4 Types of Insurance for Every Small Business in Ireland

An entrepreneur exposes himself to certain risks right from the time he conceives an idea and starts a business. No businessperson would want to risk the future of his venture because one catastrophic event or lawsuit is enough to wipe out the business even before it gets off the ground. To counter such risks, a business needs protection. Providentially, there is a wide range of insurance types that small business owners can use to cover their businesses in Ireland.

General Liability Insurance

Liability insurance provides protection to the business owner and his employees when they get hurt in the line of duty. The policy also provides defense and damage when products or services cause property damage or bodily harm to a third party.

Property Insurance

Property insurance protects, among others, inventory, furniture, and equipment against theft, fire, or storm. However, business owners should check with their insurers to better understand the extent of coverage because standard property insurance policies do no cover floods and other mass destruction events.

Workers’ Compensation Insurance

Small business operators should add workers’ compensation insurance to their business insurance policies once they shop for the first employee. This policy covers medical treatment, disability, and even death benefits in the event that a worker gets injured or dies in the place of work, or as a result of working for an organization.

Professional Liability Insurance

It is not uncommon to find negligence claims against a business that fails to offer professional services or causes harm due to some errors. Also known as errors and omissions insurance, this policy provides defense and damages when a business improperly renders professional services. The policy covers various professionals, including but not limited to, real estate agents, lawyers, and accountants.

Parting Shot

Small businesses in Ireland are exposed to fire, theft, and other dangers. Fortunately, there are various insurance policies for such businesses, including general liability insurance, property insurance, workers’ compensation insurance, and professional liability insurance.