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Dolmen Insurance Brokers
Seán P Matthews Insurances

Why get business insurance?

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Why business insurance?

We all know accidents can happen, and if you own a business then the risks are higher. As a business owner you have a duty of care not to cause injury to any third party or cause damage to any third party property. If an accident does happen then having a liability policy in place will cover you against claims made by such third parties. With the exception of third party motor insurance, business insurance compulsory so it is up to you. Even small claims can cost up to €10,000 and be settled in court - is it really worth the risk of not having cover in place?

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Are you a business owner?

What does business insurance cover?

A public liability policy will defend you against claims made from members of the public for injury caused to them or damage to their property whilst carrying out your business trade. This may be for accidental damage to property or individuals (including death) whilst at your premises, or caused by your business activities. Say for example a customer slips and falls while visiting your workplace. That customer is entitled to sue you as the accident was a direct result of your business activities. However, if you have the right business insurance, any medical costs, legal fees or compensation to the third party will be covered by the insurance company.

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What level of cover do I need?

In Ireland business insurance limits usually start at around €2.5m for small businesses and go to up €6.5million and beyond if required. How do you know the level of cover needed? You should think carefully about the level of cover that you need and discuss this in detail with one of our trusted advisers as being under insured could be as costly as being uninsured. Businesses most at risk are those that have frequent visiting customers or if your business carries out work at a client's premises. A few high risk examples could include shops, clubs, pubs, factories or premises where heavy plant and machinery operates.

What extras can be added?

Popular add-ons would include employers' liability, professional indemnity and product liability insurance. Employers' liability cover usually provides indemnity up to a standard limit of €13 million for up to 6 or 8 employees. This will cover you against claims made by your employees. Professional indemnity insurance will protect you against claims for professional malpractice. Product liability insurance will protect you against claims made for the installation of faulty fitted goods or applications. A more general business insurance policy may be suited to you if you perform a number of trades. The most common claims would be trips, slips and falls.

How much does business insurance cost?

The cost of cover will vary considerably and depend on the size of your business, annual turnover, number of employees, nature of the work and trade performed, and you claims history etc. Annual premiums can cost from as little as €150 and could be as much as several thousand euros. It is therefore important to discuss your business requirements in detail with your broker.

Why Paddy Compare for business insurance in Ireland?

Comparing business liability insurance quotes is simple with Paddy Compare. Simply complete our one page online insurance quote form and our partner brokers will contact you directly with tailored quotes that suit you and your business. It doesn't matter what type of business you run, we cover all types and sizes of business. So if you own an IT business in Cork, Accountancy firm in Dublin or a small clothes shop in Galway, we can help you get cheap business insurance today.

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What are the different types of business insurance?

Every policy is different and tailored to your individual business needs and circumstances, speak to our advisers and get the right business insurance cover today.

Public Liability (PL)

Public liability insurance covers you against claims made by third parties. It covers the cost of compensation for personal injuries, loss of or damage to property, and death. It covers anyone, apart from employees, with whom you interact as part of your business operations. This may include people visiting your business, customers, clients, and people taking part in, or watching events or activities you have organised.

Professional Indemnity (PI)

Professional Indemnity insurance covers claims from clients or members of the public for a breach of your professional duty of care. It covers the cost of compensation for professional negligence if you give incorrect advice or make a mistake, defamation if you support or produce false statements about your client, breach of confidentiality such as sharing sensitive information with permissions, breach of copyright such as using images without permission, and lost or damaged goods or data.

Employers' Liability (EL)

Employers' Liability insurance protects you against compensation claims arising from employee illness or injury sustained as a result of their work for you. Policies usually cover the employer against legal costs arising out of any proceedings and may cover you for any such criminal and even health and safety cases. It is important for any business with any number of employees.

  • How do you compare business insurance in Ireland?

    Simply complete our simple one-page online quote form and let us search the market for you. Our trusted liability insurance partners will contact you directly with quotes. Start saving today.

  • What details will I need to get a quote?

    In order to get a liability insurance quote online you will need to have the details of your business to hand, to include annual turnover, number of employees, trade occupations, and the level of business cover required.

  • Is business insurance compulsory in Ireland?

    No, public liability insurance is not compulsory in Ireland however it is strongly recommended in order to protect you and your business against claims made by third parties. The right policy will also cover the settlement and legal costs.

  • Are unpaid helpers covered by public liability insurance?

    No, you will require employers' liability insurance to cover all unpaid and paid helpers as they are all considered to be employees.

  • What is Professional Indemnity Insurance?

    PI insurance is a commercial policy available to protect business owners, freelancers and the self-employed if clients claim a service is inadequate. It covers all types of professional service including engineers, architects, accountants, designers, surveyors, healthcare professionals, IT consultants and journalists.

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