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Home » Entrepreneur » Leading insurer highlights the importance of having the right insurance cover in place

Feilimi Corr

Corporate Enterprise Sales Manager, Allianz

Rhonda Cribben

Enterprise Sales Manager, Allianz

When starting up a new business, an essential item for the checklist when getting off the ground is business insurance as accidents can occur at any time.

Customers or clients are vital to the success of a business, so a good place to start is with public and product liability insurance as well as professional indemnity if providing advice. Some clients may request that you have insurance, so as well as essential protection, it may assist in sealing the deal.

Similarly, when trying to obtain business premises or outside areas for signage or seating, public liability cover may be sought from the property owners. It is also important to consider employer liability; even if the business employs staff on a part-time or temporary basis, the business is responsible for the employee’s health and safety while at work.

Offering protection

Buildings and contents insurance will help you put things back to normal if your business premises, contents or stock get damaged, lost or stolen. Business interruption insurance offers protection from loss of income following an unexpected event — for example, fire damage — where the business cannot trade for a number of months. However, most policies will only provide this cover where physical damage is caused to the property.

With any startup business, getting professional
advice is essential, and it is no different
when it comes to insurance.

Bespoke insurance packages

Allianz has created a bespoke insurance package for the Irish SME sector to ensure customers’ businesses are protected against unforeseen events such as damage to property or theft and liability claims exposures. This Allianz product is designed to protect our SME customers across the retail, office, business and hospitality sectors.

With any startup business, getting professional advice is essential, and it is no different when it comes to insurance. Business activities can vary and may warrant additional covers, such as cargo insurance, if importing, exporting goods or transporting goods in Ireland or overseas. 

If the business has a company car or van to visit clients or transport goods, then it is important to ensure the right level of protection is in place. The best place to start is with a regulated insurance broker who can provide advice on the necessary business insurance requirements.

Brokers Ireland is the leading representative body for insurance brokers in Ireland with over 1,200 firms representing both insurance and financial brokers. You can find a broker in your area on their website

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