This type of business insurance protects you if a member of the public, such as a customer or a visitor, is injured or their property is damaged due to your business activities.
Public liability cover is particularly important for businesses with a physical location or those who interact with clients or the public.
This cover is for businesses that provide professional advice or services (e.g., consultants, accountants, architects, or IT professionals).
Professional indemnity insurance protects you against claims of negligence, mistakes, or inadequate work that cause a client a financial loss.
This covers your business for compensation claims from employees who become ill or are injured as a result of their work.
If your business has employees, even family members, you are strongly recommended to have employers liability cover in place.
Commercial property insurance covers your business premises and its contents, including equipment, stock, and your fixtures and fittings against damage.
This type of insurance offers financial protection should your property be damaged by fire, flooding, storms, or theft and vandalism.
Business interruption cover, also known as consequential loss insurance, provides financial protection if your business is forced to close temporarily due to an insured event (like a fire or flood).
It can help cover lost income, cover the cost of operating from temporary premises, and provide for ongoing expenses like rent and salaries to ensure that your business can continue trading.
Product liability insurance covers your business against claims of injury or damage caused by a product you have manufactured, sold, serviced, or supplied.
Product defects can easily happen, even where your business has strict quality control measures and can have devastating financial consequences.
This type of insurance covers vehicles used for business purposes, such as cars, vans, jeeps, or trucks, by business owners and their employees.
Motor insurance is a legal requirement and driving is a significant cause of workplace accidents so this type of cover is essential.
Cyber insurance protects your business from the financial consequences of a cyberattack or data breach, covering costs like data recovery, public relations, and legal fees.
As businesses increasingly move online this type of cover forms part of many tailored business insurance packages.
Apart from motor insurance, there is no legal requirement to have any form of business insurance. Unlike in the UK, employers liability insurance is not a legal necessity.
However, it is very important to protect your business from the risks that it may face and certain forms of business insurance, such as public liability or professional indemnity insurance may be required by certain contracts or professional bodies.
Business insurance is best purchased as a tailored package of insurance types that suit the requirements of your unique business. To choose the right business insurance, you should:
1. Assess your risks
Consider what could go wrong in your business. Do you have a shopfront or premises with access for customers? Do you give professional advice? Do you have employees? What is the value of your equipment and inventory?
2. Understand your legal and contractual obligations
Find out if your industry or specific contracts require you to have certain types of insurance. You may be required to have public liability, product liability, or professional indemnity insurance at a minimum.
3. Compare quotes
Get quotes from multiple insurance providers or work with an insurance advisor, such as Compare Insurance, to find the best insurance cover at a competitive price. Don’t just look at the premium; compare policy terms, coverage limits, and any exclusions.
4. Review your policy annually
As your business grows and changes, your insurance needs may also change. It’s a good practice to review your policies each year to ensure they still meet your needs, to avoid underinsurance, and to get the best value business insurance.
The cost of business insurance varies widely and depends on several factors, including:
- Your industry or profession: High-risk industries generally have higher premiums.
- The size of your business: Factors like your annual turnover and the number of employees play a significant role.
- The level of cover and excess: A higher coverage limit or a lower excess will typically result in a higher premium.
- Your claims history: Businesses with a history of claims may pay more.
It’s best to get a customized quote to understand the exact cost for your business. Compare Insurance can get you great quotes from our insurance partners on a range of business insurance types.
Yes, most likely. You will need commercial property insurance to protect your stock, equipment, fixtures, and fittings.
You may also need public liability insurance if clients or customers visit your premises or if you need cover in case the operation of your business causes property damage or injury to a third party.
Yes, you may well need business insurance. Your home insurance may not protect you if you operate a business from home, so you would need to clarify this.
If your business involves giving professional advice, then you may need professional indemnity insurance. Registration with many professional organisations may require you to have professional indemnity cover.
If you sell online, or take customer’s or clients card details, or store personal information electronically you may need cyber insurance.
Cyber insurance offers protection for damage to your IT systems or for loss of data and more and more businesses require this type of cover as business is carried out electronically and online.
Many business insurance companies offer bundles or packages of insurance types aimed at the needs of small businesses.
The benefit of a business insurance package is that it can be tailored to your specific type of business so it saves you money and is relevant to your business e.g. shop insurance, restaurant or cafe insurance, trade insurance, or salon insurance.
Sometimes, however, the cover limits of these policies may not suit your business. It is always best to get advice when purchasing business insurance to ensure that you are getting the cover your need and not paying for anything you don’t need.
Compare insurance can help you to get quotes for all types of business insurance, even businesses considered ‘high risk’.
Our vetted business insurance partners are regulated by the Central Bank of Ireland and will outline the various options to you.
Complete our online assessment, or call or email us and our insurance advisors will be happy to help you get a great quote for business insurance today.
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Take our 90-second online assessment and get the best business insurance quotes on the market. Our vetted business insurance partners are regulated by the Central Bank of Ireland and will outline the various options available to you.
