Best Types of Public Liability Insurance for Small Business Owners in Singapore

Best Types of Public Liability Insurance for Small Business Owners in Singapore

If you own a small business, you may assume that you don’t need public liability insurance. The reason for this may be because you don’t make a lot of deliveries or because you have a small customer base. If you think like this, you are going to land into serious trouble or something. Don’t believe me. Now think about this- Imagine that a client trips or falls and have a serious injury during his visit to your office. Imagine that a cup of hot coffee spills over your client’s computer. If you don’t have public liability insurance coverage, you may end up paying thousands of precious dollars to cover for damages. This could hurt your business in the long run.

Do you still think a small business doesn’t need public liability insurance? Pat yourself on the back if you answered no because you are 100% correct. 

This article by Newtek sheds light on 13 types of insurance small business owners in Singapore should have.

13 Types of Insurance a Small Business Owner Should Have

1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. Read more here.

You likely now know some thirteen types of insurance small business owners need to consider opting for, like General Liability, Property insurance, Business owner’s policy (BOP), commercial auto insurance and worker’s compensation insurance, just to mention a few. See, you don’t have to opt for all of them just because you want to protect your business. Instead, pick the ones that best address the risks associated with your business.

The following article by Wikipedia talks about one of the best types of insurance business owners that have constant contact with customers like restaurant need to have.

Liability insurance

You likely now understand how public liability insurance works, the various types that are available, and what they can protect against. You also now know some strategic ways to get the most of it and some important things to consider before opting for it. Read more here.

You likely now understand how public liability insurance works, the various types that are available, and what they can protect against. You also now know some strategic ways to get the most of it, and some important things to consider before opting for it. But do you know the difference between liability and public liability?

This article by Sean Ross explains the difference between public liability and liability.

Are Liability and Public Liability Different?

When you see the term “public liability” attached to a business, its products or its services, it refers to a specific type of legal liability that could result from injury to a member of the public while on company premises. Read more here.

You likely now know a whole lot about pubic liability and liability. You also now know what set it apart. Regardless of the nature of your business, you need to keep in mind that you need to have insurance. Of course, you have the freedom to opt for anyone, but before making a final decision, it is wise that you first consult an expert.

Final note

The risks associated with running a business are many. While some are avoidable, others cannot be helped. Before they occur, you must take steps to prepare your business by opting for public liability insurance.

Ignore this, and you may end up paying a small fortune when an accident occurs in your business area or office. 

 As you likely know, public liability insurance has terms, conditions, and policies. Make sure you learn as much as you can about it before making a final decision.

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