Liability
- Damage to third parties
- Employers' liability
- Care, custody and control as an extension
AVB · BAV · directors · cyber
Types of business liability insurance
Four forms of cover, four kinds of loss: which you need follows from what can go wrong in your business.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
The choice between business liability covers turns on a single question: has something been damaged or has someone been injured, or has money simply disappeared without anything being broken? In the first case you are with public and employers' liability insurance. In the second with professional indemnity insurance, which covers pure financial loss. Those two do not overlap; they dovetail.
Two other covers look not at the type of loss but at who is held liable. Directors' and officers' liability is about the person of the director, who can be liable with their private assets for improper performance of duties under Article 2:9 of the Dutch Civil Code and towards third parties under Article 6:162 DCC. Cyber is about your digital environment: your own recovery costs and downtime, plus the liability and the costs that follow a data breach.
Around those four sit covers for particular situations: employers' liability for injury to staff under Articles 7:658 and 7:611 of the Dutch Civil Code, including employees' road risk, a Construction all risks (CAR) insurance for works not yet handed over, environmental damage and legal expenses. See also what small businesses need as a minimum.
What do the types of business liability insurance cover?
The structure of the cover in three parts, with an overview per situation below.
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
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.
Public and employers' liability: property and people
This cover pays for damage to other people's property and injury to third parties, including injury to your own staff. Two limitations shape practice: damage to property you have in your care, such as hired equipment or a customer's workpiece, is only covered if care, custody and control is included; and damage caused with a motor vehicle is excluded, because the compulsory insurance under Article 2 of the Dutch Motor Insurance Liability Act (WAM) applies to that.
Professional indemnity: money gone without damage to property
A calculation error, a missed deadline, a design that does not meet the requirements: nothing is broken, but your client is out of pocket. This policy almost always works on the basis of the moment of notification, not the moment of the mistake. That makes two dates decisive: from when earlier mistakes are included, and how long after termination you can still report claims.
Directors' and officers' liability and cyber
If your business has a board, a complaint about decision-making, record-keeping or entering into obligations runs not through the business policy but through the directors' cover, which protects private assets. If you process personal data or your business runs on software, cyber is the fourth: it covers investigation, notification, recovery and downtime after ransomware, while no liability policy pays your own recovery costs.
Where the gaps between the four fall
None of these policies pays administrative fines and penalty payments, contractual penalties you took on yourself, redoing your own work or loss caused intentionally. Three situations also often fall between two stools: property you have in your care, defects that only emerge after completion and digital downtime without anything being physically damaged. Discuss those three expressly.
What does your premium depend on?
- Hands-on, advisory or both — Determines whether you need an AVB, a BAV or both; that is the first question.
- Legal form and board — With a private limited company, foundation or association, directors' and officers' liability is added.
- Personal data and reliance on IT — How much data you process and how long you can manage without your systems.
- Staff and hired-in labour — Your own staff, agency workers and self-employed professionals working under your direction.
- Sum insured per section — The amount per claim and per insurance year, to be chosen separately for each form of cover.
- Extensions chosen — Care, custody and control, employers' liability on the road, environmental damage and work after completion.
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, your risk and your 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.
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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.
Frequently asked questions
The questions we are asked most often about this.
Can one policy cover everything?
No, but you can place the covers as a package with one insurer. That has practical advantages: one review, one renewal date and, where losses are related, one file instead of several insurers pointing at each other. In substance they remain separate sections, each with its own limit, excess and exclusions.
What exactly is pure financial loss?
Financial loss that is not the result of damage to property or injury to a person. Think of a client who misses a subsidy because of a missed deadline, or who pays too much tax because of a calculation error. Nothing is broken and nobody is injured, but money has gone. Public and employers' liability insurance excludes this; professional indemnity insurance covers precisely this.
We are a private limited company without staff. What do we need?
At least cover that matches your work: an AVB if you do physical work or receive clients, a BAV if you advise. Because there is a board, directors' and officers' liability is added, even in a company with a single managing director and shareholder, for instance in a bankruptcy or a dispute with the tax authorities. Cyber depends on your data and systems.
What does none of these four policies pay?
Fines and penalty payments from regulators, contractual penalties and reductions you agreed yourself, repairing or redoing your own work, loss caused deliberately and pure business risk such as a customer who does not pay. For the last of those you need credit insurance; for disputes without liability, legal expenses insurance (rechtsbijstandverzekering).
Read more
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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.
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This page was written and checked by an adviser at Finass Verzekert. Last updated on .
The information on this page is general in nature and is not personal advice.