Small Business Insurance: the importance of getting the right cover

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Business insurance is a complex area.

Brokers are still involved in the vast majority of commercial insurance policies arranged in Ireland at present, however there seems to be commonly held view that many small business insurance policies will be arranged online in future, without the need for a broker or advisor to be involved.

Martin Insurance is part of Martin Insurance Brokers, a commercial insurance brokerage and risk management consultancy with a 40 year history. At Martin Insurance, we conduct SME client reviews every day to assess the ongoing adequacy of our clients’ insurances. Part of our job is to assess the client’s needs by collecting detailed information about his/her business.

The policy ‘Business Description’.

One of the areas where SME clients require advice is on the policy business description.

Example:

We recently arranged cover for a contractor. The client wanted to insure himself as a ‘building contractor’. During our review, we discussed recently completed and upcoming contracts. It became apparent from this discussion that the client was building houses but was also going on site as a subcontractor to complete roofing work for other contractors. If the client had insured himself simply as a ‘building contractor’, he would not have been covered for many of his contracts. We arranged a policy with a joint business description of ‘building contractor and roofing contractor’.

This is one example, however there are a wide range of issues which arise when trying to get adequate cover in place for SME clients.

If you would like a quotation, please call us on 049-4332944, e-mail info@martininsurance.ie or complete our online enquiry form.

Disclaimer: The material contained is this article is for general information purposes only and does not constitute professional advice.

James Martin
James Martin
James Martin has 16 years of experience as a general insurance broker. He is a member of the Chartered Insurance Institute and has completed a Diploma in Corporate Finance.

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