Most SMEs start with public liability, asset and business-interruption cover, then add professional indemnity if they give advice and contract works cover if they build. Package policies start near R420 per month for a small trader.
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There is no single mandatory business insurance, but Workmen's Compensation (COIDA) is compulsory for any business with employees, and most landlords and clients contractually require public liability cover.
SASRIA is a state-owned insurer that covers riot, strike, civil commotion and politically-motivated damage in South Africa. It's bought as a separate top-up to a standard commercial policy.