Insurance explanations

What is legal expenses insurance?

The business legal assistance insurance covers various disputes arising from the exercise of a business or profession. Your company is covered for legal support and advice in, among other things:

• Conflicts with customers / clients about delivered services / products
• Conflicts with suppliers over procurement
• Conflicts with authorities (e.g. licences)
• Legal advice on personnel
• Legal advice on social legislation
• Legal advice on buying, renting and maintaining business premises

Commercial building insurance (+glass)

Insuring your business premises is not a legal obligation, but it can prevent a lot of problems. After all, a fire or break-in can cause considerable damage and leave you with a hefty bill. Not what you as an entrepreneur are looking forward to, of course.

A business property insurance reimburses the damage to your business property(s) caused by:

• fire
• storm
• explosion
• lightning strike

Have you opted for comprehensive cover? Then you are also insured for damage resulting from the following events:

• outflowing water and precipitation
• burglary and theft
• vandalism and collisions
• falling trees, cranes and piling equipment

Inventory/commodity insurance 

Your business inventory, machinery and stored (raw) materials can be severely damaged or completely destroyed during a fire or storm. By taking out inventory and goods insurance, you safeguard the financial position of your company. An important condition for taking out inventory and goods insurance is proper protection of your business premises.

What is disability insurance?

Disability insurance is an insurance that ensures that you, as an entrepreneur, still have an income when you become disabled. The government does not pay out any benefits to entrepreneurs. When you, as a self-employed person or an entrepreneur, are unexpectedly disabled for work (by illness or accident), a disability insurance pays out a pre-determined amount as income. The amount of this payment depends on the degree of disability.

What is absence insurance?

Absenteeism insurance, also known as sick leave insurance, insures your company against the obligation to continue paying the wages of sick employees. As an employer, you are legally obliged to continue paying part of the salary of sick employees for two years after they report sick. On top of this come the costs for reintegration and guidance. This can put a strain on your company and of course you want to avoid that. With absenteeism insurance, you are insured against these costs. In addition, your business operations will be disrupted as little as possible.

(Delivery) car insurance

You are obliged to insure your company car against at least third-party liability (WA). You can extend this basic insurance with limited or full hull. The choice is yours:

• WA (third-party liability) is the most limited cover. Only the damage you cause to other vehicles and/or persons with your company car will be compensated. The damage to your own car will not be compensated.
• WA + limited hull (WA plus) covers, in addition to the WA coverage, fire, hail, storm, theft and window damage. The damage to your company car, caused by you, will not be compensated.
• WA + full casco (all-risk) covers everything that falls under WA + limited casco, including the damage to your own company car, even if this damage is your fault.

What is truck insurance?

In many cases, trucks are one of the most valuable assets of a (transport) company. Therefore, insuring your truck is of great importance. Just like car insurance, truck insurance is required to cover at least third-party liability.

Business interruption insurance

Building insurance and inventory and goods insurance cover the direct damage caused by the fire. But the damage was much greater in this case because the clothing shop had to close down temporarily. The loss of turnover was compensated by the consequential loss insurance. How does it work?

• The business interruption insurance covers lost net profit. This is calculated by averaging past turnover figures.
• You are entitled to be reimbursed for ongoing fixed costs including the salaries of employees and yourself.
• You will also receive compensation for additional costs you incur after a fire or other covered disaster. For example, the costs of temporarily renting another building. Or to hire extra staff to help solve the damage. Additional communication costs will also be reimbursed. After all, the insurance company would like to see you earning your own living again quickly.

What is reconstruction cost insurance?

If you suffer fire or water damage, for example, there is a good chance that your records (archive documents, designs, drawings, client information) will also be lost. But think also of data on work in progress, outstanding and still to be invoiced and the like. If you do not have a proper back-up of your documents, they will have to be reconstructed. A reconstruction cost insurance can then offer a solution.

What is money insurance?

Do you work with cash in your business? Then you run the risk of theft or loss of the money. Other paper of value, such as stamps or gift vouchers, are also insured.

Office electronics can I insure them?

Virtually all equipment used for business purposes can be insured. And if you wish, damage to data and software can also be insured, or the extra costs incurred to prevent further business damage.

Need illuminated advertising insurance?

If you have an expensive illuminated advertising installation, it is advisable to take out illuminated advertising insurance. Especially if the installation is placed on the outside of your business premises. The illuminated advertisement insurance offers a much broader coverage than your building insurance. With illuminated advertisement insurance you are insured against damage to your installation as a result of, for instance, storm or vandalism.

Environmental damage insurance do I need it?

In the event of soil or water contamination, for example from leaking diesel, contaminated fire extinguishing water or asbestos released in a fire or storm, you may have to pay the remediation costs yourself. These costs can be substantial. With environmental damage insurance, you are protected against the financial consequences if you are the cause of environmental damage.

Do I need workers' compensation insurance?

A workers' compensation insurance (WSV) insures you against damage that your employees incur through work-related activities. Because if, for example, they have a (car) accident, you will be responsible for the costs. And those costs can be substantial.

Employer's liability insurance is it convenient?

You have a broad duty of care for the people who work for you. This means, among other things, that you must provide a safe working environment, safe tools and good instructions. If someone suffers damage or injury during working hours and you have not fulfilled your duty of care, you can be held liable.