Starting or running a business?
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Insurances
Why insurance?
Insurances are safety nets, a way to manage risks of loss. Buying an insurance means transferring the cost of potential loss to the insurance company in exchange for a fee, known as the premium. Commercial insurances – insurances aimed at protecting and providing safety nets to businesses, employers and employees – are crucial in protecting enterprises and companies against risks of business failure.
What are some recommended insurance providers for Dutch entrepreneurs?
There are a number of comparison websites in the Netherlands for all types of insurance. It makes sense to check all these sites, since they’re not all fully independent (despite the fact that their name might suggest otherwise).
- www.independer.nl – health, car, home, liability, travel, judicial assistance, fire and theft insurance, etc
- www.hoyhoy.nl – health, car, home, and more
- www.datishetverschil.nl – business insurance, mostly focused on disability insurance
Is there any mandatory insurance I need to get in the Netherlands?
Specific company insurances are not mandatory for enterpreneurs in the Netherlands. However, entrepreneurs are required to get liability insurance for a (company) motor vehicle (like any driver of a motor vehicle in the Netherlands) and health insurance (like any other citizen in the Netherlands). Also they have to withhold certain employee insurances from the wages of their staff:
- Unemployment Insurance Act (Werkloosheidswet, WW);
- Sickness Benefits Act (Ziektewet, ZW));
- Work and Income (Capacity for Work) Act (Wet werk en inkomen naar arbeidsvermogen, WIA)
- Invalidity Insurance Act (Wet op de arbeidsongeschiktheidsverzekering, WAO)
- General Old Age Pensions Act (Algemene Ouderdomswet, AOW)
- Exceptional Medical Expenses Act (Algemene Wet Bijzondere Ziektekosten, AWBZ)
In certain situations you are entitled to a reduction on the premium. You will pay a lower employees' insurance premium to the Dutch Tax and Customs Administration, if you employ a disabled, a young or an aging employee.
Although not legally required, it might make sense for entrepreneurs to take out other insurances. Some of the most common insurances for entrepreneurs are:
- Company liability insurance (‘bedrijfsaansprakelijkheidsverzekering’)
- Disability insurance (‘arbeidsongeschiktheidsverzekering’)
- Buildings insurance (‘opstalverzekering’)