Liability
- Damage to third parties
- Employers' liability
- Care, custody and control as an extension
Duty of care · supervision · long tail
Insurance for financial services
In a bookkeeping, accountancy or advisory practice the claim rarely arrives on the day of the mistake, but at the audit, the tax return or the settlement years later.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
Deze pagina in het Nederlands: Verzekeringen voor financiële dienstverlening.
Calculate your premium or request a quote
Without obligation; a reply within one working day.
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 your own premium with the calculator.
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
The damage you cause is almost never visible. A deduction wrongly applied, a deadline missed, advice that puts the client into a product that does not fit their situation: that results in pure financial loss . It does not fall under public and employers' liability insurance, which after all covers damage to property and injury to people, but under professional indemnity insurance.
The duty of care under the Financial Supervision Act (Wft) requires you to establish the facts, advise and review periodically, and to record that you have done so. When a complaint arrives, the question is not what you thought, but what you can show you put to the client. A file showing that the client themselves declined a cover or an arrangement is, in practice, the difference between a rejected complaint and a loss.
Professional indemnity almost always runs on a claims madebasis. What matters is not when you made the mistake, but when the claim reaches you. That is why the retroactive date and the run-off period are the two most important figures on your policy schedule. You report as soon as you know of the claim or of the circumstance: Article 7:941 of the Dutch Civil Code.
What does insurance for financial services 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.
The claim arrives years after the advice
Mortgage or pension advice is only assessed at the moment the client feels the consequences. On a claims made basis the date of notification determines which policy pays. Without retroactive cover a mistake from your early years remains uninsured; without run-off cover a notification after your firm closes falls between two stools. Ask about both expressly before you switch.
Record what the client declined
If you advise additional cover, a higher sum or a different arrangement and the client does not want it, confirm that in writing, with the consequences set out. In any later complaint everything turns on whether you pointed it out. Without that record, you carry the gap the client chose, and the insurer assesses the case on what the file contains.
Fines and disciplinary measures are not insured losses
An administrative fine from a regulator or a measure under professional disciplinary rules is a sanction against you personally, not compensation to a third party. It falls outside every professional indemnity cover, as do deliberate acts and wilful recklessness under Article 7:952 of the Dutch Civil Code. Only the cost of defence can sometimes be arranged through legal expenses cover; the sanction itself remains for your account.
Your range of services has to match the policy
Insurers cover the activities you declared when you applied. If you expand from bookkeeping into mortgage, pension or income advice, your risk profile changes fundamentally. If you do not report that, you run into the duty of disclosure in Article 7:928 of the Dutch Civil Code and the consequences of Article 7:930 DCC: the insurer can reduce or refuse payment on the part that was never declared.
What does your premium depend on?
- Type of services — Bookkeeping and payroll processing weigh differently from mortgage, pension or investment advice.
- Turnover from advisory services — The basis of calculation is the part of your turnover from which an advisory claim can arise.
- Sum insured per claim and per year — With wealth matters a single claim quickly runs up to the full sum.
- Retroactive date — How far back in time mistakes are covered is part of what determines the premium.
- Run-off period — Cover for notifications after your practice closes is priced separately.
- Complaints and claims history — Earlier claims and open complaint files weigh heavily in the acceptance decision.
Insurers weigh these details differently. That is why comparing pays off.
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.
9.5New policy
9.8Claims handling
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.
Does my public and employers' liability insurance cover an advice error?
No. An AVB covers damage to property and to people. An advice error leads to financial loss without anything being broken; that is called pure financial loss and is excluded on the AVB. For that you need professional indemnity insurance. If you also have an office with visitors and contents, having both policies alongside each other is usual.
What is a retroactive date?
It is the date from which mistakes are covered. On a claims made basis the policy you notify pays, but only if the mistake was made after the retroactive date. If you switch and the new policy starts with today's date, everything from your earlier years falls outside the cover. So ask for the old date to be carried over.
Are fines from the regulator covered?
No. An administrative fine is a sanction against your business and not compensation to an injured party. The same applies to disciplinary measures. Insurers exclude this, partly because insurability would remove the deterrent effect. The cost of legal assistance in such proceedings can sometimes be arranged through legal expenses cover.
What happens if I close my practice?
The cover then stops on the end date, while complaints about old advice can still come in for years. Run-off cover exists for that situation: notifications after closure remain insured for mistakes made during the insured period. Arrange it before you cancel, because buying it afterwards is no longer possible with most insurers.
Ready to compare?
Request a quote without obligation. We will look at which insurer best matches your activities and your risk.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
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.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
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.