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Cover is available for the following financial loss risks.
BUSINESS INTERRUPTION
A Business interruption policy is linked to property damage and provides indemnity for future loss of profits if a business is interrupted following a fire or other insured event. A number of future years anticipated profits can be insured to allow the business continue, retain key valuable employees and recover lost business during the interruption period. Willis Ireland will assess projected trading activities, dependencies on key suppliers, customers and other certain risk factors, then tailor the most appropriate and cost-effective method of protecting your balance sheet.
MACHINERY BREAKDOWN
Insurance protection against financial loss following machinery breakdown.
ADVANCED LOSS OF PROFITS
Indemnity against loss of projected profit in a start up operation or extension project following a delay in the target commencement date caused by a material damage loss during the construction or testing commissioning period.
CREDIT INSURANCE
This cover compensates a business for non-payment for goods and services sold or supplied at home or abroad on credit terms. Domestic and Export Credit Risks can be covered on one Commercial Risks Policy.
Three types of risk are covered:
- Insolvency
- Protracted default on the part of the buyer
- Political risks
FIDELITY AND THIRD PARTY CRIME
Insurance cover against the risks of crime to protect the balance sheet against financial loss as a result of employee dishonesty, third party fraud, computer crime, forgery and copyright infringement.
MONEY & PERSONAL INJURY
Protection against loss or theft of money:
- From business premises during business hours.
- Out of working hours.
- From a safe or strong room.
- In transit to or from the business premises.
- In a bank night safe.
- At the residence of Directors/Employees.
Benefits are payable for personal Injury sustained as a result of attempted robbery:
- Death, loss of Limb or eye or permanent total disablement.
- Temporary Total Disablement from usual occupation for up to 104 weeks.
- Medical Expenses.
- Damage to Clothing and Personal Effects.
LOSS OF LICENCE
Cover for hotels, public houses or clubs in respect of a reduction in the value of a licensed premises if the license is not renewed by the awarding authority.
KEYMAN COVER
Keyman Insurance is purchased on the life of persons critical to the operation, management, development or financial welfare of the business and protects against the cost of a business interruption resulting from their death or serious illness.
In assessing how much cover is required, here are some of the issues that should be considered:
- The effect on profits if a keyperson dies.
- The cost of recruiting a replacement.
- The delay before the replacement begins to make a contribution to profits.
- The loans that could be recalled on the keypersons death.
- The present cash position.
- The level of profits in the past and projections for the next year.
The company is allowed to use the settlement in any way that it wishes.
PARTNERSHIP PROTECTION COVER
- On the death or critical illness sustained by a company director there is an immediate lump sum paid to the survivors or to the company to secure the survival of the business.
The combination of Life Cover, Critical Illness Cover and other valuable benefits guarantee security and peace of mind for the business and the family on the sudden illness or death of a director.
KIDNAP, RANSOM AND EXTORTION
Covers kidnapping/alleged kidnapping, personal extortion, property extortion, wrongful detention, and hijacking.
CYBER RISKS/E-BUSINESS INSURANCE
Cyber risks insurance protects a company against financial loss as a result of loss or damage following a hack attack or receipt of a virus attack to its computer system.
Cover includes:
- Cost of clean up.
- Loss of profits.
- Defamation.
- 1st and 3rd Party risks.
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