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Protecting business investment with insurance is a critical part of every sensible business owner’s business plan. Insurance protects businesses from unexpected financial risks due to natural disasters, accidents, liabilities and losses, which may run in to thousands of Euros. Here are some insurance policies every business owner should consider to protect his investment as well as to ensure smooth running of his business. Liability insurance Business liability insurance covers the compensations and legal hassles resulted from the accidents, injuries, damage and loss caused by the business to third parties. There are three major types of liability insurance: Public liability insurance: Public liability insurance protects your business against financial risk of being found liable for death, injury, loss or damage of property caused to the third party due to your negligence. For example, if a customer slips and falls due to wet floor at your business premises and gets injured, he may sue you and claim for compensation. Public liability insurance helps you during this kind of situations by taking care of legal and medical costs. Product liability insurance: If your business involves in manufacturing, selling, or supplying goods, you should consider product liability insurance. It protects your business against financial loss as result of defective product that causes injury or bodily harm to the customer. Employers’ liability insurance: As a business owner, you are responsible for the health and safety of your employees while they are at work. An employee being injured while on the job, can file a compensation claiming that he should be given medical help and wage replacement while in recovery. This insurance protects you from the liabilities arising from disease, fatality, or injury to employees resulting from workplace conditions or practices. Professional indemnity insurance Professional indemnity insurance is a special type of liability coverage for professionals like accountants, architects, engineers, lawyers, insurance brokers and financial advisers. In case of any faulty advice/service rendered by these professionals that causes damage to the client, the professionals are legally liable to pay compensation, if the client sues them. Having this particular policy, can help you face these legalities as well as the monetary claims. For example, a patient may sue a physician for faulty diagnosis or improper treatment. Business assets insurance Business assets insurance covers the business assets such as buildings, premises, equipment, vehicles, stocks, and contents against losses arising from theft, fire, flood, natural disasters or other damages. It provides financial assistance to rebuild or repair business property so that operations continue with as little disruption as possible. Business interruption insurance Your business operations may be interrupted due to sudden damage caused by natural disasters or any other accidents. As it takes time to restore your business operations and generate profits, having business interruption insurance will offer cover for the loss of income, continuing fixed costs and other expenses associated with closure of your business. Personal insurance As a business owner, you should take a personal insurance policy as you are the key person in the business. Personal insurance policy covers you against the risk of death, injury, accident or illness. It provides income replacement, creates liquidity to pay-off debts and estate taxes on behalf of you. Having known the different types of insurance policies and their benefits, you can either opt for selected policies or a comprehensive business insurance cover, which is customized as per your business needs. Select an appropriate insurance coverage and protect your business. Keystone.ie is Ireland’s premier supplier of public liability insurance and business insurance solutions to Irish industry. We offer a broad range of builders insurance, construction insurance, and business liability insurance products. Keystone Insurance Limited offers great value to contractors and general business customers.
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