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
What goes wrong in budget coaching can almost always be traced back to a date or a calculation: a period for responding to a creditor that expires, a protected earnings level set too low, a payment arrangement the client could never afford. Nothing is broken and nobody is injured, but the client is out of pocket. That is pure financial loss and it falls on the professional indemnity insurance, not on the public and employers' liability insurance.
The second line is the licensing boundary. Coaching on spending patterns, a household budget and writing to creditors is allowed without a licence. Advising on taking out or switching a credit agreement, a mortgage or an insurance policy requires a licence under the Dutch Financial Supervision Act (Wft). Virtually every policy excludes loss arising from activities for which the required licence or registration was missing. Watching that boundary is therefore not a formality but a condition of cover.
If you also work as a budget manager, with a mandate over the client's account, the nature of the risk changes: money passes through your hands. Misappropriation or fraud by you or an employee is excluded from the liability cover and calls for a separate arrangement. See also liability for coaches, where the risk is personal rather than financial.
What does liability cover include for budget coaches?
The structure of the cover in three parts, with an overview per situation below.
The basics
Liability
AVB for property damage and injury, BAV for professional errors.
Damage to third parties
Employers' liability
Care, custody and control as an extension
Your business
Assets and continuity
Business contents, goods and lost turnover during downtime.
Business contents at replacement value as new
Goods at cost price
Business interruption or additional costs
If you employ people
Staff
Sickness absence, accidents and the traffic risk.
Continued pay for 104 weeks
Group personal accident
WEGAS for traffic risks
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Sometimes
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Sometimes
Yes
Damage to property in your care
No
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 Wft boundary determines whether you have cover
As soon as you recommend that a client switch a loan, cancel an insurance policy or buy a product, you are acting as an intermediary or adviser within the meaning of the Wft. Without a licence that is an enforcement matter and at the same time a cover problem, because your policy excludes those activities. Set out in your agreement what you do and do not do, and refer clients to a licensed adviser for product choices.
Time limits and the protected earnings level
A missed period for objection, income data supplied incorrectly or a protected earnings level set too low costs the client money straight away. Record for each case who monitors which deadline, have the client sign where possible and keep the source documents you based your calculations on. When a claim arises, that file is the difference between showing that you worked carefully and assuming that you did.
Budget management is not the same as budget coaching
With management you receive a mandate over an account and make payments yourself. That brings risks coaching does not have: a payment to the wrong account number, a fixed cost not paid that leads to a supply being cut off, and the risk of money being taken. State expressly on your application that you manage accounts. If only coaching is declared, the insurer can rely on Article 7:928 of the Dutch Civil Code.
What is not covered
Outside the cover are: fines and orders subject to a penalty from a regulator, loss arising from activities for which you lacked the required Wft licence, and money taken from clients by you or an employee, because intent is excluded. Redoing your own work and refunding your fee are also not a loss but your own performance of the contract.
What does your premium depend on?
Coaching, management or both. Management with a mandate over accounts weighs more heavily than guidance alone.
Clients. Private individuals, employers or local authorities; local authority work comes with contractual requirements of its own.
Number of cases running each year. More cases means more deadlines that have to be monitored.
Annual turnover. The usual basis for calculating the premium for professional indemnity cover.
Sum insured and excess. The amount per claim and per year, and what you bear yourself on each notification.
Retroactive and run-off cover. Cover for mistakes made before the start date and for claims after your practice ends.
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.
Not without a Wft licence. You may map out what the outgoings are and what the consequences of different scenarios would be, but advice to take out or change a specific product is reserved for a licence holder. Refer the client on and record the referral. If you do it yourself anyway, your policy will almost certainly exclude the resulting loss.
Which insurance covers a missed deadline?
Professional indemnity insurance. A missed deadline produces financial loss without anything being damaged, and that is exactly the kind of loss public and employers' liability insurance excludes. When taking out the policy, watch the notification requirement: for a claim or a circumstance that could lead to a claim, the duty to give notice under Article 7:941 of the Dutch Civil Code applies, and usually a short period in the conditions.
Am I liable if an arrangement fails?
Not automatically. Your obligation is one of effort: you have to calculate carefully, act in good time and inform the client fully about the risks. If the arrangement fails because the client supplied incorrect information or did not keep to what was agreed, that is down to them. That is why recording in writing what you asked for and what you received back matters so much.
What if an employee takes money from a client?
That is not a liability loss within the meaning of the policy, because deliberate acts are excluded. The client can hold you liable as the employer, though. There is separate fraud or money insurance for this risk. If you work with mandates, also consider a separation of duties and four-eyes approval for payments; insurers ask about that when underwriting.
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.
