Gross profit
- Rent and salaries
- Depreciation and interest
- Lost profit margin
Compare business interruption insurance
After a fire the building is not the problem. The problem is the months in which nothing comes in while the rent, the salaries and the lease instalments simply run on.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
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Work out for yourself what it would cost.
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- We compare the offerings of several insurers
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- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
Business interruption insurance pays for the loss of gross profit after your business comes to a standstill through damage. Gross profit here is an insurance term: turnover minus the variable costs that move with turnover. What remains is the fixed costs that run on plus the profit you lose, and that is exactly what you insure.
The indemnity period determines how long the insurer keeps paying. Fifty-six weeks is usual, but that is often too short. Work back from the moment you are at full turnover again: clearing up, permits, rebuilding, fitting out, and then winning back customers who have bought elsewhere in the meantime.
The most important limitation is rarely in the brochure: the cause must be based on material damage. If you are at a standstill through ransomware, a broken machine or a supplier that burns down, nothing is broken at your end and this policy does not pay.
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What does business interruption insurance cover?
The structure of the cover in three parts, with an overview per situation below.
Indemnity period
The period over which the insurer keeps paying, counting from the date of the damage.
- 52 weeks is often too short
- 78 or 104 weeks in manufacturing
- Work back from full turnover
Extensions
Situations in which you are at a standstill without material damage at your own end.
- Machinery breakdown business interruption
- Supplier and customer risk
- Failure of utilities
What is covered
| Situation | Covered |
|---|---|
| A standstill after a fire in your own premises | Yes |
| A standstill after water damage or a burglary | Yes |
| A breakdown because a machine fails from the inside | Sometimes |
| Your supplier burns down and you cannot produce | Sometimes |
| Systems down through ransomware | No |
| Loss of turnover through a poor season or lower demand | No |
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
What does your premium depend on?
- Gross profit insured: the main basis for calculation
- Indemnity period chosen: 52, 78 or 104 weeks
- Sector and dependence on the location
- Construction and fire prevention of the premises
- Extensions chosen: machinery breakdown, suppliers, utilities
- Excess: often expressed in days
Insurers weigh these details differently. That is where your saving is.
How we arrange it
- You request a quoteWe take stock of your activities, turnover and wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
Why 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.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Calculate the indemnity period backwards, not forwards
Start from the day you are back at your former level of turnover and count back: loss adjusting and clearing up, permits, tendering, rebuilding, fitting out, testing, and then the time to win customers back. For a manufacturer with specialist machinery you soon pass a hundred weeks. Fifty-six weeks is then not a choice but a gap.
Underinsurance is calculated here on gross profit
If you insure too low a gross profit, payment is proportionate. Businesses grow and forget to adjust the sum. After a few good years the cover is then structurally too low. Take the sum insured through in the same annual round as the annual accounts.
No material damage, no payout
This is the most underestimated condition. A cyber incident, a broken production line or a supplier that fails brings your business to a standstill just as effectively, but without material damage at your end the standard policy does not pay. For each of those three there is a separate solution: a cyber policy, machinery breakdown with business interruption cover, and supplier risk as an extension.
Additional costs instead of a standstill
If you can keep going from temporary premises or with hired equipment, that is often cheaper than standing still — for the insurer as well. Increased cost of working insurance pays exactly those additional costs and is sometimes a better fit for service providers than full business interruption cover.
Reviewed by the advisory team of Finass Verzekert · LinkedIn
Finass Advies B.V. · AFM licence 12016589 · Chamber of Commerce 37131781
AFM licence for: Adviseren en bemiddelen in schadeverzekeringen particulier, Adviseren en bemiddelen in schadeverzekeringen zakelijk
Last reviewed on
This page was written and reviewed by advisers of a firm licensed by the AFM (Wft). Advice and policies are always handled by an adviser, never automatically.
Frequently asked questions
This is what people ask us most.
What is gross profit in this context?
Turnover minus the variable costs that move with turnover, such as purchase value and commission. What remains is the fixed costs and the profit margin: exactly what runs on or falls away if you come to a standstill. Your accountant can take this from the annual accounts.
Which indemnity period do I need?
Work back from the moment you are at full turnover again, including permits, rebuilding, fitting out and winning customers back. In services 52 weeks can be enough; in manufacturing with specialist machinery, 78 or 104 weeks is more realistic.
Am I covered if I am at a standstill through a cyberattack?
Not on ordinary business interruption insurance. That requires material damage as the cause, and in a hack nothing is broken. For that you need cyber insurance, with a waiting period of its own that is often expressed in hours.
And if my supplier fails?
Only with the supplier risk extension. If you are heavily dependent on one supplier or customer, that is a real exposure which without that extension is entirely for your own account.
What is the difference from additional costs insurance?
Business interruption insurance pays for the loss of gross profit during the standstill. Increased cost of working insurance pays the additional costs of not coming to a standstill at all, for example temporary premises or hired equipment.
What happens if I am insured for too little?
Then payment is proportionate, just as with contents. Check the insured gross profit every year, preferably at the moment the annual accounts are drawn up.
Every situation is different. For these situations we have a separate page.
- Business interruption insurance for healthcareClients, location, continuity
- Business interruption insurance for other sectorsGross profit, indemnity period, alternatives
- Business interruption insurance for business servicesFallback, data, clients
- Business interruption insurance for paramedical practicesOne-person practice, equipment, fallback
- Business interruption insurance for officesFallback, data, staff
- Business interruption insurance for retailLocation, season, stock
- Business interruption insurance for transport companiesFleet, contracts, replacement transport
- Business interruption insuranceGross profit, indemnity period, material damage
- Business interruption insurance for the hospitality sectorLicences, fit-out, winning customers back
Insurers we compare
A selection. Which insurers appear in your comparison depends on your situation and the cover you choose.
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Request a quote without obligation. We will look at which insurer best matches your activities and your risk.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.