Business insurance in Northern Ireland often requires a number of policies carried together. This is because professional cover tends to be more specified and so you’ll need policies that relate to certain areas a business will come in contact with.
Firstly if you have an office, you need to look at carrying an office insurance policy. This will cover you and your business for any contents, such as your computers, electronic equipment and other office assets. This type of cover usually has options to add on that are well worth it and in some cases legally required. By using office insurance you can create a rounded policy that works to cover most aspects of your business and you can include liability, any interruptions to the business, building and legal cover and only have the one premium. Including all these will raise the costs but it means you’re not going to have to go through multiple policies to work out which one applies to any given situation.
Professional indemnity insurance is also very important. This covers you against any claims by clients or customers, and will give you protection financially if a client isn’t satisfied or doesn’t feel you did the job and refuses to make payment. Alternatively clients may make a claim and your insurance here will not only help you to deal with it but if you’re found to need settlement with them it helps with those costs and does the payout for you.
Public and employers liability are both important especially if you have staff or visitors to your site. This way, if someone is injured or there is an accident in your business you can access cover to assist with paying costs. It’ll also mean that you are financially protected against any major losses if someone takes a claim to court and suggests that the accident was your fault.
Having a range of business insurance is very important, because claims against you could ruin your business and take away any cash flow or profit you may be making. This means you could end up having to close your doors and in situations where owners are personally liable you could even end up losing your own belongings and home in order to cover any pay outs that are required against you. While business insurance in Northern Ireland may not be as affected by these claims as some countries are it’s still worth investing in so you know your business is protected.