Business insurance
Business insurances cover risks that you run as a result of having a company. In the Netherlands, you are not obliged to insure against these risks. However, some insurances are compulsory.
Compulsory insurances
You must have these insurances:
- Third party car insurance (according to the Dutch Motor Insurance Liability Act, WAM) if you use and/or own motor vehicles
- Buildings insurance (opstalverzekering) if you own a commercial building or other immovable property (your mortgage lender requires this insurance)
- Professional indemnity insurance (Beroepsaansprakelijksheidsverzekering, BAV) or business liability insurance (Bedrijfsaansprakelijkheidsverzekering, AVB) for some professions (required by the professional association)
Voluntary insurances
You can insure voluntarily for professional risks, for instance:
- disability insurance
- business interruption insurance
- export credit insurance
- goods-in-transit insurance
- loss-of-income insurance
- machinery and equipment insurance
- credit insurance
- business legal expenses insurance
- sick leave insurance
- cyber insurance
Closing down your business
If you close down your business, you need to decide whether you have to cancel all or some of your (business) insurances.