Protect your business with comprehensive and affordable insurance
There are so many factors to keep in mind when you have a business or if you are planning to start your new venture. A lot can go wrong, and being prepared is the most sensible thing to do as a responsible business owner. You can do this by having business insurance.
It will enable you to protect your company against all kinds of unfortunate events that may cause loss, damage, financial ruin, or legal action. Having the protection you need will help you to focus on growing your business and keeping your employees and customers happy and safe.
As a business owner, you need to take risk management in your business very seriously, especially in the very volatile markets of South Africa. Insurance will help you to securely sustain your business and avoid any events to cripple you when you least expect it.
Why is insurance crucial in South Africa?
Whether you are a farmer that needs financial protection when the drought strikes or an owner of multiple taxis when there is a flood in the city.
Maybe you have a big wood factory and a fire might be a devastating event for your business or maybe you provide food to the public and someone sued you for getting sick. No matter the size of your company there are always several risks to take into account.
What does it cover?
You can easily find the right cover for your business by comparing insurance quotes from these leading business insurers in South Africa. Choose the cover that includes the most suitable benefits for your specific business needs.
With business insurance, you can enjoy cover for accidental damage, business all risks, business interruption, motor vehicles, electronic equipment, employers’ liability, office contents, and more.
Get tailored insurance cover
Speaking to a broker about your business and eliminating all the possible risks, might be the best way of getting proper and tailor-made insurance cover for your business.
You can combine and cover multiple risks on one policy, in fact doing this will save you money and time.
Your policy – What is SASRIA?
Most insurers do not take the risk of covering businesses for malicious damages due to public, unrest, civil commotion, or terrorist attacks.
The South African Special Risks Insurance Association (SASRIA) was formed in 1979 as there was no differentiation between politically or non-politically motivated strikes, riots, and malicious damage. This led to their formation as insurance companies were no longer willing and able to cover these perils.
Sasria covers business interruption for losses suffered as a result of looting, and property damages such as fire or vandalism during riots, strikes, public disorder, civil commotion, or terrorism attacks.
Their annual loss limit per contract is R500 million.
Insurance to cover your stock
Get financial protection for when your stock is stolen by customers, armed robbers, or even your own staff. For when acts of nature occur or for when there is a flood or fire that causes utter destruction to your stock. Not to mention strikes and riots.
The loss or damage of stock can ruin your business financially if you don’t cover it. Remember to also add goods-in-transit on your policy, this is usually an add-on product, and very important if you frequently move your stock from one destination to the next. You can also insure deterioration of stock.
Accidental damage covers your contents and stock
Accidental damage insurance will not only cover your stock but also all your contents within the business property. This will only cover you for damage to stock and contents that occurred by accident.
It is important to remember that items that are taken outside of the building or away from your business premises will have to be covered under business all risk cover. This will include business items like laptops, cell phones, etc.
You can also ask your broker about adding cover for mechanical breakdown, this is usually an optional add-on benefit you can take on your business insurance policy. This can protect you against production and revenue losses.
Business property insurance
What if a truck drives into your building, or a flood causes structural collapse?
This insurance policy will protect you against damage or complete destruction of your business property. It will cover the physical building, all fixtures, and fittings.
Make sure to select the appropriate cover for the business sector you operate in. Business interruption can be caused by various events such as strikes, riots, floods, fires, acts of nature, natural disasters, and more. Be prepared with the right business interruption insurance cover in place.
Cover your money
If you are holding money on your premises after business hours or you move large amounts of cash from one premise to the next. You can cover your money against loss, damage, or theft.
Get public liability cover in place
What if someone walks into your shop and falls due to your slippery tiles? Maybe they get disabled for life or in the worst-case pass away. You can face serious consequences if you don’t have the right cover in place to protect yourself and your business.
Public liability cover will cover you for instances where you could be held legally liable for someone’s injury or death on your premises.
Legal protection for your business
What if one of your workers gets a work-related injury or illness? Make sure that your policy includes workers’ compensation insurance as this will help you pay for medical expenses and lost wages for work-related injuries or illnesses.
This cover will normally include employer’s liability insurance that will protect you against employee lawsuits.
Covering your business vehicles
What if one of your employees gets hijacked or into an accident with the company vehicle? Cover your business fleet such as pickup trucks, company cars, trucks, forklifts, delivery bikes, etc.
Factors that might affect your insurance premium
There are many factors of risk to take into account and it is different for every business. Your premium will be determined by the size of your business, your location, what type of industry you are in, the value of the assets you wish to insure, and more. Your claims history might also play a role as well as your payment history and insurance history.
What you can do to lower your premium
- Don’t allow your premiums to lapse as breaks in your cover can result in increased premiums.
- Install proper security alarms and cameras as this will lower the risk of theft.
- Install fire suppression systems.
- To reduce the risk of injuries on duty, make sure that you create a safe working environment.
- Make sure that you employ drivers that have a good driving history as this will also help to keep your rates low.
Choosing a higher excess can also lower your monthly premium, even though it might not be the best idea in the long run. Consider all your different options when choosing the business insurance best suited to you and your ongoing venture.