If you are a business owner, you need to think about business insurance in South Africa in order to protect your business from losses. Even if you are a diligent business owner, one never knows what may happen and you may find yourself in a tricky situation. Here are some business insurance hints.
In what sort of situations would one require business insurance in South Africa?
There are so many situations in the business world which may see one needing the assistance of business insurance in South Africa. For example, your computer equipment gets stolen, or a customer injures him/herself in your place of work. What do you do? Insurance allows you to be covered for these unexpected situations, giving you peace of mind.
Key Person Insurance: When we speak of a ‘key person’, we are referring to a person that is considered to be so important to a company that losing them could impact the company greatly. Key person insurance allows the remaining partners to be paid out should the key person pass away or experience a disability. The benefits can be used only for legitimate business expenses such as training a replacement.
General Liability Insurance: This will cover the business against any liability claims or negligence. This policy holders’ legal fees will be covered if the incident is stated within the policy agreement.
Product Liability: If your company produces products, something may go wrong and this is where product liability comes in. This coverage protects against faulty products and damage, injury, or death from use of the faulty product.
Who requires business insurance?
Whether you are a small, start-up business, or a larger and more established business, business insurance will give your business that security it needs. You never know what may happen in the future, so rather be safe than sorry!