Don’t let accidents cost you your business this Christmas.
All the answers to your unique business lifestage questions
For the thousands of working individuals in South Africa, the holiday season provides a welcome respite from the work grind.
They go out shopping, visit restaurants and cafés, and enjoy a little bit of living. This is a great time for businesses, but the increased consumer activity can put your business at risk if you’re not properly covered with the right insurance and liability risk management policies.
For new or struggling businesses, insurance can seem like a grudge purchase that they simply don’t have the budget for. But in the event of an accident or crime, that same business may not have the resources or finances need to survive a lengthy legal liability battle, for example.
Your worst nightmare realised
Imagine your business is burgled during the holiday season, when you and all your staff are enjoying a break away from the office.
The door has been bashed in, your server, all your computers, phones, printers, fridge and microwave and other equipment has been stolen.
If you have insurance, you’ll be able to replace the actual machines and equipment, but what about the information that’s been lost in the process? Have you backed up all your data? Perhaps stored it offsite with a data storage firm? Is it in the Cloud?
Without the right risk mitigation in place to protect your data and IP, you could be putting your business in significant jeopardy in the event of crime, natural disaster, or other unforeseen circumstances.
Protecting yourself in holiday season
While asset insurance and protection of data is of great importance to any business, those that thrive on foot traffic should also take care to protect themselves with liability cover.
You’re a café owner or retailer enjoying the increased consumer activity that December brings. You don’t realise, however, that there’s a loose tile on your shop floor which causes a customer to trip and injure themselves.
They need to go to hospital, they endure pain and suffering, require rehabilitation, not to mention lost earnings, and the bill starts adding up. There’s no telling how much the claim will amount to and you start questioning how you can possibly afford this.
The answer lies in a liability insurance policy. It ensures that you and your business are protected from costly accidents that could bankrupt your business.
Tips for avoiding problems in the holiday season
- Ensure that your business premises has the necessary security installed – security doors, burglar bars, doors and windows that lock properly.
- If you’re using a security service, have them test your system for proper functioning and notify them of the period no one will be on site.
- Contact your insurance provider before business closes to check the details and conditions of your policy. Any change in details that they’re not aware of can jeopardise your claim.
- To prevent liability claims, ensure the premises is clean and free of hazards that may cause injury or death.
- Ensure all staff are trained and aware of proper safety procedures and systems.
- Contact your liability insurance provider before business gets busy to update your policy, understand the terms and conditions, and get further advice for protecting yourself and your business from liability claims.