It’s difficult to know where to start in the broad and complex area of business insurance so it can be helpful to remember that all policies pertain to one or more of three areas of risk:

• Liabilities (Public Liability Insurance, Employers Liability Insurance etc)
• Property and buildings
• Business assets and equipment (contents cover)

By identifying risks to your business using the framework of these central areas you will be best placed to recognize the arrangement of business insurance you require.

As in all areas of insurance, there are some business insurance policies that you are obligated to take out by law and some that you may take out by choice.

• Employers Liability Insurance
• Public Liability Insurance
• Product Liability Insurance
• Professional Indemnity Insurance
• Key Man Insurance
• Business Interruption Insurance
• Commercial Vehicle Insurance
• Building and Property Insurance
• Business Contents Insurance

Employers Liability Insurance

If you have one or more employee/s, you are legally required to have Employers Liability Insurance. Employers Liability Insurance covers the costs of damages and legal fees for any employee injured or made ill through the fault of the employer.

Find out more about Employer’s Liability Insurance

Public Liability Insurance

Public liability insurance covers a business from the risk of causing harm or injury to the person or property of a third party. Public liability insurance is suitable if you run your own business and are likely to come into contact with the general public.

Find out more about Public Liability Insurance

Product Liability Insurance

Product Liability Insurance covers damage to a third party (either person or property) caused by your product/s.  Although cases are relatively rare, this is something you should obtain if your business supplies goods for export.

Find out more about Product Liability Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance covers claims and legal costs for damage or loss made by a third party due to negligence or mistakes made in one or more of the services provided by your business.

Find out more about Professional Indemnity Insurance

Key Man Insurance

Key Man/Person Cover is an arrangement that makes a payout to your business should you lose a key person as a result critical illness or death. The payout is usually fixed in advance and equates to a rough estimate of financial loss to the business in the event of key person loss.

Find out more about Key Man Insurance

Business Interruption Insurance

Business Interruption Insurance (or loss of profit insurance) is a disaster contingency/continuity arrangement in which the business takes out cover to restore the business to operating capacity prior to the disaster.

Find out more about Business Interruption Insurance  

Commercial Vehicle Insurance

Commercial Vehicle Insurance is a legal requirement for any vehicle belonging to the business, any employees’ vehicles used for business purposes, and any fleet vehicles. As with conventional vehicle insurance there are various levels of cover to choose from.

Find out more about Commercial Vehicle Insurance

Property and Buildings

Most general policies will cover premises belonging to the business for the following areas of risk: fire and lightning, explosion,  riot, malicious damage, storms, floods,  and damage caused by vehicles.

Find out more about Property and Buildings Insurance

Business Contents Insurance

 Property and Buildings policies will usually just cover the physical premises; separate cover is required for contents, stock, and machinery if applicable. There should be an option for indemnity cover (which accounts for wear and tear so lowers the product cost and therefore premiums) as well as ‘replace as new’ cover.

Find out more about Business Contents Insurance