Every business is unique and every industry comes with its own set of hazards, which increases potential risk of an accident. Therefore, it is important that the right cover is taken out to ensure your employees, customers, and assets are protected.
It’s essential that you get expert advice when looking for business insurance. Insurance providers like Chill Insurance who are one of Ireland’s leading brokers offer some answers to frequently asked questions (FAQ’s) when it comes to business insurance, as it would appear many companies require further information. They go into detail on their website about what options are available and how they can benefit your business, but you can also get in touch with one of their experts if you can’t find what you’re looking for.
To help you out further, we thought we would put together some handy answers that may help with some of your FAQ’s.
The Industry
Business insurance is a very general term, although there are many areas and the cover can depend on the industry of the business. We have provided some detail on cover per industry, although this can differ per policy and insurer.
Tradesmen
Finding insurance, as a tradesman can be difficult as there are a few different policies that may be required such as liability insurance including, public, products, and employers. Personal accident cover is also important, as this is potentially a high-risk job.
Retail
For those in retail a large part of insurance should cover customers, as well as assets. This is where property insurance comes in offering insurance for: buildings, fittings and fixtures, contents, and money. Whereas liability insurance is for employers, the public, and products; insuring the daily running of the business.
Office
If you own a business that requires office space then it may not just be the physical building you want to insure but also your revenue. Business interruption insurance can be useful in this industry as well as insurance for directors and officers where relevant.
Hospitality
Businesses under hospitality vary from restaurants to nightclubs; they all offer a form of hospitality. The insurance required within this industry largely relates to property, finance, and of course liability.
Sometimes it is not what defines your industry that is confusing but the type of cover that is required. Below we have outlined some of the insurance types with a brief description.
Landlord Insurance
This insurance targets those who own property that may be difficult to cover, such as buildings with many residents, commercial units, and properties used for retail.
Property Insurance
With property insurance, you are not just insuring the property but the cost to rebuild, replace, and remove the property in certain circumstances. This type of insurance may also cover contents too.
Business Interruption
If your property is damaged and your earnings take a hit, then this is when business interruption insurance would come in handy. The cover aims to insure for a loss in gross profit or revenue.
Liability Insurance
This type of insurance should be taken out for any business working with the public. It becomes useful if the business ever became legally liable for cause of injury, death, disease, as well as many more possibilities.
Personal Accident
This cover prepares for the unexpected, and is particularly useful in careers where you work for yourself in a physical job. Personal accident usually provides some financial benefit if the worst was to happen and you could not work for a certain length of time.
Of course, this is just a brief overview of some types of insurance that may be useful depending on your industry and carer, but there are many policy types that you can discuss with insurers.
