Public and Product Liability Insurance

Public and Product Liability Insurance

Public and product liability insurance is a crucial aspect of risk management for businesses operating in Kenya. As the economic landscape evolves, companies are exposed to various risks associated with their products and services, as well as potential liabilities arising from their interactions with the public. Thus, public and product insurance becomes a vital tool to protect businesses from the financial effects of unforeseen events.

public and product insurance

What does public and product liability insurance do?

Public liability insurance helps if someone who isn’t working for you gets hurt or has their things damaged because of your business. It pays for the legal and compensation costs if they make a complaint. For instance, if a person falls in your store because of a loose wire and breaks their arm, public liability insurance would cover the costs.

If your business sells or makes things, and someone gets hurt or their stuff gets damaged because of your product, you might have to pay. Product liability insurance helps with the legal and compensation costs in such situations. For example, if a hairdryer you sold is broken and causes a fire in a customer’s house, damaging their things and hurting them, product liability insurance would help cover the costs.

Why public and product insurance?

  1. Legal Compliance: Many businesses in Kenya are required by law to have Public Liability Insurance, especially those engaging in public-facing activities or providing products to consumers.
  2. Risk Mitigation: Public and product liability insurance plays a critical role in mitigating financial risks associated with legal claims.
  3. Consumer Confidence: Demonstrating a commitment to consumer safety and well-being through insurance coverage enhances a business’s reputation. Consumers are increasingly conscious of their rights and knowing that a business has protective measures in place can foster trust and confidence.

Having public and product insurance is not just about compliance; it’s a smart way for businesses to handle unexpected problems and keep things running smoothly. For any business in Kenya, public and product liability insurance is a key player in the game of staying secure and responsible.