If you’re a business owner, you know the joys of owning and operating your own business. No longer do you have to answer to a boss or someone constantly looking over your shoulder. However, as a business owner to are responsible to the public and for any damages that may occur in your business, thus requiring good. Northern Ireland has many businesses with owners like yourself looking for affordable business insurance that provides the coverage needed to keep your business safe.
Business Insurance is Available
People that live in Northern Ireland are aware of the “troubles” that this country has seen in the seventies, eighties and nineties from vandalism, bombing to actual civil unrest. These problems caused a drastic hike in insurance premiums, particularly motor vehicle premiums. Luckily, for Northern Ireland residents, most of these bad times over so insurance is offered by more companies and the premiums are beginning to lower.
They’re still not what can be found in Scotland, Wales or parts of England, but if you’re looking for business insurance, Northern Ireland does have companies offering excellent coverage for affordable rates. You may still find companies that will offer business insurance until they hear your business is in Northern Ireland (they’re remembering the past); however, many companies will still provide your Northern Ireland business with good insurance.
Important Insurance Coverage for Businesses
Before purchasing business insurance, Northern Ireland business owners should check with their local laws to ensure they’re getting all the insurance coverage that may be required in their country. For instance, business liability is a legal requirement in the UK as well as being a necessity for every business owner.
While you’re looking into business liability, make sure you have a comprehensive business liability policy that includes employer’s liability insurance, which can protect you against an employee getting hurt at work or a lawsuit from a current or past employee. Lawsuits may not be something we like to think about, but they’re a reality in the business world. This type of coverage will pay for legal fees as well as damages resulting from the suit. The laws here require employers be insured for a minimum of £5 million.
Public liability insurance is also something you’ll need to consider, especially if you have many customers or visitors coming on your property. If you have products on your property, you’ll also want to have product liability insurance. This is will cover you against lawsuits in case your products caused damages to others.
When looking for business insurance, Northern Ireland business owners are encouraged to shop around and look for the policy that best meets the needs of their business. If you’re a small business owner, you won’t need a huge multi-million dollar policy designed for a large corporation unless you want to pay the high premiums.