Whether you are brand new to Papua New Guinea or are a long-standing business owner, accidents and unanticipated situations across the island can occur. Such events inside or outside your facility can wind up costing your firm money, funds that are crucial to your very survival and ability to operate.
Public liability insurance can protect you from these potential incidents waiting to happen. If you don't have public liability insurance, here's why you need it even if you're a small-business owner:
What is public liability insurance?
A type of business coverage, public liability insurance is a product that can reimburse you for various expenses that stem from incidents for which you're responsible. At any given time, a situation may occur that results in a customer's injury, such as if they trip and fall on a slippery surface or use a manufactured product that breaks, requiring hospital treatment.
Just about anything that entails medical services can be extremely expensive, and if the person injured blames you for the incident, you may be forced to come up with the cost, an amount you may not be able to cover and still maintain the financial health of your business.
"Public liability insurance serves as a fall-back mechanism."
Public liability insurance serves as a fall-back mechanism, wherein if a client, employee or customer is injured and the resulting injury costs money, you'll be able to pay some or all of the expense. It basically serves as a security blanket in the off-chance someone is hurt and you're to blame, you will have the means of compensating the injured party or parties without dipping into your company's earnings.
Why do small-business owners need public liability insurance?
If you're a small-business owner, you almost by definition don't have the same level of customer volume as you do compared to large organisations. Similarly, you also don't have the same number of employees working for you. As a result, you may think that the likelihood of anyone being injured is remote.
Accidents can happen anywhere, any time, regardless of how small your company may be. If anything, your need for liability insurance may be even greater than it is for midsize or multinational corporations because you may also not earn as much in terms of overall revenue. This leaves you with less funds to leverage should a situation occur that requires you to pay for medical expenses or other issues associated with liability.
What does public liability insurance cover?
One of our specialties at Trans Pacific Assurance is customising each and every policy so that they're in line with your needs and capabilities. Generally speaking, however, public liability insurance includes indemnity for the following:
- Legal expenses.
- Property damage.
- Bodily injury.
Take legal expenses as an example. It's possible that a customer or employee will bring you to court so they can be compensated for whatever losses they experienced. Court costs can be considerable, involving expenses associated with retaining counsel, damages awarded and fines (if applicable). Liability insurance can defray the costs that you and your business may encounter.
Accidents occur, and when they do, you need a plan in place to ensure you're fully covered. Turn to Trans Pacific Assurance for liability insurance done right. We specialise in custom-tailoring your policy so you're in the best possible position to be fully protected. Please contact us today for a no-obligation consultation and a free quote.