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Business Cheatsheet

Business Insurance Cheatsheet

Business insurance has been in the spotlight over the last 3 months. Client’s are for the first time reading through the policy wording and questioning coverage. Our commercial team have put together a quick cheat sheet for those in need of business insurance.

What is business insurance?

Business insurance is a way to protect your business from financial loss, following a specific claim related event, which can include third party injury, theft and property damage.

What cover do I need?

Business insurance will vary between businesses depending on the exposures that present themselves. The main types of business insurance include;

  • Public Liability – Slips, trips and falls
  • Employers Liability – Protection against a staff member making a claim
  • Products Liability – Protection if a customer makes a claim against a product you have made.
  • Professional Indemnity – Protection if you are accused of providing inadequate advice or service to a client.
  • Material Damage – Protection for damage to property or equipment.
  • Stock – Protection against theft or loss of stock
  • Business Interruption – we will touch on this later (Touchy Subject)

Do I need business Insurance?

If you employ one or more employees you will need to have employers liability coverage in place. If you deal with members of the public you will need public liability coverage in place. If you provide advice to client you will need professional Indemnity coverage in place. So YES is the short answer.

What types of business insurance can you provide?

When dealing with a broker, you will usually find that they have access to a significant market place of insurers depending on the business in question. Brokers will assist you in process from start to finish, and can also provide you with finance solutions for monthly payment options. We can cover up to 500 professions, everything from Taxi driver to gym owner and everything in between.

How much does business insurance cost?

The cost of insurance will vary depending on what type of business you are running as well as the insurance history of the business. If you are only a new start up don’t be worrying, business insurance policies come in packages, offering a range coverage options depending where you are on the business cycle.

What details do I need to get a business insurance quotation?

It is very important to be able to provide accurate answers to questions asked about your business, as these questions will form the basis of the business insurance contract. The most commonly asked questions by an underwriter include;

  • Business Name
  • Trading status (Ltd company vs Sole Trader)
  • Business Address
  • Years trading
  • Business Description
  • Annual turnover
  • Number of Staff & Wage roll
  • Value of equipment in premises
  • Value of stock held in premises
  • Any previous insurance claims

Can I get business insurance before having my company setup?

Typically we would only recommend setting up a policy when you have the business ready to go. There is no problem is obtaining a quotation prior to this policy but quotes are usually only valid for 30days. In order to arrange monthly direct debit payments you will need to have a company setup and be in a position to provide the following items (CRO Number, Proof of Address, evidence of Tax reference number)

If you would like to speak to a dedicated account handler in our commercial team to discuss your business insurance requirements please don’t hesitate to contact us today 01-6674985 or commercial@bjp.ie