5 of your most common commercial insurance questions answered?

As one of Cork’s most established commercial insurance companies, we have helped businesses of all sizes get the right commercial insurance. From retail stores to factories to small cottage industries, whatever the business we have the right insurance package to protect its future. However, no matter what size the business or what industry the business is in, we find that business owners always have the same 5 questions.

With this in mind, we want to take this opportunity to answer these five enquiries.

 Employer Liability Insurance. What exactly does it cover?

We hear an awful lot about employer liability insurance, however, this doesn’t mean everyone has a firm grasp of what it is and how it protects a business.
Let’s start at the beginning. When a business hires an employee, whether on a full time or part-time basis, the employer becomes legally liable for this employee. This liability comes into effect in the event of a death, injury, illness or if the employee suffers expenses during their employment. Legal liability also applies to hired tradesmen or short term contractors. In real terms, this means that the employer has agreed to a legal indemnity – a contractual agreement where one party (the employer) agrees to pay another party (the employee) in the event of damages or expenses. Employer liability insurance, therefore, is an insurance package that will partially or completely cover the cost of the employer’s indemnity.
Most employer liability packages are set a €13 million, however, this can be increased if you opt for a customised employer liability package.

 What is business interruption insurance and why is it necessary?

Simply out life happens and unforeseen circumstances can lead to your business losing profits or being unable to generate revenue for an extended period. But just because the events are unforeseen doesn’t mean you can’t plan for business interruptions.
Business interruption insurance protects your business from financial losses or business disruption when you are hit with an insured damage claim. A business interruption insurance package also covers a loss to gross revenue or a loss to gross profit. The specifics of the policy can also cover the cost of finding or switching to different premises or the cost of losing rent. This is particularly useful if the business interruption involved a temporary move to keep your business operational. Business interruption insurance can also include optional extras like:
- Loss of Public Utilities
- Customer Premises Extension
- Denial of Access
- Notifiable diseases

How much does Public Liability Insurance Cover?

Public liability insurance usually starts at around €1.3 million and moves up from there. Public liability insurance is designed to protect your business when you become liable for an injury, death or illness suffered by a member of the public.
The limit of most public liability insurance packages is €2.6 million, however, if a business completes work in conjunction with the public or a government body, a minimum limit of €6.5 Million is required.

 What types of properties does landlord insurance cover?

Landlord insurance or business landlord insurance is suitable for a variety of different building types. Typically landlord insurance is taken out on:

- Multi-Use Residential Units
- Mixed Residential Units
- Commercial Warehouses
- Retail Warehouses
- Commercial Retail Units
- Cafes
- Takeaways
- Bars

Landlord insurance also covers vacant properties or properties that are currently being renovated or properties that are on the market.

What is contactors and all risks insurance?

All risks insurance is a type of commercial insurance available to construction and contractor companies that offers “all Risk” cover for

- Plant and Machinery work
- Contract Work
- Temporary Buildings
- Equipment

While you are working on a constriction contract. The insurance sum is calculated based on the proposed replacement cost for contract work and buildings. The sum will include surveyor’s fees, architect costs, and debris removal.

For more information on commercial insurance in Cork see our relevant insurance page or get in contact with our offices today.