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There for You – The Benefits of Using Insurance Brokers

Whether you’re a young driver looking for insurance on your very first car, an experienced driver seeking the very best bang for your buck or a business owner looking to protect yourself and your business in the event of an accident, the task of sourcing an Insurance Broker can seem a daunting one. Insurance is, at its very core, a legal agreement between you and your insurer and this can lead to a lot of legal jargon or ambiguity being associated with getting your own insurance.  This causes many consumers to feel overwhelmed and creates a negative image when one thinks of insurance.

However, this need not be the case. In order to illustrate exactly how an Insurance Broker can make the entire insurance process easier for you, we have compiled a list of our top recommendations for why you should be using an Insurance Broker:

Working for you

An Insurance Broker works on your behalf and you can safely say that your interests are also their best interests.

Professional and Fully Qualified

All Insurance Brokers must be regulated with the Central Bank of Ireland and must be accredited with the requisite qualifications in order to provide advice on insurance products so you can be assured that the advice you are receiving comes from someone with excellent knowledge, expertise and experience of the insurance industry.

More Choice in Less Time

By going directly to the insurer, you are only getting one policy quote at any one time. If you want to get a good sense of what deal is out there for you, you’ll have to canvas through potentially dozens of insurers before you have an idea of what a good deal is.   As you can imagine, this can take a long time to do.

Insurance Brokers have access to advanced search engines that allow them to search through a multitude of industry options so they can find you the best deal in a fraction of the time. Why go through the hassle of consulting with insurer after insurer when someone else can do it for you in less time and at no cost to you?


Adding the Human Element

If you are insured directly with an insurer, you will be exclusively conversing with phone line operatives who deal with potentially hundreds of clients per day. They don’t know you, your policy or what you need and often times just want to get you off the phone so they can get to the next call. It can leave you with a feeling of detachment and may even dissuade you from ever ringing again.

A Broker is not a faceless, multinational corporation. They are made up of small teams who have in depth knowledge of their clientele and spend their day tending to whatever problems their clients are experiencing. They will deal with the insurer for you so that you never have to feel that sense of hostility again.

Do yourself a favour and take the headache out of shopping around for your next home, car or business insurance quote – talk your local Insurance Broker today.  Insurance Brokers are your one stop shop to all of your insurance needs.

What Does Office or Surgery Insurance Typically Cover in Ireland?

Office or surgery insurance in Ireland typically provides coverage for a range of risks and liabilities that are specific to businesses operating in office or surgical settings. While the exact coverage may vary depending on the insurance provider and policy, here are some common areas that are typically covered:

Property Insurance:

This coverage protects the physical assets of your office or surgery, including the building, equipment, furniture, and fixtures, against risks such as fire, theft, vandalism, and certain natural disasters.

Business Interruption:

Business interruption insurance helps cover the financial losses and expenses incurred if your office or surgery is temporarily unable to operate due to a covered event, such as a fire or flood. It can provide compensation for lost income, ongoing expenses, and additional costs associated with relocating or temporary arrangements.

Public Liability Insurance:

This coverage protects your business against claims made by third parties for personal injury or property damage that occur on your premises or as a result of your business activities. For example, if a patient slips and falls in your surgery and sues for injury, public liability insurance can help cover legal costs and potential compensation.

Employers’ Liability Insurance:

If you have employees, this insurance is usually mandatory in Ireland. It provides coverage for claims made by employees who suffer injury, illness, or damage due to their work. It can cover legal costs and compensation claims arising from workplace accidents or occupational diseases.

Medical Malpractice Insurance:

This coverage is specifically designed for healthcare professionals and surgeons. It protects against claims arising from alleged professional negligence, errors, or omissions during the provision of medical services. Medical malpractice insurance can cover legal defence costs, damages, and compensation awarded to patients.

Contents and Equipment Insurance:

This coverage protects the contents of your office or surgery, including medical equipment, tools, and supplies, against risks like theft, accidental damage, or loss.

Personal Accident Insurance:

This coverage provides financial protection if you, as the business owner or an employee, suffer an injury or accident that results in temporary or permanent disability. It can provide compensation for medical expenses, loss of income, and related costs.

It’s important to note that these are general areas of coverage, and the specific terms, conditions, and exclusions may vary between insurance providers and policies. When obtaining office or surgery insurance, it is advisable to carefully review the policy documentation and consult with your Insurance Broker to understand the exact coverage provided and any additional options that may be available.

What Does Shop and Retail Insurance Policy Cover ?

A typical shop and retail insurance policy in Ireland typically provides coverage for a range of risks that are specific to the retail industry. While the specific coverage and policy terms will vary among insurance providers, and will depend upon cover required by the policyholder, here are some common areas that a typical shop and retail insurance policy in Ireland may cover:

Property Insurance:

This coverage protects the physical assets of your shop or retail establishment, including the building structure, fixtures, fittings, equipment, and inventory, against risks such as fire, theft, vandalism, or natural disasters.

Contents Insurance:

This covers the contents within your shop, including stock, merchandise, and equipment, against damage, theft, or loss.

Public Liability Insurance:

This coverage protects your business against claims for compensation from third parties for bodily injury or property damage that occurs on your premises. For example, if a customer slips and falls inside your shop and makes a claim against you, public liability insurance can cover legal costs and potential settlements.

Employers’ Liability Insurance:

If you have employees, this insurance covers claims made by employees for work-related injuries or illnesses. It provides financial protection if an employee sues your business for damages.

Business Interruption Insurance:

This coverage helps compensate for lost income and ongoing expenses if your business is temporarily unable to operate due to an insured event, such as a fire or flood. It can cover costs like rent, employee wages, and utility bills.

Goods in Transit Insurance:

This insurance protects your stock or inventory while it is being transported to or from your premises. It covers loss or damage to goods during transit.

Money Insurance:

This coverage protects against theft or loss of money while it is on your premises or in transit to the bank.

Product Liability Insurance:

If your shop sells products, this coverage provides protection against claims arising from injury or property damage caused by a defective product.

Legal Expenses Insurance:

This coverage helps with legal costs associated with disputes, including contract disputes, employment-related claims, or tax investigations.

It’s important to note that the coverage provided by insurance policies will vary, and it’s advisable to review the specific terms, conditions, and exclusions of any policy you consider to ensure it meets the unique needs of your shop or retail business. Additionally, seeking advice from an Insurance Broker can help you understand the specific coverage options available to you.

What Protection Does Employers’ Liability Insurance Offer a Business?

Unlike in the UK, in Ireland it is not compulsory for a business to take out employers’ liability insurance. However, it is generally deemed to be prudent to do so, given the protections it affords employers against claims that maybe made by employees.

Employers’ Liability Insurance is a type of insurance coverage that protects businesses against claims made by employees who have suffered work-related injuries or illnesses. It provides financial protection to the employer by covering the costs associated with legal defence, settlements, or judgments resulting from such claims.

Here are some key protections that are generally offered by Employers’ Liability Insurance:

Employee Injury Claims

If an employee is injured or falls ill due to their work activities, they may hold the employer liable for the damages. Employers’ Liability Insurance covers the costs of defending such claims and may provide compensation for medical expenses, lost wages, rehabilitation and other related expenses.

Legal Expenses

In the event of a lawsuit filed by an employee, employers may face significant legal costs, including solicitors’ fees, court expenses, and settlements. This insurance helps cover these expenses, ensuring that the business does not face a substantial financial burden.

Compensation for Damages

If the employer is found liable for the employee’s injury or illness, Employers’ Liability Insurance provides financial compensation to cover the damages awarded by the court or agreed upon in a settlement. This can include payments for medical bills, disability benefits, and pain and suffering.

Occupational Diseases

Employers’ Liability Insurance may also extend coverage to occupational diseases that may develop over time due to work-related conditions. This ensures that employees who suffer from long-term health issues can seek compensation for their medical treatment and other associated costs.

As ever with insurance, it is important to seek advice from your Insurance Broker about the precise terms and coverage offered. Employers’ Liability Insurance may vary depending on the insurance provider, the nature of the business, and local regulations. Business owners should consult with insurance professionals to determine the most suitable coverage for their specific needs.

Why Might I Need Professional Indemnity Insurance?

Professional indemnity insurance, also known as errors and omissions insurance, is designed to protect professionals and businesses from legal claims and financial losses arising from acts of negligence, errors, or omissions in the performance of their professional duties.

Here are some reasons why you might need professional indemnity insurance:

Legal Protection:

Professional indemnity insurance provides coverage for legal defence costs and damages awarded to a client if they file a claim against you for professional negligence or breach of a contract for professional services. Legal proceedings can be expensive, and having insurance can help cover these costs and protect your assets.

Client Requirements:

Some clients may require you to have professional indemnity insurance before they engage your services. This is especially true if you work in fields such as consulting, law, accounting, architecture, engineering, or any profession where your advice or services can have significant financial or legal implications for your clients.

Errors and Mistakes:

Even the most experienced professionals can make errors or mistakes that could result in financial losses for their clients. Professional indemnity insurance provides coverage for such situations, including errors in advice, breaches of confidentiality, or unintentional copyright infringement, depending upon policy wording.

Reputation Protection:

A professional indemnity policy can help protect your professional reputation. If a claim is made against you, the insurance can provide resources for legal representation and help mitigate potential damage to your reputation.

Contractual Obligations:

Some contracts or agreements may stipulate that you maintain professional indemnity insurance. It is common in various industries, particularly when working with government agencies, large corporations, or on public projects.

Peace of Mind:

Having professional indemnity insurance gives you peace of mind, knowing that you are financially protected in case a claim arises. It allows you to focus on your work without constantly worrying about potential legal and financial liabilities.

Remember, the specific need for professional indemnity insurance may vary depending on your profession, industry, and jurisdiction. It is important to consult with an Insurance Broker who can assess your specific circumstances and provide guidance on the appropriate insurance coverage for your needs.

Why Small Businesses Should Consider Cyber Insurance

Some people may consider that cyber insurance is the kind of protection that only larger businesses need to consider. However, this is not the case, although cyber attacks on large businesses or government departments tend to generate the most coverage. Many small businesses each year suffer hugely as a result of attacks and incidents to which cyber insurance would have responded. It makes sense for SMEs to talk to an Insurance Broker about the benefits of taking out cyber insurance.

Small Businesses Are Often Viewed As Easier Targets

The criminals who instigate such attacks tend to view small businesses as easier targets and less likely to have staff or resources able to protect the business in the way that a large entity will do. As a result, smaller businesses are more likely to suffer. Moreover, there is evidence that when criminals are targeting large organisations, they look for a weak link in a smaller third party provider to that business. Hence, small businesses are often “collateral damage” in cyber attacks. All the more reason for the small business owner to take out cyber cover.


Financial Protection

Cyber insurance offers financial protection in the event of a cyber incident or data breach. It can cover the costs associated with investigating the incident, notifying affected parties, providing credit monitoring services, and managing public relations. It may also cover legal expenses, regulatory fines, and potential lawsuits resulting from the breach. In other words, it provides vital support and peace of mind to the business owner at a very stressful and expensive time.


Data Breach Response Assistance

Dealing with a data breach can be very complex and challenging. Cyber insurance often includes access to a team of experts that specialize in data breach response. These professionals can guide businesses through the necessary steps to mitigate the breach, including forensic investigations, public relations, legal compliance, and communication with affected parties. Their expertise can help minimize the damage and speed up the recovery process.


Business Interruption Coverage

Cyber insurance may also cover financial losses resulting from business interruption due to a cyber incident. For example, if a small business experiences a ransomware attack that disrupts operations and leads to a loss of income, cyber insurance can provide compensation for the financial impact. This coverage can help small businesses recover lost revenue and maintain their financial stability during the downtime.


Third-Party Liability Coverage

Small businesses often handle sensitive customer information and may be held responsible if a cyber incident compromises that data. Cyber insurance can offer protection against legal claims and liabilities resulting from third-party lawsuits. For example, if a customer’s personal information is stolen and used for fraudulent activities, the affected individual may file a lawsuit against the business. Cyber insurance can cover the legal costs and potential settlements or judgments.


Reputation Management

A data breach or other cyber incident can damage a small business’s reputation and erode customer trust. Many cyber insurance policies include provisions for reputation management services. These services help businesses navigate the aftermath of a cyber incident, including public relations efforts, communication with customers, and strategies to rebuild trust. Such support can be invaluable in safeguarding a small business’s reputation and maintaining customer loyalty.


Risk Assessment and Mitigation

Cyber insurance providers often offer risk assessment tools and resources to help small businesses identify vulnerabilities and implement preventive measures. This can include cybersecurity training for employees, vulnerability scanning, and guidance on best practices for data protection. By actively promoting risk mitigation, cyber insurance encourages small businesses to improve their security posture and reduce the likelihood of cyber incidents

Cyber insurance policies can vary significantly in coverage and terms. Small businesses should carefully assess their unique needs, consult with and Insurance Broker and review policy details to ensure they have appropriate coverage for their specific risks and requirements.