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The lifelong dream of every person is to create their own wealth and work for themselves. It makes sense, I mean who wants to work their entire life building somebody else’s dream? That is why people start their own business, this way they have the control and have the ability to work their own hours. People get so caught up starting their own business that they forget one of the most important things – business insurance.

Getting insurance for your business is one thing people overlook when starting their business, rather it be because they forget or they just think they don’t need it. However, it can be easy if you get your commercial insurance at santam in South Africa.

Types of Commercial Business Insurance

Depending upon the type of business you are starting the type of commercial insurance that may be required can vary. Below are a list of some of the most popular business insurance policies generally found at most insurance companies:

  • Limited Liability
  • Medical & Dental Insurance
  • Malpractice Insurance
  • Tourism Insurance
  • Entertainment Insurance
  • Personal Injury Insurance

Many companies however will personalize a plan that is tailored to their specific business operations.

What does Commercial Insurance Cover?

This all depends upon the coverage you get and the carrier you go with, however as a general rule many of your companies will cover the following types of problems and circumstances:

  • Fire
  • Theft
  • Products
  • Limited Liability Injury
  • Vehicles
  • Machines and Equipment
  • Building Destruction

You can think of your commercial insurance covering anything for your business that could be damaged, loss, or stolen.

What types of Businesses Need Insurance?

Many people think that if they go into business for themselves and don’t have any employees then there is no need for insurance. This is a common misconception, you have to think that you are not so much getting insurance to protect your employees from harm, but to protect yourself and your business from liability. If you offer ANY TYPE of tangible product or service you need to get insurance.  If anything in your business has the potential to cause any type of harm or injury to something, you need insurance.

One thing to remember is that as soon as you go into business you automatically have a target on your back and there are people out there who are always looking to bring up lawsuits on companies just to try to get a quick payout.

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