Liability Cover in South Africa

Insurance Providers have started offering customisable packages more freely or the opportunity for their customers to choose what they want in a short-term insurance package. An exciting development that rolled out in 2018 makes it easier for businesses to get tailored options, but it can also make your options seem more confusing. A flood of offers from insurance providers filled with insurance jargon can get overwhelming.

To be sure you’re getting what you need, getting to know the insurance terms relevant to your business will be beneficial. Most businesses will need a few kinds of insurance cover. The most common insurance options companies often opt for include things like comprehensive business insurance, liability insurance, and all-risk cover.

Comprehensive business insurance policies often combine a few types of insurance into one package, like third-party vehicle cover, directors & officers liability cover, and specialised insurance for example. Your comprehensive insurance package will differ from provider to provider, so be sure to get quotes to assess your options before choosing.

What Types of Insurance Do I Need to Include in my Business Insurance Policy?

The types of insurance that matter most to your company will vary based on the risks your business may face. A logistics company faces higher hi-jacking and accident risks, while a restaurant may face greater risks involving liabilities. Before finalising an insurance policy, it is important to assess what kinds of insurance your company will need.

Aside from specialised insurance and other optional insurance add-ons, there are a few kinds of insurance that are vital for every company. One of these very important kinds of insurance which most businesses will need is liability insurance. Liability insurance is insurance that protects your company against claims for damages, injuries, or fatalities to third parties.

Which Insurance Providers Offer Corporate Liability Insurance?

Liabilities companies may be at risk for can vary a lot. Some companies will need products liability insurance, while others may need professional liability cover. Not all insurers offer liability cover, or if they do options may be limited. Here are the companies who offer liability insurance options in South Africa.

1st for Women Liability Insurance Options

First for Women offers errors and omissions liability cover, specialised liability options, and directors & officers liability cover. Their packages are designed for women and to cater for the needs of women.

Auto & General Liability Insurance Options

Known as an automotive insurance company, Auto & General nonetheless offers a few kinds of liability insurance that you can get. Auto & General Liability Insurance options include specialised liability insurance, employer’s insurance, products insurance, and vehicle liability insurance.

Budget Insurance Liability Cover Options

Known for their affordable offers, Budget Insurance can give you two kinds of liability cover: public liability insurance and employer’s liability insurance. Though their offers aren’t as extensive as some, their prices are admirable. You can get employer’s or public liability with them today.

Chartis Liability Insurance Options

Chartis offers employer’s liability insurance and public liability insurance. Their unique liability insurance offer is liability insurance for claims or legal fees resulting from liability due to “damage to the environment”. If your company is sued for damaging the environment, this kind of liability insurance can protect your business.

Dial Direct Liability Insurance Options

Dial Direct offers a few liability insurance options. You can get liability cover designed to cater for the specific risks of your industry like professional liability, errors & omissions liability, or directors & officers liability insurance from them. Dial Direct offers you the ability to include optional extras in your insurance package for even more cover!

Hollard Liability Insurance Options

Hollard Insurance offers their customers a general liabilities insurance package that covers things like damage to a third-party’s property, injuries on your premises, spillages or environmental liabilities, and product liabilities. If you’re in need of a general liabilities insurance package that covers a wide base of needs, opt for Hollard.

Momentum Liability Insurance Options

Momentum’s Public Liability Insurance cover forms part of their short-term commercial insurance products. Premiums are guaranteed to stay the same for 12 months even if you claim. You can also opt for add-ons like cover for veld fires and defective workmanship. Momentum also offers Employer’s liability, designed to protect the employer if claims are made against them for liabilities like damages and injuries relating to someone’s employment at your company.

Santam Liability Insurance Options

Known as the best short-term insurance provider according to research in 2018, Santam offers niche and specialised liability insurance to many of the top 100 companies in South Africa. They are able to insure for up to R1 Billion because of their extensive network and strong foundation. They also offer a large variety of liability insurance options designed to transfer risk. Their specialised liability insurance options can include things like Broad-form general liability, Directors and Officers, Professional Indemnity, Medical Malpractice, Clinical Trials, Motor, Personal accident and key man cover, Professional and Amateur Sports Insurance, Financial Institutions, Kidnap and Ransom, Cyber Crime, Commercial Crime, Blended passenger liability and Personal Accident, COID and RAF wraparound, Prize indemnity, Gradual Pollution, Product Recall, Contamination and Guarantee, Employment Practices Liability, and Mining Rescue.

OUTSurance Liability Insurance Options

OUTsurance’s business liability insurance options include cover for motor liability, employer’s liability, and public liability. They further offer tailored solutions to their customers, with a low flat excess, and an OUTbonus. All their liability insurance products will include free emergency assist.

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 was published.

Sources: businessinsurance.co.za; entrepreneur.com;