Every industry in the business world is exposed to risks. A vital element in managing your business is managing your company’s risks. There are a few ways you can approach risks as a business owner or manager to ensure the continued health of your business.
Risks that companies can face take on many forms. For example, your property is at risk for theft, fire damage, or natural disasters. A business is also at risk of financial loss due to risks involving their assets, for example if a key piece of equipment at an engineering firm malfunctions. Risks also include health and safety, employee issues, and more.
Each company’s risk profile will look different. Your risks need to be assessed, listed, and processed so that you can mitigate as much of it as possible. One of the biggest areas of risk that need to be assessed are risks related to public liability.
Ways to Manage Public Liability Risks
Almost all companies, no matter their size, need to manage public liability risks. It will be more important for any company that comes into contact directly with the public, but it is very rare that a company will not need some sort of public liability risk management plan. The safety of third parties or stakeholders who interact in any way with your company is an important factor to consider. The possibility of losses or damages to their property is also an element of risk to consider in your risk management plan.
Manage Public Liability Risks with Insurance
The best way to manage public liability risk is to include Public Liability Insurance in your Business Insurance policy or to get a standalone Public Liability Insurance policy. What your insurer offers may differ, and the requirements, benefits, and exclusions will not be the same in each instance. You can get a quote HERE today.
Your type of industry, the scale of your business, and the level of risk associated with your business operations can impact the scope of the liability insurance you get. What’s important is that you get public liability cover to protect you for places where you have identified public liabilities as risks in your business.
Assess Your Company’s Public Liability Risks
Before you choose your Business Insurance cover for public liability, it is important to assess your company’s public liability risks fully. Work through your business’ day-to-day operations and identify places of risk. For example, if you are a retailer, the chance that a customer can slip on your shop’s floor, or if you are a plumber, the chance that one of your workers accidentally breaks an important pipe in the roof of a client.
As the business owner or manager, you have the most insight into how your company operates and the possible risks involved in your industry. Consider where your business could be held liable to pay claims for damages, injuries, or fatalities. We all hope these situations never happen, but if they do, assuring your company is protected against the risk can protect you from big financial losses.
How Does Insurance Help Me Manage Public Liability Risks?
One of the valuable purposes of insurance in the context of business is to manage risks for your company. Savvy business leaders use business insurance as a means of sharing or mitigating losses that are associated with the risks their company is exposed to.
Many business owners use other means of managing risks. They put procedures in place to lower risks that have been identified and assessed. You can also try to mitigate risks by improving company operations and educating or training staff. But, no matter what you do, the risk of public claims against your business or organisation remains. The very nature of accidents is that they cannot be predicted.
Risk mitigating practices like the above can really benefit your company, but they are not a complete solution for managing public liability risks. This is why your public liability insurance cover is so important.
Choosing a Public Liability Insurance Product
For each risk, there is an Insurance Product available. Some policies are comprehensive and include cover for multiple types of risks. These package-deal business insurance policies often save the insured money. Even so, some business owners opt to get each element of business insurance as a separate package. The same is true of Public Liability Insurance.
Public Liability Insurance often forms part of a comprehensive Business Insurance solution, but you can get public liability insurance as a standalone policy too. When comparing Business Insurance Quotes for Public Liability Insurance Policies and Plans, it is important to look at exclusions. Most public liability plans will not cover certain situations, for example, where someone in your company intentionally broke the law.
You can get quotes for Public Liability Insurance offered by leading South African insurance providers HERE. You can also look at other kinds of liability insurance that your company may need, depending on your industry and risk profile. Don’t leave your company exposed to the risks of public liability. Get a quote today.
DISCLAIMER: The information provided in this article is meant for informational purposes only and should not be construed as legal, medical, or financial advice. Facts stated in this article are correct at the time it has been published.