Zakelijk • Aansprakelijkheid • Professional liability
Professional liability insurance (BAV) – cover for professional errors and pure financial damage
An error in advice, design, calculation or software can lead to: pure financial damage: financiële schade Bee uw opdrachtgever, zonder dat er direct sprake is van letsel of materiële schade. Met een professional liability insurance (BAV) verzekert u – volgens polisvoorwaarden – uw Liability voor schade door professional errors and the associated defense and attorney fees (policy dependent).
Finass Insures vergelijkt meerdere verzekeraars en stemt de BAV af op uw beroepsrisico, contracteisen, werkzaamheden (advies/ontwerp/IT), en belangrijke polisdetails zoals Claims-made, Walk-in and spout. U ontvangt A helder voorstel met sterke value for money.
BAV in short
A professional liability insurance is bedoeld voor diandstverlanders die risico lopand op claims door foutand in advies, ontwerp, berekandingand, rapportages of software. De polis is vaak Claims-made: the moment of claim notification is decisive (depending on the policy).
What do we pay extra attention to?
- walk-in coverage: coverage for past work (claims-made).
- spout: relevant in the event of company closure or job change.
- Insured amounts: per claim and per year; often contract-driven.
- Own risk: may apply per claim; align this with cash flow.
Coverage and exclusions are always policy dependent.
What is professional liability insurance?
Pure financial damage explained
pure financial damage is financiële schade bij uw opdrachtgever zonder direct letsel of materiële schade. Examples: verkeerd advies waardoor kosten oplopen, een fout in een berekening die leidt tot vertraging, of een softwarefout die bedrijfsprocessen verstoort.
Relationship with AVB
A business liability insurance (AVB) dekt vooral personal injury en zaakschade. Een BAV is juist bedoeld voor professionele fouten en pure financial damage. Voor veel beroepen is de combinatie AVB + BAV de beste basis (situatie-afhankelijk).
Why enter into an EGM?
High financial impact
Projectfouten kunnen leiden tot forse kosten: herstel, vertraging, omzetverlies of extra inzet. Een BAV beschermt uw onderneming tegen claims en juridische kosten (policy dependent).
Contract requirements and tenders
Opdrachtgevers vragen vaak om een BAV met minimale limieten, Walk-in of specifieke clausules. Wij stemmen polis en bewijsdocumentatie daarop af.
Legal defense and reputation
Niet elke claim is terecht. Verweer en juridische ondersteuning kan essentieel zijn om aansprakelijkheid te betwisten en reputatieschade te beperken (policy dependent).
Who is professional liability insurance suitable for?
Consultancy & managemandt
- strategy, organizational advice, project management;
- interim management;
- training/coaching with business impact (situation-dependent).
IT & digital
- software development, implementations, integrations;
- cyber/IT consultancy (partly separate coverage possible);
- SLAs, uptime and performance agreements.
Financial, legal & technical
- administration, accountancy, taxation (acceptance may vary);
- legal services (situation-dependent);
- engineering, design, calculation, inspection.
What does professional liability insurance cover?
Main overview. Exact coverage, limits, deductibles and definitions are policy dependent.
pure financial damage
- financial damage due to professional misconduct;
- error in advice, reporting, design or calculation;
- project delay or additional costs (policy dependent).
defense and attorney fees
- legal assistance/defense in case of claim;
- costs of experts and research (depending on the policy);
- legal costs (depending on the policy).
Contract requirements & clauses
- amounts insured per claim/year;
- entry/exit and reporting periods;
- possible additional clauses per profession.
Important policy terms
- Robbery foul: careless actions, omissions, incorrect information;
- claims-made: claim must be reported within the term;
- Walk-in: old work also covered (depending on the policy);
- Own risk: often per claim.
When is extra coverage relevant?
Afhankelijk van uw praktijk kunnen aanvullende rubrieken relevant zijn, bijvoorbeeld bij IT (security/cyber), internationale projecten, of Activities met verhoogd financieel impact. Wij beoordelen dit op basis van uw diensten, contracten en klanten.
Claims-made, walk-in coverage and run-out: the core of BAV
Why claims-made is important
Many BAV policies work according to it Claims-made-principe. Dit betekent dat Coverage vaak afhangt van het moment waarop de claim wordt reported, niet allA van wanneer de fout is gemaakt. Daarom zijn Walk-in (past) and spout (after termination) essential.
Walk-in and walk-out in the practice
- Walk-in: covers claims for work from previous years (policy dependent).
- spout: relevant when quitting, retiring or transferring; claims may come later.
- Reporting periods: sometimes you have to report circumstances before there is a claim.
We help you organize these components in such a way that no “gap” arises when you change policies.
What is often excluded or limited at an EGM?
Common exclusions (policy dependent)
- intent/fraud or deliberate recklessness;
- fines, punitive damages and contractual penalties;
- warranty or repair obligations without liability;
- known circumstances before effective date (if not reported);
- cyber incidents may require (partly) separate coverage (situation-dependent).
Contracts and general terms and conditions
Uw aansprakelijkheid wordt vaak beïnvloed door contracten, SLA’s en General terms and conditions. Een goed ingerichte BAV sluit hierop aan, bijvoorbeeld qua limieten en definitie van beroepsfout. Wij controleren de belangrijkste risico’s en adviseren verbeterpunten.
How much does professional liability insurance cost?
Premie wordt bepaald door beroep/activiteiten, omzet, claimhistorie, contracteisen, Insured amounts, eigen risico en gekozen inloop/uitloop. Tarieven en voorwaarden zijn polisafhankelijk.
Activities & sector
- advice/design/IT/financial/legal;
- project size and impact;
- working internationally (situation-dependent).
contract requirements
- minimum limits per claim/year;
- entry and exit requirements;
- clauses regarding subcontractors or sub-contracting.
Policy choices
- deductible per claim;
- defense and costs arrangement (policy dependent);
- reporting periods and claims-made conditions.
Information that we usually need for a quotation
| Element | Examples | Why this is important |
|---|---|---|
| Activities | advice, design, IT, reporting, calculation | Determines risk class and policy definitions. |
| Turnover | annual turnover, largest projects/clients | Influence on premium and acceptance. |
| contract requirements | limits, SLAs, liability clauses | Prevents mismatch between contract and policy. |
| Entrance/exit | start date of work, transfer/stop | Crucial for claims-made policies. |
| Wishes | amounts insured, deductible, extra clauses | Makes policy appropriate and efficient. |
Premiums and conditions always depend on the insurer and policy.
Report a claim or incident: this is how you prevent problems with claims-made
Step-by-step plan for (possible) professional misconduct
- Record facts: correspondence, version management, reports, scope and agreements.
- Report in time: in the case of claims-made, a “circumstance” may also be reportable (depending on the policy).
- Admit no liability without consultation and coverage check.
- Limit damage: take reasonable measures to limit consequential damage.
- Settlement: defense and negotiations are handled by the insurer (depending on the policy).
We assist you with reporting, providing evidence and communicating with the insurer.
Common pitfalls
- reporting a circumstance too late;
- switching policies without proper entry;
- accept contractual liability in excess of policy limits;
- insufficiently defined scope (scope creep) for projects;
- misunderstanding: AVB also covers pure financial damage (often not).
Combine BAV with other business insurance
Business Liability (AVB)
For personal injury and property damage to third parties. Often complementary to BAV.
Cyber insurance
For data leaks, hacking and incident response. Often relevant in IT services (situation-dependent).
Legal assistance business
For contract disputes and collection. A BAV primarily concerns liability claims (policy dependent).
Frequently asked questions about professional liability insurance
What is the difference between BAV and AVB?
A BAV mainly covers pure financial damage door professional errors. Een AVB usually covers personal injury and property damage aan derdand. Veel diandstverlanders hebband beide nodig (situatie-afhankelijk).
What does claims-made mean at an EGM?
Bee Claims-made is het moment waarop de claim (of omstandigheid) wordt gemeld vaak bepalend voor Coverage. Daarom zijn walk-in coverage and possibly spout important (policy dependent).
Is an error in software or IT implementation covered?
Vaak kan dit onder een BAV vallen, maar Coverage en definities verschillen per verzekeraar. Bij cyberincidenten kan aanvullende cyberCoverage nodig zijn (situatie- en polisafhankelijk).
Are attorney's fees and defense included in the insurance?
Many policies have an arrangement for this defense and legal costs, maar dit is polisafhankelijk (Beev. binnen of boven het verzekerd bedrag).
What insured amounts are usual?
Dit hangt af van sector, projectomvang en contracteisen. Verzekerde bedragen worden vaak ingesteld per aanspraak en per jaar (policy dependent).
What information is required for a quotation?
Meestal: werkzaamheden/sector, omzet, grootste projecten/klanten, contracteisen, gewenste limieten, eigen risico en de gewenste Entrance/exit.
Close BAV? Request a no-obligation quote
Wilt u zich als dienstverlener goed verzekeren tegen claims door beroepsfouten? Finass Insures regelt een tailor-made professional liability insurance, tailored to your contracts, activities and risk profile.
Request a professional liability quote
Would you prefer direct personal contact? Call 072 – 509 24 56 or email to info@finass.nl.
