Professional indemnity insurance

With a professional indemnity insurance (BAV) you insure the financial damage suffered by your client due to a professional error for which you are liable. A professional indemnity insurance is meant for ZZP'ers and MKB'ers who, for example, give advice. These may be architects, engineers, consultants in business services and ICT specialists.

This insurance protects your company from claims if your company is held legally responsible for the damage to others caused by your company, your employees, your products or by yourself.

Take out professional indemnity insurance

When taking out professional indemnity insurance, the company, employees (including agency staff, trainees or volunteers), directors, supervisory directors and partners are covered. Cooperating family members are also insured.

In addition, professional indemnity insurance is covered:

• Product liability
• Employer's liability
• Walk-in

Product liability

With product liability, you are insured for damages if you are liable for a defective product that you supplied.

Employer's liability

This insures you for damages to employees due to a work accident or occupational disease. Labor-related traffic accidents on foot or by bicycle are also insured.
Attention! Is the traffic accident caused with a (insurance required) motor vehicle of which the employee is the driver or passenger? Then this is not insured.

Walk-in

With walk-in, you insure liability for damage caused by acts or omissions that occurred before the insurance was taken out.

With some insurers, a BAV insures your liability for damage to persons caused by environmental degradation. You are also insured for liability for damage to other people's belongings if the environmental damage is caused by a delivered product that has not been installed by you and the damage has occurred suddenly.

What is not insured with professional indemnity insurance?

You are not insured for damage to yourself or your company. Pure financial loss (financial loss where no damage is caused to persons or property) is not insured either. In addition, the following matters are not insured with a professional indemnity insurance:

Redelivery of a product or service

Damages and costs incurred because the work or services performed by you have to be performed again are not insured.

Legal Help

Not insured are the costs for legal assistance, criminal proceedings, disciplinary proceedings or dispute resolution without a court of law.

Outlet

If someone holds you liable after the insurance has ended for an act or omission before the insurance ended, it is not covered. However, you can extend the reporting period when you terminate the insurance or when your business stops.

(Air) craft or motor vehicle

Does an air vessel or motor vehicle cause damage for which you are liable? Then this is not insured.

Intention or violation

Damage caused intentionally by your employees or yourself, as well as damage resulting from deliberate violation of government regulations, is not insured.

Asbestos

Liability for an occupational disease resulting from asbestos exposure is not insured. The removal and disposal of asbestos is also excluded.

Fraud, criminal activities, acts of war

You are not insured if you commit fraud when taking out the insurance or in the event of a claim. Or if, in the event of a claim, criminal or punishable activities are involved. You are never insured if the damage is the result of acts of war or a nuclear reaction.

These are the most important things that are not insured with professional indemnity insurance. Do you want to know more? Then always read the policy conditions.

What does professional indemnity insurance cost?

The cost of professional indemnity insurance depends on a number of factors:

• The industry in which you work
• Your annual turnover
• The number of employees

At Alpina.nl you can already calculate an indication of the premium for professional liability insurance online. You do this by filling in some information about your company.

Cheapest professional indemnity insurance

Are you looking for the cheapest professional indemnity insurance? You can find it by comparing different providers. There are many providers on the market, and the range is constantly expanding. In addition, premiums can vary greatly. Sometimes people choose the cheapest insurance they can find, without looking closely at the coverage. However, when comparing professional indemnity insurance it is important to look not only at the price, but also at the coverage and conditions. Here too, there can be great differences. Perhaps the cheapest professional indemnity insurance will not cover you as well as you would like.

Compare professional indemnity insurance

Before you take out professional indemnity insurance, it is wise to compare different providers. This always applies to any insurance. There are many providers on the market, all with different premiums and conditions. By comparing them, you can save a lot of money every year. Premiums can change every year, so it is worthwhile to make a comparison every year. Because premiums are regularly adjusted upwards or downwards by insurers, it may well be that the cheapest professional indemnity insurance from last year is no longer as advantageous in the new year. Or maybe things have changed in your company, which makes you better off with another insurer. Furthermore, by comparing you can find the best professional indemnity insurance at the lowest price. These are all reasons to start comparing professional indemnity insurances before you take out the insurance.