Business Insurance
If you run a business in Northern Ireland, you’ll know that there are many different types of insurance available – some which you must have by law and some which you should consider to help prevent your enterprise suffering materially.
Some business insurance policies to consider include:
Employers’ Liability Compulsory Insurance: This cover is mandatory if you run a business, and exists to help you cover the costs of compensation for any injuries your employees might sustain while they are doing their jobs.
Northern Ireland Key Person Insurance: Though not required by law, this protects your business against any loss of income that comes about through the disability or death of an employee in a key position.
Northern Ireland Premises Insurance: This optional insurance covers the cost of rebuilding your premises in the event of damage caused by fire, lightning or a gas explosion. You can also include “special perils” in your policy, for example riots, storms, floods and malicious damage.
Northern Ireland Contents cover: You can choose to protect your stock and business equipment (either to replace it as new or on an indemnity basis).
You can minimise your business risks and keep your business insurance costs down by:
- Managing risks in your workplace and implementing effective health and safety policies and procedures
- Training your staff to follow the correct health and safety procedures, encouraging them to have regular health checks and use their full holiday entitlement
- Ensuring that you have all the necessary quality certification and licences and that all equipment and machinery is safe and in good repair
- Using environmentally friendly and non-hazardous materials and equipment where possible
- Keeping detailed records of accidents, risk assessments and equipment purchases (insurers require documentary evidence if you submit a claim)
