Is your small business properly insured?

There is an infinite list of things to think about as a small business owner. Ensuring your business is covered with the correct insurance can very often become a secondary thought that sits at the bottom of the to do list. However, this is a mistake that can cause serious financial implications for businesses, and it can have a detrimental effect on a small business. Within a split second, a simple accident could leave your business extremely financially vulnerable. In this blog, Insure My Van discusses the type of insurance cover a small business should acquire and the implications of not protecting yourself with employer’s liability insurance. 

What insurance do I need as a small business owner?  

As a small business owner in Ireland, you may have anything between one employee to fifty employees working for you. Many small business owners do not realize that even if you only have one other employee working for your business alongside yourself, it is necessary to have employers liability insurance. It is important to note that this applies regardless of whether the employee is working with you on a full-time basis or a part-time basis.

What does employers liability insurance cover? 

Employer’s liability insurance will cover your small business against legal liability for any illness, injury, disease or death that may occur to an employee during their employment with your business. This means that if a work-related accident was to occur to an employee and they decided to sue you for compensation for medical costs or lost income, the employer’s liability insurance can cover the compensation and legal costs incurred. Although we never think an accident will happen, they are a regular occurrence at the workplace and sometimes these accidents can have a long-lasting impact on an employee’s personal and work life. For example, a piece of faulty electrical equipment supplied by an employer could result in a builder getting electrocuted at work. Depending on the severity of the electric shock, the injury in this example may even be fatal.  

Is public liability insurance expensive?  

Traditionally, the costs associated with employer’s liability insurance in Ireland have been quite high. As a result of this, many small business owners attempted to cut corners in the past and avoided putting the right level of liability insurance in place, even if it meant their business could suffer a financially crippling hit. According to the HSA, in 2019 alone, a total of 47 fatal work-related accidents occurred. Thus, proving how critical it is to have employer’s liability insurance today. At Insure My Van, we provide employer’s liability insurance for as little as 1 euro per day. Our van insurance specialists highly recommend protecting your business with liability insurance, especially when you can protect yourself for a reasonable and affordable price.  

What if my business increases in size?  

The number of employees that work for your business is likely to change over time. If your business increases in size, the insurance company you choose to take your employer’s liability cover with will be able to increase your liability threshold, modify your insurance and increase the number of employees covered under your policy when you employee a new member of staff. This change can take place mid-policy.  

Neglecting to protect your finances and your company is not worth the risk. The potential costs associated with an accident at work will far exceed the cost you will pay for the protection in the first place. If you want to find out more information about employer’s liability insurance or you are interested in getting a quote, please contact us today!