A site manager in Galway will not let you unload the van until you show him proof of your public liability insurance. Your certificate has a headline figure, the limit of your cover, and that digit is all that matters, as it decides your hiring.
The limit is the only number you see on that certificate, and you selected it yourself. It’s easy to miss the small print when you buy the policy, and you don't think about it again until you need to make a claim. The excess and the end date of the cover become important then.
Public liability insurance is not generally required by law in Ireland
There is no general legal requirement in Ireland to carry public liability insurance, so you don't need it to start working.
Clients specify a minimum cover amount in contracts, and landlords request evidence from you before you start working there. A local authority license requires a certificate of insurance before the license can be legally issued.
A maximum may be requested, but the limit that a sole trader carries is decided at the point of purchasing the policy.
Your main cover limit is not the only figure on the policy
There are a few numbers to look at when you take out the policy, but they don't all work the same way. With Insify's public liability insurance, your main cover limit options are €1.25 million, €2.5 million, or €6.5 million per claim. Up to two times the chosen amount is available to claim in the insurance year.
Most businesses get €5,000 of cover for property in their care, and construction policies offer €25,000 or €50,000. In the construction business, the cover is fixed at €2.5 million per claim, starting from €21.84 a month.
Your excess and claim costs affect what you pay when you make a claim
You think the certificate tells you how a claim will work, but it doesn’t tell you everything. You pay for the defense and mitigation costs on top of your main limit, but your legal costs come out of that limit too.
Businesses with less than €500,000 in revenue must choose from €0 to €2,500, and €500 is the standard option. If your business turnover is more than €500,000, the range starts at €500.
If an incident happens while your policy is active, it is covered even if the claim arrives years later, but you need to report it within five years of the cover ending.
You can arrange and manage the policy online without going through a broker. When you receive your quote, you see the sub-limits and excess that apply to your trade.
There is more to check once you have the certificate
If you are starting work for a business around Galway, the insurance certificate is one of the first things they ask for. A contract could require €2.5 million or €6.5 million cover, which is the main limit printed on your certificate. You can find more details on the local business scene in the Advertiser's Business section.
Once you have the certificate in hand, look closely at the other numbers. With Insify, you choose the main limit, and your trade and turnover determine the sub-limits, excess, and other parts of the cover. The details are important when you need to make a claim.
