Although business insurance is not mandatory in Ireland, it’s a strongly recommended to take out adequate business insurance for even the smallest of operation. Public liability insurance covers your business in the event that someone makes a claim against you or your business.
But how much does public liability insurance cost in Ireland? The answer to that question depends on a variety of factors. Let’s take a look at some of the top factors that can affect your premium:
When it comes to public liability insurance, not all occupations are equal, unfortunately. So if you are involved in high-risk businesses such as tree feller, nightclub or construction, you can expect to pay a higher premium as these occupations are seen as high-risk.
On the other-hand, low risk occupations such as consultants, architects and accountants are rated favourably by insurance companies for public liability insurance. Hence, these occupations can expect to pay lower premiums.
Interestingly, additional rating factors can apply for a some categories of occupation depending on their activities. For example, a musician who is a music teacher who is simply teaching on a ‘one on one’ basis, may be considered low-risk compared to a musician who teaches music and also performs at concerts and events. This additional activity of preforming to an audience can be seen as an increased risk given the involvement of an audience and therefore such additional professional activities may attract a higher premium.
The length/extent of experience that you have in your chosen occupation can also be a factor in your insurance policy premium, especially in the case of higher risk occupations.
If your are in the retail business, your policy’s rating will depend on your turnover. A high turnover indicates higher footfall in your stores, which increases the chances of someone getting injured, so your policy premium will reflect this.
Your Claims Track Record
Previous claims can sometimes raise a red flag. Insurance companies may evaluate the claims history of a business when calculating premium. A one-off claim might not be a cause for alarm. But in some cases, it can also be considered that a business with a previous claim also take more safety precaution.
So if you can prove that you have put extra efforts to mitigate losses following a claim, your insurer may even consider giving you a better risk rating and thereby charge you lower premium.
Limit of Indemnity
Your premium will also depend on the limit of indemnity you have chosen. In Ireland, the indemnity limit ranges between 2,600,000 and 6,500,000.
If you can demonstrate to the insurer that you have good risk management practices in place, you may be charged a more competitive premium compared to a similar business that does not have the same level of risk management. This may not be a huge factor when it comes to one-man operations. However, the bigger a business, the more important risk management becomes as a factor.
These are some of the key factors that can affect your public liability insurance premium. For the most competitive quotes and the best business insurance Ireland cover, contact Britton Insurance today. Our team of experienced insurance specialists will compare quotes from all leading insurers to help you choose the best option suited for your business. Give us a call on 074 9721 304 or click here to request a quote.