6. Insurance

In Belgium, companies are required to obtain different compulsory insurance policies.

Depending upon the size of the company and whether the company has employees, the company can be obliged to obtain the following insurances:

• Fire insurance for commercial premises covering protection against claims from third parties in case of fire or explosion (Verzekering burgerlijke aansprakelijkheid ingeval van brand of ontploffing);
• Insurance for work-related accidents for employees (Arbeidsongevallenverzekering);
• Insurance for company cars (Verzekering burgerlijke aansprakelijkheid voor voertuigen);
• Professional liability insurance (Burgerlijke beroepsaansprakelijkheid)

Belgian diamond traders are strongly advised to obtain the following additional insurances:

• Fire insurance for commercial and private premises and goods covering protection against the company’s own losses, including theft, damage or loss of goods (brand- en diefstalverzekering);
• Liability against economic loss (verzekering tegen exploitatieverlies);
• Transport insurance for valuable goods (often obtained through the transport company itself) (transportverzekering);
• Corporate liability insurance covering protection against the legal liabilties of directors and managers under Belgian corporate law (verzekering bestuursaansprakelijkheid).

For more detailed information on this subject, please contact an insurance broker. Several names are suggested in our list of contacts.