Combined policy · sections · gaps in cover
Chubb combined business cover
A combined business policy bundles several types of cover under one policy number. The risk of such a package lies not in what it contains, but in what falls between the sections.
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Deze pagina in het Nederlands: Chubb gecombineerde zakelijke dekkingen.
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
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
A combined policy for businesses usually contains buildings and business contents and goods, business interruption, public and employers' liability and sometimes legal expenses or accident cover. One policy schedule, one renewal date, one contact. What does not change is that each section has its own sum insured, its own excess and its own set of exclusions. The package covers no more than the sum of its sections.
The classic gaps can be named. Pure financial loss caused by an advisory or design error falls outside the liability section and belongs on a professional indemnity insurance. Damage from a hack or a ransomware attack falls outside buildings and contents cover and belongs on a cyber insurance. Directors' personal liability is separate from the company and calls for directors' and officers' liability insurance.
The second point to note is the determination of value. If contents, goods or the rebuild value are declared too low, underinsurance means claims are settled proportionately, including small ones. If your business grows, the sums insured do not grow with it unless an index or adjustment clause has been included. Go through those amounts every year, particularly after an investment or a move.
This page deals with one situation. The full overview is on Compare personal liability insurance (AVP).
What to look out for
Four points that go wrong more often with a bundled policy than with separate policies.
One event, several sections
A fire affects the building, the contents, the turnover and possibly a third party. Four sums insured and four excesses then apply alongside each other. Check whether the excesses accumulate and whether the indemnity period of the business interruption section is long enough: where premises have to be rebuilt, a short period is rarely sufficient.
Prevention clauses per section
The policy schedule contains clauses about burglary protection, electrical inspection, storage of flammable substances or keeping escape routes clear. Those apply per section. If a warranty clause is not complied with, the insurer may limit or refuse the payout for that section, even if the rest of the package is in order.
What the liability section does not cover
Excluded are pure financial loss, damage to property in your care (the care, custody and control exclusion) and the costs of repairing or replacing the goods you supplied or the work you carried out themselves. Nor are fines and penalty payments covered anywhere, and gradual environmental pollution calls for environmental damage insurance.
Staff and hired-in labour
Employers' liability is a separate section or module and is not always included as standard. Your duty of care under Article 7:658 of the Dutch Civil Code also applies, under paragraph 4, to hired-in staff, agency workers and self-employed professionals working under your direction. Road accidents involving staff on the move also call for separate cover; see WEGAS and WEGAM.
What does your premium depend on?
- Business activity: the description on the policy schedule determines the cover
- Turnover and payroll: the usual bases for the liability section
- Sums insured per section: buildings, contents, goods and gross profit
- Construction type and use of the building: construction, neighbours and the installations present
- Prevention and security: alarm, sprinklers, inspections and storage facilities
- Excesses: selectable per section and affecting the total premium
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Combined policy | Cyber insurance |
|---|---|---|
| A lightning strike destroys the server cabinet and the switches in your business premises | Yes | No |
| Ransomware encrypts your order system and you cannot deliver for four days | No | Yes |
| An employee emails the entire customer database to the wrong address | No | Yes |
| A burst pipe in the meter cupboard damages the stock in the room below | Yes | No |
| Your web shop is down for days because of an attack on your hosting provider | No | Provided that |
| Money is transferred out of the business account after a forged payment instruction | No | Provided that |
One policy number does not mean one cover: where the cause is digital, bundled property cover stops.
Frequently asked questions
This is what people ask us most.
Is a package better than separate policies?
It is clearer and usually cheaper, but it is only better if each section provides the right cover in its own right. A package tempts you to accept standard amounts. We compare section by section with the offerings of other insurers. Sometimes the package wins, sometimes a combination of a package with a separate specialist policy.
What happens if my activities change?
Report it straight away. The description of activities on the policy schedule limits the cover of the liability section: if, besides trading, you also start installing, or you take on work abroad, that is not automatically covered. A change in risk that is not disclosed may have consequences for the payout under Articles 7:928 and 7:930 of the Dutch Civil Code.
Does this package also cover loss from a cyber incident?
As a rule, no. Buildings and contents cover concern physical damage. An encrypted system or stolen customer data is not that. The costs of investigation, recovery, notification and liability towards data subjects also fall outside it. That requires separate cyber insurance. Fines from the Dutch data protection authority are, incidentally, not insurable under any policy.
How do I avoid underinsurance?
Have the contents and goods valued periodically and have the rebuild value of the building assessed. With a valuation report from an expert, the parties fix the value in advance, which largely removes any argument after a loss. Without that report the assessor judges after the event, and a sum insured that is too low then reduces every payout proportionately, however small the loss.