Great Rates On Public Liability Insurance In Ireland
In Ireland, public liability insurance protects one against claims filed by members of the public who have sustained injuries while on your property. A good example is a customer who slips and falls while walking on a wet business premises floor. Although it is not mandatory for businesses to have this type of coverage, it is necessary if your firm deals directly with third parties. Here is some more information about public liability insurance in Ireland:
Level of public liability coverage
Public liability coverage levels vary widely from one business to another. In general, it ranges anywhere from around £2 million to £10 million. Take note liability coverage can go as high as £50 million. However, very few businesses require expensive coverage. In most cases, a policy of £2 million is adequate though some businesses may have to part with more money.
Factors affecting liability insurance costs
The cost of public liability coverage varies depending on factors like type of business, annual turnover, level of exposure to clients, number of employees, as well as a business’s health and safety record. For instance, a business with a high level of exposure to clients is likely to attract higher premiums and vice versa. In addition, a business that has had adverse claims in the past should expect to pay higher premiums compared to firms that have never had to deal with similar claims. In fact, most insurers look at a business’s history of claims over a three-year period.
With this in mind, you should expect rates to follow the same trend — vary from one insurer to the next. To get the best rates in Ireland, the rule of thumb is to shop around and compare quotes from several insurers. At this point, it is worth noting that there are several issues to consider before purchasing liability insurance. Firstly, take note most policies come with restrictions and exclusions. For this reason, go through the terms and conditions of the insurer you are eyeing carefully. Secondly, some insurers increase coverage level every year to ensure their clients are not underinsured. In the insurance industry, this practice is called indexation. Nevertheless, scrutinize indexation terms to ensure you do not end up over-insured.
In conclusion, if you would like to purchase public liability insurance coverage, it is wise to shop around and compare rates offered by various insurers. However, do not expect to pay the same rates as a similar business next door because rates vary depending on factors like health and safety record.