What insurance bank employees in Germany need: first disability insurance (Berufsunfähigkeitsversicherung), often under 50 euros a month for young office workers. Then personal liability for 40 to 120 euros a year and legal cover with employment law for about 250 euros. Bank employees do not need their own financial loss liability, the bank is liable for mistakes at work.
The last figure is a guide value from our quoting practice.
Your premium depends on age, health, duties and pension amount.
Worked example
Business banking adviser, 34, 4,200 euros gross, depression after burnout
She is off for over a year and afterwards cannot handle customer meetings under time pressure. Net pay assumed at 2,700 euros.
Salary from the bank
six weeks in full
Sickness benefit
up to 78 weeks, at most 90 percent of 2,700 euros
Reduced earning capacity pension
none, as she can do light work six hours a day
Private disability cover, 2,000 euros
pays if she cannot do her job to at least 50 percent
Without disability insurance, only a lower paid job remains after sickness benefit ends. With it, she receives 2,000 euros a month.
The real risk for bank employees
Bank employees work in offices, at the counter or in advice. That is physically safe, so insurers rate bank employees favourably for disability cover. The financial risk is long illness, such as back problems or mental strain, that stops you working in your job for years.
The state pension helps little then. A reduced earning capacity pension (Erwerbsminderungsrente) is only paid if you cannot work six hours a day in any job. If a bank adviser could still work on a reception desk, that is enough for a refusal. Private disability insurance looks at your last job instead.
Liability for wrong transfers and till shortfalls
If a bank employee sends money to the wrong account or gives poor advice, the customer claims against the bank. It must answer for its employees as for itself (section 278 BGB). Towards the bank, your own liability is limited: none for slight negligence, a share for medium negligence and usually full for gross negligence. The employer must prove fault (section 619a BGB).
For cash missing from a till, bank employees are only liable under these rules unless there is a special agreement. A shortfall agreement (Mankoabrede) is valid if it is clear and you receive fair compensation such as a shortfall allowance (Mankogeld). Your liability is then capped at that allowance.
What your employer and social insurance already cover
If you are ill, the bank pays your salary for six weeks, then your health insurer pays 70 percent of gross pay, at most 90 percent of net. A robbery at the branch or an accident on the direct way to work is an accident at work, covered by statutory accident insurance.
Many banks offer a company pension. Ask HR what the employer pays in before you add private savings.
Event
Who pays
What is left
Robbery at the branch
statutory accident insurance
private accident insurance on top
Transfer to the wrong customer
the bank towards the customer
full recourse only for gross fault
A year off with burnout
salary, then sickness benefit
after 78 weeks only private cover
Permanently unable to advise
pension insurance only for reduced earning capacity
disability pension only privately
Priorities for bank employees
For bank employees in Germany the order looks like this. The top secures your income, the bottom is usually unnecessary.
Priority
Insurance
Typical premium
1
Disability insurance
young office workers from under 30 to about 50 euros a month
2
Personal liability
about 40 to 120 euros a year
3
Private and employment legal cover
about 250 euros a year
4
Private accident insurance
about 60 to 180 euros a year for office jobs
usually unnecessary
own financial loss liability
the bank covers this
When things change for bank employees
Employment legal cover makes sense for bank employees when branches merge and termination agreements or transfers are on the table. The waiting period is usually three months, so do not wait until the dispute has started.
If you sell financial products on your own account or become self employed, you need your own financial loss liability; we have separate pages on business types for that. Norman Nammert acts as an insurance broker; the commission is paid by the insurer.
Step by step
Ask HR about the company pension, group insurance and any shortfall agreement.
Request disability insurance with an exact description of your duties.
Check or take out personal liability insurance.
Add legal cover with employment law early because of the waiting period.
If you work on your own account on the side, sort out business insurance.
Checklist
Ability to work insured
Duties described exactly, including field work
Personal liability in place
Legal cover including employment law
Shortfall clause in your contract read
Common mistakes
Buying expensive financial loss liability as an employee
Putting off disability cover while it is cheapest
Signing a shortfall clause without compensation and without asking
Buying legal cover only after a restructuring is announced
Questions and answers
Frequently asked
Am I liable for a wrong transfer as a bank employee?
Towards the customer the bank is liable.
The bank can only take recourse against you in part for medium negligence or in full for gross
negligence.
Do I have to pay till shortfalls myself?
Only with proven fault or a valid shortfall agreement,
and then at most up to the shortfall allowance.
Do bank employees need professional liability insurance?
Usually not.
Only if you advise or broker on your own account do you need financial loss liability.
What does disability cover cost for bank employees?
For young office workers often under 50 euros a month, depending on age, health and pension amount.
Is a bank robbery an accident at work?
Yes.
Injuries during a robbery at work are covered by statutory accident insurance.
