Startups.ie

Having the right level of Insurance in place is critical for your new business. For the same reason that you would not drive your new car without insurance, do not open any business without insurance in place – Mr. Murphy’s law could be just around the corner. Most of the below insurance is more relevant to retail type businesses but employees are more and more aware of their rights and the courts are very intolerant of any business that have not followed the correct procedures when hiring, firing etc. With people ever more protective of their jobs and employers under more pressure to cut overheads (Read: people) the liklihood that you will find yourself being sued is on the increase.

Types of Insurance

Employers Liability Insurance

Employers Liability Insurance protects your business from claims made by staff who have suffered injury or illness at work through the fault of your business.

Public Liability Insurance

Public liability insurance protects your business from claims made by customers who suffer injury on your premises.

For example, a customer is likely to claim compensation if he / she suffered injury by slipping on a wet floor, tripping on a discarded box etc

Public Liability Insurance covers the total cost of such claims including the associated legal expenses.

Stock Protection

Most retail businesses will have a significant level of stock on the premises you should arrange cover for your stock to protect it against fire, flood and theft etc.

Contents & fittings Insurance

It is important to cover your contents, fixtures & fittings such as counters, shelving etc.

Money & Cash Cover

Money & Cash at your premises can be insured againts break ins and money being robbed in transit to the bank. The limits available depend on your security arrangements, type of business etc

Buildings

If you own the premises that you operate from you can include cover for the premises and also,

‘All Risks’ on specified items
Cover for specified items for loss or damage away from your business premise

Business Interruption
Covers the loss of profits from your business, arising from insured events.

For example, if you were unable to trade because of a major fire at your premises, business interruption insurance could pay for your lost earnings and costs during the period of interruption.