Having the appropriate insurance cover for your business is obviously the correct way to mitigate against any risk of unforeseen events or accidents that could have catastrophic financial implications for you and your business. Your business could be exposed to many different types of physical, economic and security risks while carrying on its day to day activities. Even though it is quite hard to protect a business from all unforeseen risks, you can certainly safeguard your interests with the following top 7 types of insurance policies available in Ireland:
General Liability Insurance
Running a business can be difficult, and dealing with the day to day issues and difficult management decisions can take up a large percentage of managers and business owners time.
Their focus it to maintain business activities, generate revenue and maintain a steady cash flow. Most businesses that end up closing down or going out of business are usually exposed to a sudden drop in revenue income coupled with a sudden increase in unforeseen liabilities (typically for injury or damages). It is for this reason that all businesses should mitigate against this happening by having good general liability insurance for injury or damage. Even if you run a small home-based business, it is advisable to take out general liability cover. This type of business insurance is intended to protect you, your employees, equipment and systems in the unforeseen instance of injury or damage.
Property Insurance
Remember commercial properties, by their very nature are vulnerable to several types of risks, such as fire, theft, vandalism, robbery, water damage and smoke damage. If you own a commercial building, you can take out a policy that covers the property structure, business equipment, inventory, tools and systems from any unforeseen loss or damage. You can also take out optional cover for the interruption of business activities and the loss of earning that you may have while your business is interrupted. Some policies of this type can also cover and protect you by safeguarding your income for the period of interruption.
Worker’s Compensation unforeseen instance of injury or damage
You need to protect your Employees. It is important to consider that your employees could be injured in the workplace at the most unexpected time. Worker’s compensation insurance offers medical benefits and wage replacement to employees injured while on duty in the workplace. Having this type of protection ensures that the employee continues to enjoy the benefits of being paid while out of work and recuperating.
Business Owner’s Cover
Business owners cover provides coverage for most of the issues that could affect the business owner directly. It generally includes property insurance, vehicle insurance cover, business interruption insurance, crime insurance and business liability cover. Choosing a business owner’s type policy can sometimes costs less than buying all of the above listed types of policies separately. Some insurers offer them as an – all in one ‘business owner’s package’. It is advisable to check with your Insurance Company or Broker if this type of policy is available to you and what exactly is covered.
Professional Liability Insurance
If you offer professional services, it is advisable to have professional liability cover. It is a reliable defence against damages arising from mistakes or failure to provide the correct professional services or advice. This type of business insurance Ireland is ideal for solicitors, lawyers, accountants, insurance agents, notaries, real estate agents, among many others.
Commercial Vehicle Insurance
If your company vehicle is in an accident while carry employees, equipment or goods, the cost for accident, injury or replacement of goods could be extremely expensive. Thankfully you can protect your commercial company car, van or truck with commercial vehicle insurance. Commercial vehicle insurance protects you from financial liabilities when your vehicle, equipment or goods are damaged or stolen.
Data Breach Insurance
Cybersecurity issues pose a significant threat to all businesses while handling data and sensitive electronically stored information. If your company stores such details from your clients, employees or the general public, then you have a duty to protect their information securely. Data breach insurance can protect you against the consequences of paper or electronic data loss. It is worth looking into this type of insurance if you are concerned, as it has become increasingly relevant to business who deal with more and more electronic communications and data storage.
We Can Help With Your Business Insurance Requirements
At Britton Insurance, we can offer a full range of insurance types to protect you and your business against various risks. We are one of Ireland leading insurance brokers, and we can offer you the best possible quotation available to us for your specific business insurance requirements. If you need business insurance cover, then please contact us directly today.