Managing a business comes with risks of its own – a client may sue you alleging a breach of contract, an employee could be injured whilst on the job or a natural disaster could damage property.
It is for this reason it is vitally important to protect your business and its interests. Having adequate business insurance will provide the protection and ‘peace of mind’ that you need in times when things aren’t going as you’d like them to.
Here are five top reasons why you should get business insurance in Ireland.
It’s Required by the Law
The law in Ireland mandates that businesses must have employers’ liability insurance to protect their employees. Similarly, motor vehicle liability is another mandatory insurance to cover third parties.
What if You’re Sued?
If a customer or employee files suit against your business, your business could fold if you’re not adequately covered.
One broken contract, accident or disgruntled employee is all you need. Even if you end up winning the case, you might go out of business owing to the huge legal expense involved.
Instead of worrying about what may happen, liability insurance gives you peace of mind, allowing you to focus on the important job of ‘running your business’ and let your Business Insurance policy take care of any unexpected eventuality.
Business Insurance Protect Your Profits
Business interruption insurance cover protects against any eventualities that may leave your company strapped for cash. For instance, if you suffer financial loss because of damage to property and you have to pause production or business activities for some time, you are protected when you have business insurance .
Protection Against Natural Disasters
If you own the commercial business property or have business assets such as computers, office equipment, tools etc., then consider getting an insurance policy to cover against theft, fire, smoke damage, vandalism, etc.
What if heavy flooding or a storm damages your business premises? It could have severe consequences for your business. Staying protected with the appropriate insurance cover, so that you can continue operations or at the very least, recover quickly is vitally important.
Contracts Might Require Insurance
When you enter into a contract with a third party, sometimes insurance becomes a vital part of the contract. For example:
Some companies may insist on seeing that you have adequate insurance before they award you a contract.
When you borrow money for business development, the loan agreement might mandate that you have appropriate insurance cover before they will sanction the loan.
Similarly, if you are renting office, it’s crucial to have insurance as the landlord’s insurance does not cover you or your businesses equipment.
Need Help Choosing Business Insurance in Ireland?
Contact for the business insurance in Ireland at Britton Insurance. With decades of experience, we can help you choose the appropriate cover for your business or any other kind of insurance like car insurance, motor insurance, van insurance, house or home insurance at the best prices available. Request a quote now.