable fixed-rate period, an overlooked subsidised loan or a wrongly calculated requirement lead to large claims on residential mortgages.
- 05
Client data
Health details, bank data and copies of ID sit in the broker management software. Attacks on it trigger reporting duties and loss of trust.
- 06
Fidelity
An employee with access to accounts or premium payments diverts money. No liability policy pays for this, only fidelity cover.
Compared with other trades, 1 low to 5 high.
The insurance you need
Essential
Strongly advised
Cyber insurance
Covers forensics, recovery and reporting duties if broker software or email accounts are attacked.
Business liability
Pays for injury and property damage in the office and at client meetings; professional indemnity excludes these.
Occupational disability
A client portfolio depends on your service; if the owner is out of action, the income collapses.
Depends on the business
Business contents
Replaces office furniture and equipment after fire, escape of water or burglary.
D&O insurance
For managing directors of a broker GmbH or a financial sales organisation who are liable to the company.
Business legal expenses
For disputes over commission clawbacks, broker contracts and staff.
What it costs: example prices
The premium is usually calculated as a rate per thousand of annual turnover, with a minimum premium per licence. Sums above the compulsory cover and lower deductibles raise the price.
| Insurance | Example | Typical range |
|---|---|---|
| Professional indemnity | Insurance broker under § 34d, compulsory cover, turnover up to 60,000 euros | around 540 to 900 euros a year |
| Professional indemnity | Brokerage under § 34d, turnover 250,000 euros, 2 million euros cover | around 2,000 to 2,800 euros a year |
| Professional indemnity | Add-on for investments under § 34f, open-ended investment funds only | from around 420 euros a year extra |
| Professional indemnity | Mortgage intermediary under § 34i, turnover up to 30,000 euros | around 130 to 300 euros a year |
| Cyber insurance | Brokerage with three workstations and broker software | around 300 to 900 euros a year |
For comparison: The compulsory cover of a small broker costs about as much a year as the ongoing commission from 25 to 40 personal liability policies.
Guide prices excluding German insurance premium tax, as of September 2026, from a publicly available rate sheet and our own quoting experience; cyber is a guide value from our quoting experience. We obtain the exact quote for you.
Our suggestions: three packages
01
Licence
For: Sole broker or multiple agent under § 34d, starting without an office
- Professional indemnity
Together around 540 to 900 euros a year
Request this package02
Brokerage
For: Office with employees, § 34d and § 34f, own premises
- Professional indemnity
- Cyber insurance
- Business liability
- Business contents
Together around 1,800 to 4,000 euros a year
Request this package03
Sales firm
For: GmbH with several licences, mortgage finance and a management team
- Professional indemnity
- Cyber insurance
- Business liability
- Business contents
- D&O insurance
- Business legal expenses
Together around 4,500 to 10,000 euros a year
Request this packageThe worst day in a brokerage
Six things that really happen in intermediaries' offices, all on a single day. Tap through the day and see who pays.
Damage so far€203,000
-
A business client has had a fire. The sum insured was never adjusted after the warehouse extension, and the insurer cuts the payment for underinsurance.
-
A claim report sat in the inbox for three weeks. The insurer relies on the late notification.
-
An investor sues after losses on a property fund: the advice record does not mention the risk of total loss.
-
The broker management software is encrypted. Forensics, recovery and informing 2,000 clients.
-
A client falls on the stairs to your office and breaks her hip.
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An insurer claws back commission for cancelled policies; you consider the claim wrong and take legal action.
Which package would you have had?
Illustrative amounts before any excess. Whether and how much is paid depends on the policy terms.
Practical tips from your broker
- Have the compulsory sums confirmed separately for each licence; higher minimum sums have applied under § 34d since October 2024.
- Choose cover above the compulsory sum if you look after business clients or company pension schemes; single claims there are large.
- Agree that the insurer waives its right to cancel after a claim, so that your licence does not hang on a single claim.
- Add fidelity insurance if staff have access to client money or accounts.
- Check whether introducers, sub-brokers and employed advisers are covered by your policy or need their own.
- Keep your advice records backed up off site in an audit-proof form; in a dispute they are your most important defence.
Why NAMMERT for your business
We are brokers ourselves
NAMMERT works under a licence according to § 34d(1) GewO. We know compulsory cover, registration and documentation from our own office.
We know claims handling from the inside
In boat insurance we settle claims ourselves. We know how an insurer examines an advice error and which documents count.
We compare the market
As a broker we collect quotes from several insurers and look closely at rates, minimum premiums and clauses for multiple licences.
Family business since 1989
No cost to you, as the insurer pays our commission. One contact for your office and private matters.
Questions and answers
Frequently asked
What minimum sum applies to insurance intermediaries under § 34d?
Since 9 October 2024 at least 1,564,610 euros per claim and 2,315,610 euros for all claims in a year. The sums are regularly adjusted for inflation.
What does professional indemnity for brokers cost?
For a small broker with compulsory cover around 540 to 900 euros a year. Higher turnover, a higher sum and further licences raise the premium.
Do I need my own insurance as a tied agent?
No, if an insurer assumes liability for you and you are registered under § 34d(7) GewO. If you also broker independently, you need your own licence and policy for that.
Which sum applies to investment intermediaries?
Under § 34f GewO at least 1,276,000 euros per claim and 1,919,000 euros per year. Mortgage intermediaries under § 34i have their own, lower sums.
What happens if the insurer cancels?
The insurer reports the end of the compulsory cover to the chamber of commerce, which can then revoke your licence. That is why a waiver of the right to cancel after a claim is worth having.
Are my sub-brokers covered?
Only if the policy provides for it. Self-employed sub-brokers with their own licence generally need their own compulsory cover.
NAMMERT insurance broker
Request quotes for Financial intermediary
The recommended covers are already ticked. Change what does not fit; we obtain quotes and come back with a comparison. You can write in English.
Thank you, we have your request.
We will be in touch within one working day. If it is urgent: +49 3375 29 12 77.
Related trades
Do I really need professional indemnity as an estate agent?
Are my payroll and bookkeeping staff covered?
Is the statutory minimum of 250,000 euros enough?
Official classification
This page covers the following classes of the German WZ 2025 (identical to NACE at four digits):
- 64.11 Zentralbanken
- 64.19 Kreditinstitute, ohne Spezialkreditinstitute
- 64.21 Beteiligungsgesellschaften
- 64.22 Finanzierungs-Conduits
- 64.31 Investmentfonds
- 64.32 Treuhandfonds, Nachlass- und Treuhandkonten
- 64.91 Institutionen für Finanzierungsleasing
- 64.92 Spezialkreditinstitute
- 64.99 Sonstige Finanzdienstleistungen a. n. g.
- 65.11 Lebensversicherung
- 65.12 Nichtlebensversicherungen
- 65.20 Rückversicherungen
- 65.30 Pensionskassen und Pensionsfonds
- 66.11 Effekten- und Warenbörsen
- 66.12 Effekten- und Warenterminhandel
- 66.19 Sonstige mit Finanzdienstleistungen verbundene Tätigkeiten
- 66.21 Risiko- und Schadensbewertung
- 66.22 Tätigkeiten der Versicherungsvermittlung
- 66.29 Mit Versicherungsdienstleistungen und Pensionskassen verbundene Tätigkeiten a. n. g.
- 66.30 Fondsmanagement
Source: Federal Statistical Office of Germany (Destatis), WZ 2025. All business types
Boat or yacht? Here we are not the broker but the underwriting agency, with our own policies and our own claims handling.
Boat insuranceNAMMERT Assekuradeur GmbH, insurance broker licensed under section 34d(1) of the German Trade Regulation Act, broker register no. D-C08Q-TOSD4-37. For boat and yacht insurance we act as underwriting agency, not as broker. Statutory disclosure (German) · Updated