Professional indemnity insurance (BAV) is compulsory for some professional groups, but recommended for almost all liberal professions. It is a tailor-made policy, which makes comparing it less straightforward. Of course, you can still request several quotes. In addition, each insurer has its own specialisms. Below you will find the various BAV insurers, and we have indicated which professional groups they may specialise in. This page describes the situation in the Netherlands. Most Dutch insurers offer their website and policy documents in Dutch only.
Read also: Switching BAV insurance and Comparing professional indemnity insurance.
Allianz
Allianz BAV insurance offers broad protection and, in addition to the loss suffered, also covers the costs of legal assistance and legal defence. Prior acts cover, run-off cover and office risk can be insured as options. There is also no cover in the United States and Canada, and there is an excess. All of this is agreed in consultation with the Allianz adviser. Allianz BAV insurance is intended in particular for the following professional groups:
- Accountants
- Advisers
- Lawyers
- Architects
- Interim managers
- Engineers
- IT professionals
- Civil-law notaries
- Loss adjusters
BAVAM policy from De Vereende
De Vereende specialises in insuring special risks that are difficult to insure. With its so-called BAVAM policy, for example, it offers BAV insurance for professions in financial services and for estate agents and valuers of real estate. Only the following professional groups can therefore go to De Vereende:
- Insurance intermediaries
- Financing intermediaries
- Savings and payments intermediaries
- Mortgage intermediaries
- Financial planners
- Estate agents
- Real estate valuers
An excess applies, and it is usually possible to increase the excess, but this differs from one professional group to another.
Centraal Beheer
In 2019, Centraal Beheer was named the best business non-life insurer by the Dutch Association of Insurers (Verbond van Verzekeraars), and Centraal Beheer's BAV insurance also deserves a recommendation. Businesses with up to 20 employees can take out this insurance online, but larger businesses need to use an adviser. The BAV insurance focuses on self-employed professionals (zzp'ers) and small and medium-sized enterprises (SMEs) in services, with the exception of businesses and professions in real estate, financial services, legal services, debt collection, the medical sector and patent agencies. Any damage can always be reported by phone.
De Goudse
De Goudse offers BAV insurance, but only for a limited number of professions and for businesses with a turnover of up to €2 million per year. With this BAV insurance the excess is €750, and you can choose a sum insured of €250,000, €500,000 or €1,000,000 per claim. De Goudse BAV insurance is an option for the following professional groups:
- Legal professions such as lawyers and legal advisers
- Technical professions such as engineers and architects
- Financial professions such as accountants and bookkeepers
- Tax professions such as tax advisers
- Consultancy and interim management, such as recruitment and selection agencies and project managers
- IT professions such as software developers and programmers
Interpolis
Interpolis BAV insurance is fully tailored to the professional association. One plus point is the unique start-up benefit, under which the BAV insurance is free for the first six months. Run-off cover of five years is included, and there is also prior acts cover. The insurance provides cover in Europe and can be cancelled at any time. There is also an excess, but the exact conditions differ per professional group. Standard conditions are available for accountants, lawyers, architects and engineers, and economic and management consultancies, among others.
ING
ING has a wide range of business insurance products, and BAV insurance is of course one of them. It is part of the security package for self-employed professionals and SMEs, and it has a sum insured of €500,000 per claim and €1 million per year. For some professions an excess also applies, but this depends on the individual policy conditions. ING BAV insurance is only available to entrepreneurs with up to 50 employees and a turnover of less than €10 million. In addition, it must concern one of the following professions or businesses:
- Administration office (excluding the provision of tax advice)
- IT adviser
- Professional coach (only if a member of the NOBCO, the Dutch association of professional coaches)
- Administrator (bewindvoerder)
- Communications adviser
- Controller
- Financial planner or divorce adviser
- ICT consultant
- Debt collection agency
- Income manager
- Interim manager
- Legal adviser
- Marketing adviser
- Mediator
- Management consultant
- Translation agency
Nationale Nederlanden
Nationale Nederlanden BAV insurance automatically includes the prior acts risk and is suitable for both self-employed professionals and SMEs. Run-off risk is not insured as standard, but it can be added as an option. Using general terms and conditions is not compulsory, but there is an excess, which can optionally be increased. Much of this depends on the professional group the insured person works in. Good to know: there is also a package discount of 10% if at least two different business insurance policies are taken out.
Univé professional indemnity insurance for self-employed professionals
Univé professional indemnity insurance for self-employed professionals is BAV insurance that covers various forms of professional liability. This naturally concerns the financial consequences of defective services, faulty products or incorrect advice. Any lawyer's fees and defence costs are covered in addition to the actual cost of the damage. Run-off cover can also be insured as an extra. This ensures that liability for current assignments or contracts is also insured when the insurance contract ends, for example because the policyholder retires. Requirements do of course apply.
VvAA professional indemnity insurance
VvAA professional indemnity insurance is only available to medical professionals. VvAA offers specific insurance for GPs, doctors, paramedical professionals, mental health (GGZ) professionals, dentists, midwives, vets and medical institutions. This insurance is fully tailored to them. For example, providing emergency assistance abroad also falls under this liability insurance. Additional cover is sometimes necessary, for example if cosmetic procedures are also performed. Fortunately, VvAA BAV insurance can be fully tailored to medical professionals.
Hiscox
Hiscox is a provider of tailor-made private and business insurance. The cover of Hiscox professional indemnity insurance is remarkably broad. Financial loss as well as property damage and personal injury to the client and to third parties are covered. As an option, you can also insure your own damage and legal costs. Hiscox offers professional indemnity insurance for specific sectors, including IT entrepreneurs, management consultants, advertising and communications professionals, and publishers and broadcasters.
Frequently asked questions about BAV insurance
Is there a maximum amount of cover per year?
Usually, yes. Insurers often offer several options, but the maximum sum insured remains limited. With BAV insurance, for example, the maximum sum insured per year is equal to twice the maximum cover per claim. With a sum insured of €250,000, the insured value is therefore limited to €500,000. Of course, more than two claims can be submitted per year.
What does prior acts cover mean for BAV insurance?
If the BAV insurance offers prior acts cover (inloopdekking), events that took place before the start date are still covered if the liability claim only follows after the start date. The requirement is that the insured person did not yet know anything about it. Sometimes additional conditions or restrictions may apply to such claims.
Which exclusions apply to BAV insurance?
Each insurer applies different conditions and therefore different exclusions. Damage resulting from intent, theft, property offences, deception, forgery or failure to meet commitments is usually not covered. Ask the insurer for information or consult the policy conditions for a complete overview.
Do I need BAV insurance if I have a private limited company (bv)?
Yes. It is true that a bv limits personal liability, but it does not offer complete protection. There are countless situations in which the director can still be personally liable. These often relate to matters connected with bankruptcy. Large liability claims can of course result in bankruptcy, and that is exactly why BAV insurance is also important for anyone who practises their profession through a bv.
Why do most BAV insurers not provide cover in the United States?
In the United States, claims can run extremely high and exceed the actual damage. BAV insurance that also provides cover in the United States is therefore much more expensive, while only a few businesses need such insurance. Fortunately, there are solutions for worldwide cover including the United States. CNA Hardy, among others, offers a number of options.