Although having public liability insurance isn’t a legal requirement for businesses, it’s a wise investment. You never know what accidents, damages or injuries may occur, this is why you need to be covered. Here are 5 reasons why you, as a business owner, should invest in public liability insurance:
1. As a business owner you’re protected
Having public liability insurance ensures that you aren’t held liable for any accident, damage or injuries, regardless of whether it’s happened to a customer or contractor. Public liability insurance covers the costs of the claim without you having to pay it yourself.
2. Public liability insurance enhances your business’s image
Investing in public liability insurance shows that your business takes its responsibilities very seriously. Also, it shows that your business is forward thinking because you are making sure that should any liability claims be made against your business, you’ll be covered.
3. It opens up business opportunities
In a variety of business sectors some companies are only willing to enter into contracts and do business with other companies who have public liability insurance. Therefore, investing in public liability insurance could open you up to more opportunities.
4. Public liability insurance can protect your business from bankruptcy
Without public liability insurance your business would have to pay all of its public liability claims – a cost that could very well bankrupt a business.
5. It’ll benefit your customers
You can’t stop all accidents, injuries and damages from happening, no matter how many safety precautions you put in place. Investing in public liability insurance ensures that if anything should happen to your consumer and you’re at fault, the claim is covered and your consumers get what they are owed.
Our public liability insurance is so comprehensive that we cover the accidental death of, or injury to any person, as well as accidental loss, or physical damage to property.
If you’d like to find out more about Compendium or public liability insurance, contact one of our brokers on: 031 242 6800 or visit our website at: www.cig.co.za