Running a business can be risky, especially if a third party can suffer because of your company or its actions. Public liability can protect you in this event (this should not be confused with professional indemnity insurance, which covers legal action against the services you offer).
What is Public Liability Insurance?
Public Liability covers you if anyone should suffer any damage or personal injury because of your business or employees. This means that any legal fees or obligations are covered when you have this kind of policy.
Why Do You Need This Type of Cover?
Let’s say for example someone slips on a wet floor in your building or trips over a piece of carpet. If this person ends up hurting himself, it will be your responsibility to cover any medical fees. If this person decides to take legal action, there will be legal fees to cover as well. This is just a general example, but there are many things that can happen that you would be held responsibility for.
If an unexpected event like this occurs, it would mean that you would have to use some of the business capital to cover these charges. If you are running a small business, these charges can sometimes end up being a lot more than you would expect, meaning the business will end up growing a lot slower than planned, or sometimes end up leaving you bankrupt. To avoid this scenario completely, it is better to just get a public liability insurance policy and plan for the unexpected.
What Are Covered in A Public Liability Cover Policy?
Some of the most common occurrences this type of policy will cover are slips/trips/falls, stress & anxiety or falling objects. There may be a list of others as well, depending on the type of coverage you decide on.
Getting Quotes and Choosing the Best Policy
Now that you know exactly what this kind of policy consists of, you can decide whether or not it is something you might need for your business. The difficult part usually comes in when you start looking for the best insurance companies that offer these policies. Luckily we take care of this part and have a free service where we provide the best quotes for you. All you have to do is provide your information and an agent will call you back with the best offers, enabling you to not go through the tedious process yourself. Make use of this service, we are sure you will find it very useful.
Liability Insurance for Taxi Drivers
If you are a Taxify driver, we recommend you read this article about passenger liability insurance.
Types of Public Liability Insurance in South Africa
For other types of business insurance, go here.