There are various reasons why small businesses would need commercial insurance coverage in Papua New Guinea. Owners would want to guard against various things like natural disasters, theft, workers' compensation claims, accidents that may happen on a job site and a number of other issues that are relatively common, but that leaders do not want to think about. It is better to be safe than sorry.
But until you own a business, you likely are unaware of how many different kinds of business insurance options there are. Corporate leaders have to take out a lot of different types of covers to ensure their company runs smoothly and to make sure that they don't have to contend with any downtime in the event of any unexpected circumstances.
If you own a company in PNG, you need to be aware of the types of insurance covers you need to take out on behalf of your business to keep your enterprise, yourself and your staff safe. Here are seven kinds of covers you must look into:
1. Public liability
You need public liability insurance to protect members of the public from acts that may be committed by you or your employees. For example, you would be covered if a customer were to slip on a wet floor in your store and file a claim.
2. Workers' Compensation
All companies that operate in PNG have to legally ensure that they have workers' compensation coverage so that they are able to pay their employees should they become injured while on the job.
3. Motor vehicle insurance
Legally, if you own a company in PNG, you must take out motor vehicle insurance for the business through the government-sponsored Motor Vehicles insurance Ltd. scheme, in case corporate transportation is required.
You likely have house equipment, technology, furniture and a number of other valuable assets at your place of business, and, given the crime rates in the larger cities of PNG, you should ensure that your policy has burglary cover to protect against all occurrences.
Earthquakes are fairly common in PNG, though they are not always covered by business insurance. You should consider taking out a specific policy that insures against damage to assets as well as buildings used.
6. Cyber threat
Taking the modern risk environment into mind, it's a good idea for business leaders to take out a policy that provides cyber threat cover. Because the internet is so pervasive in the modern market place, you need to be sure to guard against data loss, hacking, phishing, your website and the damage this can have on your reputation and customer base.
7. Business package
In general, savvy company owners should invest in a comprehensive business insurance package. This way, they can make sure they have infrastructure protection to make certain that their facilities and equipment are safe and/or replaceable. They would also be treated to unexpected protection, guarding against natural disasters that few can plan for and take steps to prevent downtime.
Luckily, comprehensive business cover can package many of these types of covers into one overarching policy. To learn more about business insurance in PNG and about how you can take out cover and further protect your company contact our team of professionals at Trans Pacific Assurance, Ltd to get your free quote today.