No bank · direct debit · starting the business
Free business account
Finass is an insurance adviser and not a bank. We do not open payment accounts. Even so, almost every business insurance runs through a business account, and that has practical consequences.
- Several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
This page in another language: Nederlands · Deutsch
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
Anyone registering a business usually opens a business payment account. Some providers offer one without monthly charges. We do not act as an intermediary for that and give no advice on it. For finance and credit we likewise refer you on; see business finance and business loan. What we do handle is arranging and comparing your business insurance.
The account matters for insurance for two reasons. First, almost all insurers collect the premium by business SEPA direct debit mandate; a reversal because there is no balance leads to a reminder and ultimately to suspension of cover. A suspended policy gives no cover in the event of a claim, even if you clear the arrears later. Second, when there is a claim the insurer asks for bank details in the name of the policyholder. A private account for a private limited company then causes delay.
At the start the most important choice is not the bank but the business activity that goes on the policy schedule. That description determines which activities are covered. If you add something later, it is not automatically included. Start with public and employers' liability insurance and consider whether advisory work calls for professional indemnity insurance.
This page deals with one situation. The full overview is on Mortgages: we refer you on.
Insurance never stands alone
A mortgage, loan or investment often touches your insurance too. We look at the bigger picture and point you to the right specialist whenever something falls outside insurance itself.
Financial
Overview
AdviceWhat new business owners run into
Four points that go wrong more often at a newly registered business than the bookkeeping itself.
Arrears suspend the cover
If the premium remains unpaid, the insurer may suspend cover after a reminder. If a loss occurs in that period there is no payment, while the premium debt remains. So make sure the direct debit is on the business account and that the balance is sufficient. A reversal for lack of funds is one of the most common causes of an uninsured loss among new businesses.
Pure financial loss falls outside the AVB
Public and employers' liability insurance (AVB) covers injury and damage to property. A client who claims to have lost money through an incorrect calculation, a missed deadline or unsound advice is claiming pure financial loss, and that is excluded as standard. If you supply knowledge rather than physical work, professional indemnity insurance (BAV) is the policy that counts, not the AVB.
Other people's property in your care
If you take a client's property into your care in order to work on it, transport it, hire it or store it, the care, custody and control exclusion comes into play. If you damage that property, it is not covered on the standard liability policy, while you are liable for it under Article 6:162 of the Dutch Civil Code. Separate care, custody and control cover exists; you have to request it expressly.
Fines and intent are never insured
Administrative fines, penalty payments and additional tax assessments are not compensation for loss but a sanction, and are therefore excluded everywhere. The same applies to damage caused with intent on your part; Article 7:952 of the Dutch Civil Code excludes that, and that provision runs through every class of insurance. A fine for driving a company vehicle without insurance also falls under it.
What does your premium depend on?
- Described business activity: the activity determines the rate and the acceptance
- Turnover and payroll: the usual basis of calculation for business cover
- Number of employees: decisive for the employer's risk
- Working area: the Netherlands only, Europe, or beyond as well
- Excess chosen: per claim, and sometimes different for damage to property
- Payment term and method of collection: annual payment by direct debit is usually the cheapest
Insurers weigh these details differently. That is where your saving is.
Who arranges what
| Situation | At Finass Verzekert | With the provider |
|---|---|---|
| You want to open a business payment account after registering with the KvK | No | Yes |
| You want to know which cover is needed first when you start trading | Yes | No |
| Your premium direct debit has been reversed and you want to know what that does to your cover | Yes | No |
| You are applying for an overdraft facility or business finance | No | Yes |
| You take on installation work as well and the description of activities on the policy schedule no longer matches | Yes | No |
| You want a card terminal in your premises | No | Yes |
We act as an intermediary in insurance only; everything to do with payments and borrowing you arrange directly.
Frequently asked questions
This is what people ask us most.
Does Finass arrange a business payment account?
No. We are an independent insurance adviser and act as an intermediary in insurance only. You open a payment account directly with a bank or a payment institution. For credit, finance and mortgages we refer you to a specialist party. What we do handle is assessing which business insurance suits your activity and applying for it on your behalf.
Does the premium have to be paid from a business account?
That is not a statutory requirement, but it is practical. The policyholder is named on the policy schedule, and with a private limited company that is the business and not you personally. Payments and claim settlements then run most smoothly through an account in that same name. With a sole trader the naming is less strict, but it does keep your records clearer.
Which insurance do I really need as a start-up?
That depends on the nature of your work. If you work physically at clients' premises, public and employers' liability insurance (AVB) is the first cover. If you supply advice or designs, professional indemnity weighs more heavily. If you have staff, sickness absence insurance (verzuimverzekering) and employer's liability are added. We go through your activities with you before anything is taken out, so that you do not pay for cover you do not use.
What happens if I expand my activities?
Report it straight away. The policy covers the description of activities set out on the policy schedule; work outside that is not insured, even if the same business is the contractor. Under Article 7:928 of the Dutch Civil Code you must report changes in the risk, and Article 7:930 DCC gives the insurer the option of reducing the payment if that has not been done.