If your business fits no standard box, the problem is not the cover but the description: an insurer pays out on the basis of the activities stated on the policy schedule.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Insurers work with sector codes and standard packages. A business that does three things at once, for example manufacturing, hiring out and maintenance, rarely fits into them. The policy is issued, but with a description that covers only part of your actual activities. That only comes to light when a loss occurs.
Business interruption insurance for an atypical business therefore begins with the description of the risk. What exactly do you do, at which locations, with which installations, and where is the turnover that stops? Under Article 7:928 of the Dutch Civil Code you have to answer those questions fully and correctly when taking out the policy. If you do not, the insurer can rely on Article 7:930 of the Dutch Civil Code and reduce or refuse the payout.
The rest of the structure is the same as on any business interruption cover: gross profit as the basis, an indemnity period, and cover only after covered material damage. We explain that basis on our page about business interruption insurance.
What does business interruption insurance for other sectors cover?
The structure of the cover in three parts, with an overview per situation below.
The basis
Gross profit
Turnover minus the variable costs that move with it.
Fixed costs continue
Profit margin you lose
Update annually
The term
Indemnity period
Calculate back from full turnover, not from the rebuild value.
Clearance and permits
Rebuilding and fitting out
Winning customers back
Additional costs
Alternative
The additional costs of not standing still.
Temporary location
Outsourcing to third parties
Often cheaper
What is covered
Situation
Business interruption
Additional costs
Downtime after a fire at your premises
Yes
Yes
Loss of turnover after water damage
Yes
Yes
Additional costs to keep going elsewhere
No
Yes
Failure of a supplier
Sometimes
Sometimes
Digital downtime without physical damage
No
No
Loss of turnover due to lower demand
No
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.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
The description of activities is the heart of the policy here
If your policy schedule says only wholesale, while you also assemble and hire out machinery, the question when a loss occurs is whether the interruption of those secondary activities is insured. So have the description written out in full rather than shortened to a sector code, and report changes as they arise. A new activity, a second site or bringing a production line into use is a change in risk that has to be reported.
Work out per revenue stream what a standstill costs
At a mixed business, everything rarely falls away at once after damage. Your workshop can be out of action while the hire business carries on, or the other way round. So split the turnover by stream and set out, per stream, the margin, the fixed costs that run on and the time to recovery. That produces a properly supported sum insured and stops you insuring the whole annual turnover while only part of it is exposed.
The indemnity period follows your slowest component
The period is set by the component that takes longest to come back. An installation requiring a permit, a machine with a long delivery time or a specialised space pulls the whole period up, even if the rest of the business is running within weeks. So do not take an average but map the longest path, including demolition, permits, delivery, installation and winning customers back.
What is not included
Activities not stated on the policy schedule, storage of hazardous substances that has not been reported and work at an uninsured location fall outside the cover. Beyond that, the usual boundaries apply: no payment without preceding material damage, so not for digital interruption, a government measure, a declining market or the loss of a client. Penalties and contractual compensation also stay outside the policy.
What does your premium depend on?
Description and nature of the activities. Insurers assess each activity separately. The heaviest one sets the rate and sometimes the acceptance.
Number of locations and their interdependence. If locations can take over from each other, the interruption risk falls. If everything hangs on one address, it rises.
Composition of the gross profit. With several revenue streams at different margins, the sum has to be built up per stream.
Longest recovery time within the business. An installation requiring a permit or made to order sets the indemnity period for the whole.
Construction, use and prevention at the premises. Construction, compartmentation, firefighting equipment and storage of flammable substances weigh in acceptance.
Extensions you want. Supplier risk, machinery breakdown as a peril and blocked access are separate sections with a premium of their own.
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.
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.
My business fits no sector at all. Can I still insure it?
Usually yes, but not through a standard package. Insurers then assess the activities separately and sometimes set additional requirements for prevention or storage. What matters is that all work and all locations end up in the description, including the smaller secondary activities. We put the risk to several insurers and compare what they are prepared to offer on that description.
What happens if I have not reported an activity?
When taking out the policy you are under a duty of disclosure under Article 7:928 of the Dutch Civil Code. If it emerges when a loss occurs that you did not give relevant information, the insurer can reduce or refuse payment under Article 7:930 DCC, depending on what it would have done had the information been correct. So report changes as they arise and put that in writing.
Do I have to insure my whole annual turnover?
No, you insure the gross profit: turnover minus the costs that fall away by themselves during a standstill, such as purchasing and subcontracted work. At a mixed business you build that sum up per revenue stream, so that you do not insure more than you need. Update the sum each year, because growth is the most common cause of underinsurance.
Can I manage with additional costs insurance?
That depends on whether you can keep going at another location or with hired equipment. If you can, you lose hardly any turnover and the costs lie in the move elsewhere; additional costs insurance then fits better. If your turnover is tied to a specific installation or permit, gross profit cover remains necessary.
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.
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