Business interruption insurance through a.s.r.
Business interruption insurance does not pay because your turnover falls. It pays because material damage brought that turnover to a halt. That distinction accounts for virtually every refusal.
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- We compare the offerings of several insurers
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- We arrange the switch, including cancellation
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- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
For interruption risks we place business with a.s.r. among others. Finass works independently and sets the range of more than thirty companies side by side; which insurer it turns out to be follows from your risk and not from the name on the policy schedule. The cover works in two steps. First there must be covered material damage, such as fire, storm, burglary damage or water damage to your building, contents or stock. Only then does this policy pay the consequence: the continuing costs and the gross profit lost.
The basis is gross profit: your turnover minus the costs that fall away by themselves when work stops, such as the purchase of goods for resale. Costs that run on, such as rent, depreciation, insurance and the wages of staff you want to keep, do belong in it. If you set that basis too low, a proportionate reduction follows when a loss occurs because of underinsurance. If your business grows, tell us; many policies provide for adjustment and indexation, but those do not absorb a doubling of turnover.
The second dial is the indemnity period: the period over which the insurer pays the loss, counting from the date of the damage. That period must cover the whole recovery period, including demolition, permits, delivery times for machinery and the time you need to win your customers back. A period that is too short is the most common mistake on this policy. What differs from sector to sector is set out on the hub page on business interruption.
This page deals with one situation. The full overview is on Compare business interruption insurance.
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We compare your business interruption insurance across dozens of insurers, explain where the real differences lie, and arrange the switch from start to finish — without you having to chase it yourself.
Business interruption insurance
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Get coveredWhy arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
What to look out for
Four points on which this cover works out differently from what people expect.
No material damage, no payout
If your production stops because of a failure at the network operator, a road closure, a cyber incident or a government measure, the material damage is missing and this policy does not pay. Digital interruption belongs on a cyber insurance, which has a business interruption module of its own for that. Breakdown of a machine without fire or burglary calls for machinery breakdown insurance with business interruption cover.
Damage at someone else that affects you
If your main supplier or customer burns down, that is not damage to your own property. Cover for that is called contingent business interruption cover and has to be applied for by name, usually with a limit of its own. The same applies to damage at the neighbours that makes your premises inaccessible. That situation runs through a separate provision on denial of access.
What the policy does not treat as loss
Excluded are fines and contractual reductions you have to pay to customers, loss of turnover after the indemnity period ends, and damage caused by inherent defect, wear and tear or deferred maintenance. Loss caused intentionally also stays outside the cover. That follows directly from Article 7:952 of the Dutch Civil Code.
Co-operating in mitigating the loss
You must do what is reasonably possible to limit the loss, for example by producing elsewhere temporarily or renting space. Those costs of mitigating the loss are paid in so far as they actually reduce the interruption loss. Report the loss as soon as you know of it: Article 7:941 of the Dutch Civil Code requires this and late notification can cost you the payment.
What does your premium depend on?
- Gross profit insured: the basis on which the premium is calculated
- Indemnity period chosen: from a few months to several years
- Nature of the business: production recovers more slowly than services
- Construction type of the building: construction and compartmentation count
- Prevention and installations: fire detection, suppression and electrical inspection
- Dependence on one location: a second site lowers the risk
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Basic | Extended |
|---|---|---|
| A fire in your production hall leaves you unable to deliver for three months | Yes | Yes |
| A break-in in which the server room is wrecked and order processing is down for days | Yes | Yes |
| Water damage from a burst pipe makes your stock unusable | Provided that | Yes |
| A lorry destroys your loading dock and loading and unloading is at a standstill for weeks | No | Yes |
| Your premises are repaired, but customers stay away for months afterwards | No | Provided that |
| Recovery takes longer than the indemnity period chosen because the permit does not come through | No | No |
The list of perils chosen determines whether there is cover. The indemnity period determines how long that cover runs.
Frequently asked questions
This is what people ask us most.
How long should my indemnity period be?
Work back from the moment you are operating at your former level again. For a manufacturer with machinery on order that is rarely within a year. For an office that can carry on elsewhere it is often shorter. Include the permit procedure and the demolition phase. Extending is usually possible during the term, but not once the damage has occurred.
What is the difference from additional costs insurance?
Business interruption insurance pays for the loss of gross profit. Increased cost of working insurance instead pays the costs you incur to keep going, such as temporary premises, and suits organisations whose income simply continues after an incident. Some businesses need both. The choice depends on whether your turnover stops or merely becomes more expensive to earn.
Are staff wages covered while work is at a standstill?
The wages of staff you keep paying during the interruption belong within the insured gross profit and are then covered within the indemnity period. So include that item in the calculation. Continued pay during an employee's illness is a separate matter. That is for sickness absence insurance (verzuimverzekering) and not for this policy.
What happens if my turnover has risen since the application?
Then you run the risk of underinsurance and the payment is reduced proportionately. Many policies provide for adjustment afterwards, in which the premium is matched to the actual figures, but that does not always fully correct the sum insured. So report structural growth, a second site or a new activity to your adviser as it happens.
Every situation is different. For these situations we have a separate page.
- Compare business interruption insuranceThe main page
- Business interruption insuranceGross profit, indemnity period, material damage
- Business interruption for self-employed professionalsNo turnover, fixed costs, alternatives
- Business interruption insurance by sectorStandstill, recovery time, sector variants