What is corporate liability insurance?
Business liability insurance (AVB) is insurance for entrepreneurs and businesses. With business liability insurance, you are covered for liability damages caused in the course of your work. Think, for example, of a pot of paint falling over a customer's beautiful wooden floor. Or a cup of coffee accidentally falling over an expensive laptop, resulting in a nasty damage claim. You are not insured for this with private liability insurance, which is why you can take out business liability insurance.
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What does business liability insurance cover?
Business liability insurance coverage is similar to liability insurance for individuals, but for your business. You are insured for the following damages:
- Damage to persons and property of persons
- Damage when you are product liable
- Injury or death of an employee
- Damage caused by a temporary worker, intern or volunteer
- Damage to an employee's belongings
- Environmental damage caused suddenly or by an incident
In most cases, an AVB provides coverage both in the Netherlands and abroad.
Take out Corporate Liability Insurance? Calculate your premium!
What is not insured?
Of course, some things are also excluded from coverage. Damage to yourself or your business is not covered in most cases. The same goes for damage or costs incurred to redeliver your product or service. In addition, environmental damage on your premises and environmental damage that occurs slowly (think of an oil tank that has been leaking for years) is not covered. Items that you have "in custody" are also not insured. This concerns items that you have to install, such as a kitchen or bathroom. The moment damage occurs to this, it is not covered by the AVB. Also, if your work is not to the client's satisfaction and you have to redo it, you cannot claim costs for this from your insurer. Finally, professional liability is also not covered by business liability insurance.
These are the most common exceptions to coverage. Always check your insurer's policy conditions to see what exceptions they have.
What does business liability insurance cost?
What liability insurance costs depends, among other things, on the type of business you have and the turnover you make. On Alpina.nl you can calculate an indication of the monthly premium online. To do this, you enter a number of details about your company, such as the industry in which you operate and how many employees you have. You will then be shown an overview of insurers with corresponding premiums.
How is it different from professional liability insurance?
Business liability insurance is not to be confused with professional liability insurance. Professional liability involves, for example, giving incorrect or incomplete information, or giving incorrect advice. If damage occurs as a result, for example because a client suffers financial loss as a result of your advice, this is not insured with business liability insurance. For this, you really need professional liability insurance.
With professional liability insurance, you insure financial losses incurred by your client due to professional misconduct for which you are liable. Professional liability insurance can be an especially wise choice for business owners whose work involves giving advice, such as consultants, architects, IT consultants or engineers.
Frequently asked questions about an AVB
Is business liability insurance mandatory?
No, business liability insurance is not mandatory. Nevertheless, suppliers or clients increasingly do not want to do business if someone is not insured. Therefore, many business owners choose to take out liability insurance for their business anyway.
Why purchase business liability insurance?
A workplace accident is in a small corner. We have some examples for you:
- A customer slips on the newly mopped floor of your office and breaks a leg in the process
- An employee accidentally drops a roof tile while repairing a roof. A passerby is hit who is injured and suffers permanent injuries
- While working in a client's home, you accidentally bump into a very expensive vase, causing it to fall to pieces
Is an AVB also for self-employed workers?
As a ZZP it is also wise to take out liability insurance. With a liability insurance ZZP you are insured if you, as an entrepreneur, cause damage to another person or if your work causes injury to another person.
Take out business liability insurance on Alpina.nl
Do you want to be properly insured for business liability damages? Then take out business liability insurance online immediately! Do you still have questions or would you like to consult with one of our insurance specialists before taking out the policy? They will be happy to help you! You can reach us by phone from Monday to Friday from 8 a.m. to 6 p.m. at 088 - 6883712. Of course, you can also send us a message at any time via chat, WhatsApp or Messenger.
Calculate the premium for Business Liability Insurance immediately!
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