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Insurance cover for shops and salons

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This week we look at what kind of insurance cover is needed for shops and salons.

As our economy begins to reopen we welcome back retail shops and salons. Hopefully our progress continues and the hospitality and leisure sector can reopen shortly. Here I will outline the covers usually needed for the retail and beauty sectors.

Material damage cover: For buildings, fixtures and fittings, stock, computers, and other assets that your business owns. Covers will include fire, flood, escape of water, theft, and storm among other perils. Cover extensions are available such as fire brigade charges, signage and goods in transit.

Money cover: This is a standard section of all retail policies and up to the outbreak of COVID-19 many retail shops were installing ATM machines on site to assist their cash carrying needs. It is likely we will see a culture change post-pandemic due to reduced cash usage but the extent of this change is not yet known. For now retail shop policies will cover the loss of cash and cheques. The amount of cash covered can be increased depending on safe and security details. Personal assault cover can be included when carrying cash to the bank.

Employers, Public and Products liability: All retail shop insurances include liability cover. Employer’s liability is covered up to a maximum of €13 million and depending on the business description can be based on employee numbers and/or wages. Public liability can be selected within a range of €1.3 million to €6.5 million and covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property. Your trade and projected turnover will determine the rate charged. Products liability provides cover if someone is injured by a product that you have sold.

Treatment risk: This cover is crucial for all beauty therapists, hairdressers, barbers and salons. It provides protection in the event that the business is negligent in providing a treatment that is specified under the policy. The limits of cover can be vastly different for treatment risk so it is vital to get expert advice.

Business interruption: Covers consequential loss of gross profits following an insured event such as a fire. It is important to review your gross profits sum insured on an annual basis.

Other covers that can be added include seasonal increases in stock at specified times during the year, loss of licence cover, glass breakage, cyber insurance, personal accident and many more.

Your policy should be tailored to your individual needs, so it pays to get expert advice from professionals who take the time to understand your business.

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House prices are 9.1% higher than a year ago

By Ted Healy of DNG TED HEALY The Daft.ie house price report for Q3 2021 has just been published and it shows that house prices rose by 1% between June and September this year – and are now 9.1% higher than a year ago. Over the last number of years, property search engine Daft.ie has collected a […]

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By Ted Healy of DNG TED HEALY

The Daft.ie house price report for Q3 2021 has just been published and it shows that house prices rose by 1% between June and September this year – and are now 9.1% higher than a year ago.

Over the last number of years, property search engine Daft.ie has collected a vast amount of data on the Irish property market. Each year tens of thousands of properties for sale or rent are advertised on the site.

Some of the key findings of the recent report are:

* House prices are now 9% higher than a year ago – which is an increase of €23,954 in only 12 months
* Inflation outside cities is highest, with prices rising by 13%
* The total number of properties available to buy on September 1 was just below 12,700, up slightly from levels recorded earlier in the year, but one of the lowest figures recorded since the rise of advertising properties for sale online
* The average price nationwide in the third quarter of 2021 was €287,704, 22% below the Celtic Tiger peak but three quarters above its lowest point in 2012.

The national trend hides regional differences. In Dublin, prices rose by 4.9% in the year to September, the slowest rate of inflation in a year. In the other major cities, prices rose by similar magnitudes – from 3.1% year-on-year in Galway to 8.4% in Limerick city. Outside the main cities, inflation remains significantly higher, with prices rising by an average of 12.9% year-on-year. The largest annual increases were in Mayo and Leitrim, where prices are more than 20% above their level a year ago.

Despite an uptick in listings, the total availability of homes for sale nationwide on September 1 was one third lower than the same date a year earlier and a little over half the amount for sale in September 2019.

Across Munster, listed prices increased by an average of 1.2% between July and September, down from 8.5% in the previous quarter

The jump in prices in Q2 means that prices in Munster are now 13.6% higher than a year previously.
There were just over 3,800 properties on the market in Munster on September 1, down from 5,600 on the same date a year ago.

Reflecting the impact of COVID-19 last year, there were 22% more transactions in Munster in the six months to July 2021 than the same period a year earlier: 6,455 compared to 5,286.

“It appears inflation has eased a bit and there has been a modest improvement in the number of homes available to buy,” Ted Healy of DNG Ted Healy said. “However, the underlying issues remain. The stock for sale remains well below pre-COVID-19 levels, while many parts of the country are still seeing prices that are at least 10% higher than a year ago. Additional supply remains key to solving Ireland’s chronic housing shortage. The Government’s ‘Housing for All’ plan contains a welcome boost in social housing activity but rising construction costs, the key determinant of viability, simply must be addressed.”

Average list price and year-on-year change – major cities, 2021 Q3

Dublin City: €399,323 – up 4.9%
Cork City: €307,464 – up 5.8%
Galway City: €316,060 – up 3.1%
Limerick City: €230,585 – up 8.4%
Waterford City: €204,759 – up 6.3%

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Get your vehicle winter ready

By John Healy of Healy Insurances As we approach October it is a good time to get your vehicle ready for the winter and the change in conditions on the roads. Here is a checklist of the common items to help you prepare: * Check your liquid levels, screen wash, anti-freeze, coolant, oil, and fuel* […]

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By John Healy of Healy Insurances

As we approach October it is a good time to get your vehicle ready for the winter and the change in conditions on the roads.

Here is a checklist of the common items to help you prepare:

* Check your liquid levels, screen wash, anti-freeze, coolant, oil, and fuel
* Check your car battery
* Clean your windows inside and out
* Clean your lights
* Check your tyres
* Consider fitting winter tyres
* Check your wiper blades
* Clear leaves from under your bonnet
* Ensure your car has a phone charger
* Make a winter survival kit

Many car garages and dealers will offer a winter service so it is worth checking locally.
In addition, here is a checklist of the items you should keep in your car this winter:

* Ice scraper and de-Icer
* Torch and spare batteries
* In-car phone charger or a power pack
* A road atlas in case you don’t have GPS
* First Aid kit
* Empty fuel can
* Hi-vis jacket/warning triangle
* Jump leads
* Spare clothes

Many insurers now include breakdown cover as standard on your motor insurance policy. Keep this number in your phone and in your vehicle.

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