Whatever type of business you run, you will want to provide the best service for your customers. You also have a duty of care not to cause injury to a third party or to cause property damage to another person.

Accidents can happen and having sufficient business insurance cover will mean that your business is not threatened by a third-party claim. You will also need business insurance cover so that your buildings, contents, stock, and equipment are protected if they are lost or damaged by a storm, flood, fire, or theft.

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How much is Business insurance in Ireland?

You can expect to pay anything from a few hundred euro per year upwards, depending on several factors. 

Insurance industry figures suggest an average premium for a small to medium business purchasing an insurance package including employer’s liability, public liability, and commercial property would be €2,781 in 2022.

The cost of cover will vary from business and depends on the size of your business, your annual turnover, how many employees you have and the nature of your business and sector. If you have made previous claims on your business insurance, this will increase the price of your cover.

What do I need to get a business insurance quote?

To get a quote for business insurance, you will need to provide information on your business to determine the types of cover you need, as well as your business insurance premium.

Generally in getting a quote for business insurance you will be expected to provide information on the following:

You will need to give information on whether your business is an office or retail business, for example.

You may need more specialised insurance, such as for a gym or leisure business, or a food or hospitality business such as pub or restaurant insurance.

If you have an office or retail business, you will need to specify your business sector. Examples might include salon, bakery, bookshop, cafe, estate agents, or IT services, for example.

Again given that business insurance is generally purchased as a tailored package of relevant insurance types, you may find that you can get insurance tailored to your business.

You may need to specify the level of public liability cover you need will largely depend on the nature of your business. Most business insurance policies offer cover of approx. €3 million or €6.5 million.

For example, if you have a ‘high risk’ business such as an adventure centre or child play area or if you have high footfall such as a large retail outlet or busy restaurant, you may need a higher level of cover.

This type of cover will largely only concern owners of premises. Buildings cover offers protection where the structure of the building is damaged and requires rebuilding or repair, such as in a storm or fire.

To get a quote for buildings cover, you may need to provide the rebuild cost of the building or commercial property.

You will need to provide accurate information on the value of your trade contents or stock you have on your premises. This should include any fixtures or fittings you have installed in a rented premises.

If you have equipment that you need to protect with business insurance, then you will need to have an accurate value to add it to your business cover.

If you have a high value item(s), then it may need to be specified on your business insurance to protect it.

You will need to provide accurate information on the turnover of your business in order to get a quote for business interruption cover. 

Business interruption cover provides protection for expenses that you need to cover to keep your business running while you are not generating income or operating from an alternative premises, e.g. following a fire.

How to get the best business insurance quote

When purchasing business insurance it is a good idea to compare your options. However it can be time consuming to get multiple quotes. It is also difficult to know what types of cover are best for your business.

Compare Insurance has loads of information on business insurance on our website, as well as offering free and unbiased advice on buying business insurance.

Just complete our online assessment and Compare Insurance insurance experts will search the market for you. You can also arrange a call back to discuss your exact requirements with our expert business insurance advisors so that you can be sure that your business is protected.

Compare business insurance quotes from every insurer.

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.