This insurance covers the things you work with and the things you sell; how they are classified into business contents, goods and tenant's improvements determines how a loss is settled.
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
Everything you need in order to work and that is not fixed to the fabric of the building is business contents: machinery, tools, equipment, furniture, computers. What you sell or process is goods: trading stock, raw materials, semi-finished and finished products. What you had installed yourself in rented premises is tenant's improvements. The building itself does not belong here but with the business buildings insurance.
That three-way split is not an administrative formality. Each item has its own sum insured and its own basis of value: business contents usually at replacement value as new down to a threshold set out in the conditions, goods at purchase or cost price, tenant's improvements at the cost of rebuilding what you had installed. Put an item under the wrong heading and it is either not covered or covered too low when a loss occurs, even though you paid premium on it.
You also choose a form of cover. A fire policy covers fire, explosion, storm and lightning strike; extended perils cover adds burglary, water damage, impact and vandalism, among others. Never more than the actual loss is paid (Article 7:960 of the Dutch Civil Code). For a treatment specific to your trade, see for example the retail variant or and the one for a dental practice.
The structure of the cover in three parts, with an overview per situation below.
Your business assets
Business contents
Machinery, equipment, furniture and fixed fittings.
At replacement value as new
Fire, water and burglary
Tenant's improvements separately
Stock
Goods
Trading stock, raw materials and finished products.
Purchase value or cost price
Declare seasonal peaks
Spoilage as an extension
Optional
Extensions
What is excluded as standard.
Third-party property
Money and securities
Business interruption
What is covered
Situation
Business contents
Goods
Fire and smoke damage
Yes
Yes
Burglary with signs of forced entry
Yes
Yes
Water damage from a burst pipe
Yes
Yes
Customers' property being worked on
No
No
Spoilage due to refrigeration failure
Sometimes
Sometimes
Wear and deferred maintenance
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 classification determines the payment
A cold store, a workbench or a partition wall can, depending on the situation, be business contents, tenant's improvements or part of the building. That distinction decides who pays and on what value. When taking out the policy, walk through your business premises and note for each item who installed and paid for it. Without that record, a loss regularly ends with two insurers pointing at each other while your business stands still.
Choose the form of cover first, and only then look at premium
The difference between a fire policy and extended perils cover is greater than the difference in premium suggests. Burglary, water damage from pipes, vandalism and impact are only in the extended form. So do not compare two amounts but two schedules of cover, including the limits for sub-sections and the excess per event. A low premium on narrow cover is more expensive than proper cover at the first burglary.
Sum insured, indexation and underinsurance
If the actual value is higher than the sum insured, payment is made proportionately: even a small loss is then only partly paid. An index clause absorbs price rises, but not your own growth. Update the declaration after a large investment, an expansion or a structurally higher stock level. If you want to avoid that discussion altogether, a valuation in advance is possible; that fixes the value between the parties.
What is excluded as standard
Excluded usually are money and negotiable documents, motor vehicles and trailers, third-party property in your care, custody and control, data and software, and wear and tear, inherent defect and deferred maintenance. The turnover you lose while you are at a standstill also falls outside; for that there are business interruption and additional costs insurance. Glass often has a section of its own or a separate policy.
What does your premium depend on?
Sums insured per item. Business contents, goods and tenant's improvements each get their own amount; together they form the basis of calculation.
Type of cover chosen. Fire, extended perils or a wider variant with inherent defect or machinery breakdown modules.
Sector and risk class. The activity determines the fire and theft risk; catering, metalworking and electronics weigh more heavily than office work.
Construction type and fire compartmentation. Brick, steel or timber, the roof covering and the presence of fire compartmentation between rooms.
Security. Locks to the stated grade, an alarm with monitoring centre connection, cameras and possibly sprinklers or firefighting equipment.
Excess and claims history. A higher excess per event brings the premium down; earlier claims work the other way.
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.
What is the difference between business contents and goods?
You use business contents in order to work and they stay in the business: machinery, tools, equipment, furniture. Goods leave the business: trading stock, raw materials, semi-finished and finished products. They appear on the policy with separate amounts because they are paid differently, business contents usually at replacement value as new and goods at purchase or cost price. If an item is in the wrong column, the payment will not be right.
What exactly are tenant's improvements?
Everything you as a tenant had installed in the premises and will not take with you when you leave: a suspended ceiling, a pantry, partition walls, floor finishes, air conditioning or extra pipework. It is not business contents, because it is fixed, and it does not fall under the owner's buildings insurance, because he did not pay for it. Without a separate declaration this item is uninsured in a fire.
What happens if I am insured for too little?
Then payment is made proportionately. If the actual value is twice the sum insured, you receive roughly half of every loss, including a loss that stays well below the sum insured. An index clause keeps up with price rises but not with your own growth. Report a large investment or a structurally higher stock level, or have the value assessed in advance.
Does this insurance also cover the turnover I lose?
No. Business contents and goods insurance pays for the damaged items themselves, not for the consequences of the standstill. Business interruption insurance is intended for the continuing costs and the lost profit during repair; additional costs insurance is for the extra expense of carrying on regardless, for example hiring replacement equipment or a temporary site. That choice depends on your recovery time.
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.
