Changing the SBI codes: are you prepared?

The SBI codes form the basis for the assessment of your company by insurers, pension funds, banks and government agencies. A new or incorrect SBI code can therefore lead to unwanted and costly consequences.

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What is an SBI code?

The Standard Business Classification (SBI) is a classification system that classifies companies based on their economic activities. Each company is assigned one or more four/five-digit codes. One for each activity.

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Why is this relevant to you?

SBI codes are used by:

• Collective labor agreement parties for employment law classification
• Pension funds to determine mandatory participation by employers
• Insurers for risk assessment and the amount of premium due

An incorrect or outdated SBI code can lead to legal and financial risks. We explain the most important consequences below:

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Collective labor agreement obligations

Collective labor agreement parties use the SBI code to determine which collective labor agreement applies. A changed or incorrect code may result in a different collective labor agreement being imposed.

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Pension fund liability

An incorrect SBI code may result in your company being wrongly regarded as a mandatory participant in a (other) industry-wide pension fund. This can lead to legal discussions and the retroactive payment of pension contributions.

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Absenteeism insurances

Insurers use SBI codes to estimate the risk of absenteeism. A mismatch between your actual activities and the registered code may result in higher premiums or even rejection of coverage.

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Liability insurance

When it comes to liability insurance, a correct SBI code is essential. A deviation can lead to unnecessarily high premiums or problems with claims handling.

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What's changing?

The KvK updates the SBI codes to better suit the current economy. New sectors such as meal delivery, crypto brokers and dropshippers are getting their own codes. Outdated sectors, such as video stores, are disappearing. Existing sectors are also being refined, for example, the car industry is being split into wholesale, retail and repair.

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What can you do?

• Log in to My KVK and check your activity description and SBI code (s)
• As an employer, are you approached by an industry-wide pension fund and do you doubt the accuracy? Then have a scope study carried out
• If you have any doubts or changes in your business activities, contact your advisor at Kröller Boom

Do you have questions about your SBI code or would you like to have a scope study carried out? Feel free to contact us. We are happy to think along with you.