Starting Up Your Own Business?

What insurance should I have?

Last updated: Thursday, 24 October 2024

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Starting up your own business takes a lot of time and effort, making it very easy to get distracted and forget some of the most important things, such as business insurance. Below we take a look at some of the various insurance policies we offer for start-up businesses.

Liability

There are three types of liability insurance:

Public Liability;

Product Liability; and

Employers Liability.

Public Liability is very important for any business that deals with the public. This policy will cover you if your business is liable for an injured member of the public, or if there's a loss or damage to material property which happens in connection with your business.

Product liability provides cover for your business if the products you either manufacture or sell are defective and cause bodily injury/death/diseases and/or damages to a member of the public.

Finally, if your start-up has employees, employers liability is crucial. It will provide cover for you if you become legally liable to employees for their injury/death/disease and/or damages, expenses and costs which occurred while they were working for your company.

Professional Indemnity

This type of cover is extremely important for business owners who give advice to clients such as web developers, IT professionals, recruitment advisors and environmental consultants. Professional indemnity insurance provides protection if you become legally liable to a member of the public following an error or omission in the professional advice you have provided.

Business Interruption

Business interruption provides cover for you and your business if you suffer a financial loss as a result of damage to your property. You may also be covered for any additional expenses, loss of rent or cost of alternative accommodation from the damage caused. An example of this could be if you are forced to change the premises of your business due to property damage, you will be entitled to compensation.

Retail Insurance

If your start up company happens to be a retail business, then retail insurance is for you! As discussed above, public and employers liability are very important. Similarly, buildings cover can give you the peace of mind in the event that the structure of your building in an insured incident, including fire, flooding, accidental damage etc. As a retail business is likely to have high levels of stock, we recommend that you ensure you have the necessary cover in place to protect your stock from fire, theft, flooding etc.

If you're in the process of setting up your business and not sure what policy best suits your needs, our friendly team are here to help. So, give us a call on 01 4003400 where a member of our team can talk you through your options.

First published Monday, 01 February 2016 by Ian O'Reilly

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Ian O'Reilly

Head of Personal Line Sales

Ian O’Reilly, Head of Personal Line Sales at Chill, has been with us since 2015 talking us up to anyone who’ll listen. With a business studies degree and 10+ years of managing experience under his belt, he has a passion for people, keeping the team motivated and engaged, and improving operations.