- Business liability, D&O and commercial insurance together account for almost 89% of the search volume of the nine lead terms. With 9,900 searches per month, business liability insurance is the largest clearly commercial market.
- Business loans, corporate financing and factoring have little reach but reach top-of-page bids of up to 58 euros per click.
- Many search terms have identical values and monthly trends. Adding them up overestimates the market, nominally by a factor of eight for D&O.
- Informational searches such as “D&O Versicherung was ist das” (what is D&O insurance) are growing strongly, while comparison and provider searches are declining in several markets.
We analyzed around 1,000 search terms from nine markets for B2B financial services, with monthly figures from July 2025 to June 2026. For each term, we looked at the average search volume, the short- and long-term development of demand, ad competition and the bid ranges for top ad positions.
We evaluated semantically overlapping terms as well as brand, informational and consumer searches separately in order to estimate the realistically achievable B2B market potential. The bid ranges show how highly advertisers value the respective search queries economically.
Our market analysis clearly shows: many financial services providers waste enormous potential in Google Ads because they try to transfer B2C methods to the B2B market.
With costs per click in the double digits, you simply cannot afford wasted reach. In the B2B finance sector, however, high CPCs are not an obstacle as long as the customer lifetime value (CLV) is right.
Alex Sperber, Partner at UnitedAds
The nine core markets differ greatly in reach and click value
| Market segment | Avg. searches per month | Ad competition | Top-of-page bid |
|---|---|---|---|
| Business liability insurance | 9.900 | High, index 79 | 3,56–9,49 € |
| D&O insurance | 6.600 | High, index 70 | 1,54–3,98 € |
| Commercial insurance | 2.900 | Low, index 7 | 3,43–9,16 € |
| Trade credit insurance | 1.000 | Medium, index 65 | 2,46–10,23 € |
| Business loans | 720 | High | 6,99–30,31 € |
| Corporate financing | 480 | Medium, index 63 | 5,42–25,92 € |
| Factoring | 170 | High | 5,78–23,33 € |
| Cyber insurance | 70 | Medium, index 57 | 2,77–11,51 € |
| Business leasing | 50 | High, index 75 | 1,85–9,09 € |
The insurance markets bring the reach, the financing markets the highest bids. In the following sections, we look at each market individually.
Business liability insurance is your largest and most scalable market
Business liability insurance is by far the largest clearly commercial market in the data set. The central term reaches an average of 9,900 searches per month and is stable year over year.
| Search term | Avg. searches per month | Change from previous year | Competition |
|---|---|---|---|
| betriebshaftpflichtversicherung | 9.900 | 0 % | High |
| betriebshaftpflicht | 2.400 | 0 % | High |
| betriebshaftpflichtversicherung kosten | 1.600 | −23 % | High |
| betriebshaftpflichtversicherung kleingewerbe | 1.600 | +60 % | High |
| betriebshaftpflichtversicherung vergleich | 1.000 | −63 % | High |
| betriebshaftpflichtversicherung check24 | 720 | +85 % | High |
| betriebshaftpflichtversicherung einzelunternehmen | 170 | −19 % | High |
| betriebshaftpflichtversicherung online abschließen | 110 | −36 % | High |
“Betriebshaftpflichtversicherung” and “Betriebs Haftpflicht Versicherung” each have 9,900 searches and exactly the same monthly figures. They do not represent 19,800 independent searches.
Small businesses and sole proprietors search particularly often
- Business liability insurance for small businesses: 1,600 searches
- Business liability for small businesses: 720
- Business liability for sole proprietorships: 170
- Business liability for small business owners: 70
- Business liability for freelancers: 50 to 70
“Business liability insurance for small businesses” grew by 60% year over year, and the variant for small business owners even by 120%, though with only 70 searches. Demand is thus shifting, at least partly, from general product terms to specific types of business.
Direct purchase terms achieve the highest bids
Cost and comparison terms bring considerable volume:
- Business liability insurance cost: 1,600 searches
- Business liability insurance comparison: 1,000
- Business liability comparison: 390
- Business liability cost: 260
- affordable business liability insurance: 140
The classic comparison terms are declining significantly year over year, while searches with the brand name Check24 are growing. This points to a shift from general comparison searches to well-known comparison platforms.
Direct purchase terms are particularly valuable economically. “Betriebshaftpflichtversicherung online abschließen” (buy business liability insurance online) reaches a top-of-page bid range of 30.54 euros. The shorter variant “Betriebshaftpflicht online abschließen” reaches up to 26.99 euros and grew by 250% year over year, though with only 50 searches per month.
Industry terms are small but highly valued
The data set contains numerous industry-specific searches, including for caretaker services, tradespeople, building cleaning, restaurants, hairdressers and nail salons, real estate agents, IT service providers, yoga teachers, agriculture and car repair shops. Volumes are mostly between ten and 70 searches, but bids can still be very high. “IT Betriebshaftpflicht” (IT business liability) reaches a top-of-page bid range of 42.18 euros with 30 searches per month.
Our assessment: Business liability insurance combines very large general search volume, clearly recognizable cost and comparison intent, extensive demand from small businesses, numerous industry and legal-form segments and high bids for purchase terms. Overall volume is stable; within the market, demand is shifting toward small businesses, individual platforms, digital purchases and industry-specific products.
D&O brings reach, but mainly informational searches
With 6,600 searches per month, D&O is the second-largest core market.
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| d&o versicherung | 6.600 | High | 1,54–3,98 € |
| d&o versicherung kosten | 590 | High | 1,49–4,45 € |
| d&o versicherung geschäftsführer | 210 | High | 1,56–4,67 € |
| d&o versicherung für vereine | 170 | High | 1,27–3,92 € |
| d&o versicherung was ist das | 90 | Medium | 0,74–2,54 € |
| d&o versicherung prokurist | 50 | High | 1,65–3,56 € |
| managerhaftpflichtversicherung | 40 | High | 2,03–7,55 € |
| d&o versicherung anbieter | 10 | High | 1,87–8,93 € |
Eight spellings form a single demand cluster
Eight terms each have 6,600 searches and exactly the same monthly trend: D&O Versicherung, D & O Versicherung, D und O Versicherung, Directors and Officers Versicherung, Versicherung D&O, D& O Versicherung, D&O Versicherer and D&OVersicherung. Added together, they would nominally result in 52,800 searches per month; in fact, they form a single, heavily overlapping cluster. For the cost terms too, three variants are each shown with 590 searches.
Low bids indicate a high share of informational searches
Despite the large volume, the top-of-page bid range of the main term is only 3.98 euros. This makes D&O considerably cheaper than business loans, corporate financing, factoring, cyber insurance for businesses and trade credit insurance.
The low bids suggest a high share of informational searches. This is confirmed by “D&O Versicherung was ist das” (what is D&O insurance): the term grew by 967% year over year but only reaches a top-of-page bid range of 2.54 euros. Explicit searches for a provider amount to just ten searches per month.
Managing directors and associations are the most important target groups
- Managing directors: 210 searches
- Associations and association boards: 170 and 40 respectively
- Authorized signatories (Prokuristen): 50
- Board members and personal D&O: mostly 20 to 40
- Manager liability: 40
“D&O insurance managing director” is growing by 21% year over year, but has declined by 47% over three months.
Our assessment: D&O is a large and stable market for attention, but not a correspondingly large provider or purchase market. A considerable part of the reach comes from product research, cost questions, questions about insured persons, association and managing director topics and explanations of terms. 6,600 searches of this kind are therefore worth less than 6,600 clear provider or purchase searches.
Commercial insurance is growing, its search intent remains broad
“Gewerbeversicherung” (commercial insurance) reaches an average of 2,900 searches per month and, at +125%, has the strongest growth of all high-volume lead terms.
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| gewerbeversicherung | 2.900 | Low | 3,43–9,16 € |
| kfz gewerbeversicherung | 880 | High | 1,86–6,32 € |
| gewerbeversicherung vergleich | 140 | Medium | 3,74–11,45 € |
| gewerbeversicherungen | 110 | Medium | 3,83–9,89 € |
| gewerbliche versicherung | 110 | Medium | 2,86–9,15 € |
| gewerbeversicherung check24 | 90 | High | 2,26–5,25 € |
| gewerbeversicherung kosten | 40 | High | 1,91–6,65 € |
The trend fluctuates considerably
The annual increase is striking, but not even:
| Month | Search queries |
|---|---|
| July 2025 | 1.000 |
| September and October 2025 | 4,400 each |
| April 2026 | 5.400 |
| May 2026 | 1.900 |
| June 2026 | 5.400 |
The 125% increase is therefore not continuous month-to-month growth.
The low competition index has a reason
The main term has a competition index of 7, even though the top-of-page bid range reaches up to 9.16 euros. For a finance and insurance term, this is unusually low. One possible explanation is the broad search intent: “Gewerbeversicherung” is not a single product but an umbrella term, covering among others business liability, contents and inventory insurance, commercial legal protection, cyber insurance, company vehicle insurance, D&O and financial loss liability. Some users are still at the beginning of choosing a product.
General comparison terms have declined by 65% year over year, and searches with “Check24” are 43% lower. With 880 searches per month, commercial vehicle insurance is a separate product cluster with a competition index of 76, significantly higher than for the umbrella term.
Our assessment: Commercial insurance is a large, currently growing umbrella term with much less precise search intent than business liability, business loans or factoring. The low competition looks attractive, but the economic potential depends on what specific need lies behind the search.
Trade credit insurance is a stable, brand-driven specialist market
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| warenkreditversicherung | 1.000 | Medium | 2,46–10,23 € |
| atradius warenkreditversicherung | 880 | Low | 4,11–13,01 € |
| warenkreditversicherung was ist das | 90 | Low | 2,53–5,08 € |
| coface warenkreditversicherung | 90 | Low | 0,58–6,01 € |
| warenkreditversicherer | 70 | Medium | 2,39–9,00 € |
| warenkreditversicherung kosten | 50 | High | 2,12–7,57 € |
| warenkreditversicherung anbieter | 30 | High | 3,48–17,84 € |
| warenkreditversicherung vergleich | 20 | High | 2,81–12,39 € |
The main term is unchanged year over year and has declined by 12% over three months. Monthly demand is mostly between 880 and 1,300 searches. This makes trade credit insurance more stable than cyber insurance, corporate financing, factoring and business loans.
Well-known providers shape demand
“Atradius Warenkreditversicherung” reaches 880 searches per month, almost the entire volume of the general main term, and has grown by 39%. Other brand terms include Coface, Euler Hermes, R+V, VHV and Creditreform. Brand and navigational searches make up a considerable part of the market.
Informational searches are growing, provider searches are declining
“Warenkreditversicherung was ist das” (what is trade credit insurance) has grown by 325%, “Warenkreditversicherer” (trade credit insurers) by 120%. Searches closer to purchase, on the other hand, are declining: cost −56%, provider −50%, comparison −60%. The market is gaining awareness without provider and comparison demand growing to the same extent.
Our assessment: Trade credit insurance is a medium-sized, stable and strongly brand-bound B2B specialist market. Open provider searches are significantly smaller than the total topic volume. However, provider terms reach high bids of up to 17.84 euros and show an economically valuable core.
Cyber insurance for businesses is small, valuable and declining
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| cyber versicherungen | 880 | Medium | 1,16–4,28 € |
| cyberversicherung für unternehmen | 210 | High | 2,59–11,98 € |
| cyber versicherung für privatpersonen | 210 | High | 1,04–2,73 € |
| cyberversicherung unternehmen | 70 | Medium | 2,77–11,51 € |
| cyberversicherung für unternehmen kosten | 20 | High | 1,80–7,13 € |
| cyberversicherung arztpraxis | 20 | High | 1,48–3,93 € |
| cyberversicherung kmu | 10 | Unknown | no reliable range |
The largest term, “Cyber Versicherungen” (cyber insurance), does not distinguish between businesses, private individuals, medical practices, self-employed people and general research. With 210 searches, the explicit business search has only around a quarter of this volume, the same as the consumer term.
In return, the clear B2B intent is valued much more highly: the top-of-page bid range rises from 4.28 euros for the general term to 11.98 euros for “Cyberversicherung für Unternehmen” (cyber insurance for businesses).
The business-related terms are declining sharply:
- Cyber insurance for businesses: −56%
- Cyber insurance businesses: −76%
- Cyber insurance for businesses cost: −67%
- Cyber insurance for businesses worthwhile: −80%
Individual industry terms such as “Cyberversicherung Arztpraxis” (cyber insurance for medical practices) are growing, but start at 20 searches per month.
Our assessment: Cyber insurance for businesses is a small, high-value but sharply declining specialist market. The 880 general searches must not be counted in full toward the achievable business market.
Business loans are among the most expensive markets in the data set
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| gewerbekredit | 720 | High | 6,99–30,31 € |
| gewerblicher kredit | 90 | High | 8,48–33,49 € |
| gewerbe kredite für selbstständige | 50 | High | 4,10–36,04 € |
| gewerbekredit vergleich | 40 | High | 8,39–32,74 € |
| gewerbekredit zinsen | 40 | High | 2,47–7,60 € |
| gewerbekredit ohne eigenkapital | 30 | Medium | 5,08–12,38 € |
| kfw gewerbekredit | 30 | High | 1,76–5,05 € |
| gewerbe kredit trotz schufa | 20 | Medium | 7,74–57,96 € |
| gewerbekredit online | 10 | High | 15,81–56,04 € |
“Gewerbekredit” and “Gewerbe Kredit” each have 720 searches and exactly the same monthly figures. They must not be added up to 1,440 searches.
Specific searches reach almost 58 euros per click
The main term reaches a top-of-page bid range of 30.31 euros. For specific searches, the values rise further:
- Business loans for the self-employed: up to 36.04 euros
- Postbank business loan: up to 43.22 euros
- Business loan online: up to 56.04 euros
- Business loan despite Schufa: up to 57.96 euros
The search intent here is usually very specific: loan amount and interest, provider comparison, online application, financing without equity or despite negative credit history, specific banks and development banks. The high bids reflect this proximity to the deal.
Demand is declining
- Main term: −33%
- commercial loan: −55%
- Comparison: −60%
- Interest: −40%
- without equity: −67%
One exception is the KfW business loan at +50%, though with only 30 searches per month it has little absolute significance.
Our assessment: Business loans are a smaller but particularly valuable transactional market with clear purchase intent, strong ad competition, very high bids and many provider and terms searches. Declining demand intensifies competition for the remaining qualified searches.
Corporate financing is shrinking while bids are high
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| unternehmensfinanzierung | 480 | Medium | 5,42–25,92 € |
| unternehmen finanzierung | 320 | Medium | 5,05–31,37 € |
| alternative unternehmensfinanzierung | 50 | Low | no reliable range |
| beratung unternehmensfinanzierung | 30 | Low | 4,40–9,88 € |
| unternehmensfinanzierung mittelstand | 30 | Low | no reliable range |
| kfw unternehmensfinanzierung | 10 | High | 1,93–10,18 € |
| unternehmensfinanzierung ohne bank | 10 | Unknown | no reliable range |
The main term fell by 71% year over year and by 34% over three months, from 480 searches in July 2025 to 210 in June 2026. “Unternehmen Finanzierung” is also 71% below the previous year.
Top-of-page bids are 25.92 euros for “Unternehmensfinanzierung” and 31.37 euros for “Unternehmen Finanzierung”, well above the large insurance terms. However, the terms are broad and can relate to bank loans, equity capital, mezzanine financing, leasing, factoring, subsidies as well as working capital and investment financing. Part of the demand is still at the beginning of the research.
“Alternative Unternehmensfinanzierung” (alternative corporate financing) rose by 200% in the short term, but is 25% lower year over year. “Beratung Unternehmensfinanzierung” (corporate financing advice) has only weak competition, with a competition index of 8, though with very small volume.
Our assessment: Corporate financing is a small, high-value and sharply shrinking market. The high bids show the value of qualified inquiries, but the umbrella term is less close to purchase than “Gewerbekredit” or “Factoring Anbieter”.
Factoring shows the clearest provider intent
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| factoring anbieter | 170 | High | 5,78–23,33 € |
| einzelfactoring anbieter | 30 | High | 7,57–27,11 € |
| stilles factoring anbieter | 10 | High | 7,16–23,98 € |
| reverse factoring anbieter | 10 | High | 5,43–27,82 € |
| factoring anbieter vergleich | 10 | High | 5,58–29,05 € |
“Factoring Anbieter” and “Anbieter Factoring” (factoring providers) each have 170 searches and identical monthly figures. The reach is small, but the search intent is unambiguous: the main term itself contains the wish for a provider, and the smaller variants distinguish between single-invoice factoring, silent factoring, reverse factoring and provider comparisons.
Despite ten to 170 searches, top-of-page bids are between 23.33 and 29.05 euros. Together with business loans and corporate financing, factoring is thus among the most expensive markets in the data set.
The main term rose by 22% over three months, but is 48% lower year over year. “Einzelfactoring Anbieter” fell by 75% in the short term and by 50% year over year. The even smaller terms fluctuate strongly because of their low volumes.
Our assessment: Factoring is a small, highly specialized B2B market with clear purchase intent. It does not offer large reach, but a single suitable inquiry can make a high contribution to profit because of the financing volume and the long-term customer relationship.
Business leasing is larger than its lead term, but heavily vehicle-driven
The lead term “Leasing für Unternehmen” (leasing for businesses) only reaches 50 searches per month. Other phrasings show that the cluster is larger.
| Search term | Avg. searches per month | Competition | Top-of-page bid |
|---|---|---|---|
| firmen leasing | 720 | High | 0,73–3,05 € |
| autoleasing firma | 590 | High | 0,77–3,84 € |
| leasinggesellschaften | 480 | Medium | 1,53–5,87 € |
| leasing angebote firmen | 260 | High | 0,71–3,52 € |
| leasing firma | 210 | High | 1,08–5,15 € |
| leasing unternehmen | 170 | Medium | 1,29–6,30 € |
| leasing für freiberufler | 110 | High | 1,38–6,66 € |
| leasing kleingewerbe | 110 | High | 0,64–3,92 € |
| leasing neugründung | 70 | High | 1,52–7,67 € |
| leasing für unternehmen | 50 | High | 1,85–9,09 € |
Vehicle leasing and consumers distort the market
The cluster is shaped above all by company car and car leasing. “Autoleasing Firma” (company car leasing) reaches 590 searches, and many terms related to vans, company vehicles, freelancers, sales agents, start-ups and small businesses also clearly refer to vehicles. The market cannot be equated with general capital goods or machinery leasing.
In addition, there is extensive consumer demand that has to be excluded when evaluating the business leasing market:
| Not clearly B2B | Avg. searches per month |
|---|---|
| lohnt sich leasing als privatperson | 590 |
| leasing für privatperson | 260 |
| leasing als privatperson sinnvoll | 90 |
Most business leasing terms reach top-of-page bids between 3 and 7 euros, significantly less than business loans, factoring, corporate financing or direct online purchases of business liability insurance. This may be related to the product and vehicle orientation and the large number of comparable offers.
The development is mixed. Individual purchase segments are growing: Leasingangebote Firmen (leasing offers for companies) +88%, Leasing Firma (company leasing) +21%, Leasing Neugründung (leasing for start-ups) +40% and Handelsvertreter Leasing (leasing for sales agents) +300%, with only 40 searches. Leasing for businesses, freelancers, small businesses and founders, on the other hand, is mostly declining.
Our assessment: Business leasing is a fragmented, predominantly vehicle-related market with medium reach and moderate bids. The potential is greater than the lead term suggests, but it is diluted by consumer, informational and brand searches.
Growing informational searches are increasingly decided in AI search
In several markets, explanations of terms are growing strongly while comparison and provider searches are declining: “D&O Versicherung was ist das” by 967%, “Warenkreditversicherung was ist das” by 325%. These are exactly the kinds of questions that AI Overviews, Google’s AI Mode, ChatGPT and Perplexity often answer directly.
Whether this shift explains the declining provider and comparison searches cannot be read from the search volumes. For financial services providers, however, it means: if you are cited as a source in the research phase, you are known before the prospect looks for a provider. How to make sure of that is described in our article on Generative Engine Optimization.
Without verification as a financial services provider, no ads will run
Anyone running ads for financial services in Germany must be verified by Google. Google explicitly names loans and insurance, among others. You need to prove authorization by the competent supervisory authority or an exemption from it; most advertisers first go through a review by the external service provider G2RS. Plan this step before launching your campaigns. What this means in detail for insurance campaigns is shown in our article Google Ads for insurance.
Conclusion: Insurance brings the reach, financing the highest click value
The Google Ads market for B2B financial services is dominated by insurance products. Business liability, D&O and commercial insurance together account for almost 89% of the search volume of the nine lead terms.
Business liability insurance offers the greatest directly usable potential: high general demand and relevant cost, comparison, industry and purchase segments. Purchase terms reach bids of over 30 euros, individual industry terms over 40 euros. D&O also brings large reach but is strongly information-oriented. Commercial insurance is growing, but user intent often remains unclear.
Trade credit insurance is a stable, strongly brand-driven specialist market. Cyber insurance has only limited clear B2B volume and is declining. Business loans, corporate financing and factoring have little reach but reach bids of up to 58 euros, making them small, particularly valuable transactional markets. Business leasing offers more volume but is heavily shaped by car, consumer and informational searches.
The highest contribution to profit therefore does not come from the market with the most reach, but from the search whose intent matches your offer and your customer value.
