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Small business commercial insurance

  • 09-04-2018 7:55pm
    #1
    1966
    Registered Users, Registered Users 2 Posts: 1,655 ✭✭✭


    Just wondering if it's usual practice for Insurance Broker to ask :-

    1. Business turnover
    2. Staff weekly wages

    - don't recall having to provide that info to Insurance Company last year ?


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    1966 wrote: »
    Just wondering if it's usual practice for Insurance Broker to ask :-

    1. Business turnover
    2. Staff weekly wages

    - don't recall having to provide that info to Insurance Company last year ?

    Turnover is used partly to classify the company as micro, small or medium enterprise. That' required for reporting purposes which has gotten more comprehensive over the last year.

    As for staff weekly wages i dont know. Is there an aspect of financial cover to the insurance?


  • #3
    Chiorino
    Registered Users, Registered Users 2 Posts: 622 ✭✭✭Chiorino


    1966 wrote: »
    Just wondering if it's usual practice for Insurance Broker to ask :-

    1. Business turnover
    2. Staff weekly wages

    - don't recall having to provide that info to Insurance Company last year ?

    1. Yes, to gauge the size of the business.
    2, Very common, used to calculate employers liability premium.


  • #4
    peteb2
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭peteb2


    Turnover is used to calculate your public and products liability exposure


  • #5
    Lusk_Doyle
    Registered Users, Registered Users 2 Posts: 4,338 ✭✭✭Lusk_Doyle


    Not to mention the level and type of BI cover that is required.


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