Self service
- Home
- FOR BUSINESS
- Products
- Liability insurance
- Professional civil liability insurance
Professional civil liability
insurance
Who requires professional civil liability insurance?
What are the benefits?
What are the benefits?
Covers losses you have accidentally caused to another person and for which you are liable Financial losses caused by theft Covers damage to human life and health Costs related to legal aid, emergency loss prevention and mitigation measures (rescue costs)
If you are interested in Compensa services, consult our specialists and we will help you find the solution you need
According to the Construction Law, a construction specialist is obliged to insure their professional liability for any damage caused by their actions or omissions during the construction process to the life, health, or property of other construction participants or third parties, as well as to the environment.
The insurance coverage also includes losses related to the reconstruction of the project or its parts, damages caused by subcontractors engaged by the insured, and expenses arising from damage to or loss of third-party property, or harm to the health or life of third parties.
According to the Accounting Law, an outsourced accountant is obliged to insure their civil liability for any losses resulting from professional actions or omissions. The minimum liability limit for professional liability insurance for outsourced accountants must not be less than EUR 3,000.
By taking out professional liability insurance, the insured is protected from unexpected financial expenses related to compensating third parties for losses caused during the course of their professional activities.
Covered losses:
- Financial losses
- Fines imposed on clients of the insured
- Expenses to recover incorrectly made payments
- Damage, destruction, or loss of entrusted documents
- Moral damages
- Loss of profit
- Losses resulting from tax consultations
- Losses caused by engaged subcontractors
- Legal and litigation expenses
- Expertise and rescue expenses
Optional additional coverage:
- Late fees for tax authority penalties
- Disclosure of trade secrets
- Reputation restoration costs
- Claims by related parties
- Damage to third-party life or health
- Damage to or loss of third-party property
- Resulting financial losses
- Subcontractor liability without recourse
Benefits:
- Wide risk coverage
- Highly competitive pricing
- Low deductible
- Fast policy issuance
- Claims can be reported up to 3 years after the policy end date
Policy cost:
| Liability limit | Deductible | Premium* |
| 3,000 EUR | 50 € | 44 € |
| 5,000 EUR | 50 € | 55 € |
| 10,000 EUR | 50 € | 66 € |
*The insurance premium depends on the accountant’s turnover, coverage, deductible, liability limit, policy period, and claims history.
You can purchase the policy through your insurance consultant, by calling 8888, or by emailing info@compensa.lv.
Professional liability insurance offer for outsourced accountants (PDF)
Application for accountant and auditor professional liability insurance (DOC)
According to the Cabinet of Ministers Regulation No.1011 “Personu sertificēšanas un sertificēto personu uzraudzības kārtība ģeodēzijā, zemes ierīcībā un zemes kadastrālajā uzmērīšanā,” a certified person is required to insure their civil liability for any losses caused to third parties due to incorrect professional actions during or after geodetic, land management, or cadastral surveying work.
The professional liability insurance policy can be taken out for a specific project or for all geodetic, land management, or cadastral surveying work performed by the insured.
Minimum liability limits:
- For a specific project – 100% of the contract amount
- For one year – 14,229 EUR
According to the Cabinet of Ministers Regulation No.392 “Meža inventarizācijas veicēju sertifikācijas un sertificēto personu darbības uzraudzības kārtība,” a certified person is required to insure their professional civil liability for any potential losses caused to third parties due to incorrect professional actions during or after forest inventory work.
Minimum liability limit:
- Per year – 14,230 EUR
The mandatory insurance requirements for competent institutions and occupational safety specialists are established by the Cabinet of Ministers Regulation No.723 “Noteikumi par prasībām kompetentām institūcijām un kompetentiem speciālistiem darba aizsardzības jautājumos un kompetences novērtēšanas kārtību.”
Minimum liability limits:
- For a competent specialist – 14,230 EUR
- For a competent institution – 28,458 EUR
A professional patent attorney is liable for any infringement, damage, or loss caused by their own fault to a client or person they provide services to. This also applies in cases where the infringement, damage, or loss is caused by an employee working under the supervision of the patent attorney while performing assigned duties.
Minimum liability limits:
- Individual policy – 43,000 EUR
- Group policy – 86,000 EUR
According to the amendments to Cabinet of Ministers Regulation No.96 “Nodokļu un citu maksājumu reģistrēšanas elektronisko ierīču un iekārtu lietošanas kārtība,” service providers of cash registers, hybrid cash registers, POS systems, specialized equipment, and compliance inspection institutions are required to have civil liability insurance against losses arising from professional actions or omissions.
Minimum liability limit: 30,000 EUR
