Jargon Buster

Business interruption insurance provides cover against a number of specified events that disrupt your business operations. Each policy is different. Property damage policies commonly provide cover for losses in revenue/profits in the event that your business property is damaged by an insured peril (e.g. fire). Some policies also extend business interruption cover to protect your businesses revenue/profit for other events, including the impact of notifiable infectious diseases or Denial of Access to the insured premises.
The availability of cover will be outlined in your policy and schedule, along with the applicable sum insured and any sub-limits.

An excess is the first amount of any claim that a policyholder must pay. For example, if your policy has an excess of €500 and your machine valued at €5,000 is stolen, you would pay €500 and the insurer would pay €4,500 in the replacement of that machine.
Employers Liability – This is important where you have employees. If an employee is injured at work and attempts to sue you, this would fall under Employers Liability. Employee’s injury is not covered under public liability insurance so if you have employees this cover is very important in keeping your business protected.

You may hear this in two different contexts.

1-Indemnity is another word for insurance. It means that the insurance company will cover/help cover costs incurred by a policyholder if they are sued or have a loss. You may see this word in your policy documents when outlining what is covered or if you experience a claim you will receive correspondence from insurers saying that ‘Indemnity is agreed’ or ‘indemnity is declined’

2-Your landlord may ask you for an Indemnity Letter, this is very common. In simple terms if you indemnify your landlord, you are promising that if someone tries to claim from you, that you won’t also try to bring your landlord in on it. You keep your risks separate even when sharing a mutual space. Your landlord is ‘Held Harmless’ in events that occur within your business.

Any Loss occurring during the Period of Insurance for any accidental Bodily Injury to any person, or loss of or damage to tangible property of any person in connection with the Insured’s profession as stated in the proposal.

Form. Simple put the purpose of a public liability policy is to defend you against claims that may be made against you by a member or members of the general public who suffer injury or damage to their property or person as a result of you carrying out your business activities.

A waiver is the voluntary relinquishment or surrender of some known right or privilege. There may be a waiver on your consent/consultation forms. Waivers are not massively recognised in the Irish Court system. If for example a client did not want a patch test and agreed to sign a waiver instead. In the event of an injury occurring the client will still be able to sue you for negligence and may be successful.

Please note all the answers provided in our FAQ section are simplified and are intended to give you a better understanding of general insurance. It is important to understand that all insurance policies are different and you need to check your policy documents if you have questions about your cover. We are also happy to assist you on if you call or email our office.