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The business of running a business comes with so many risks! We know you’re working hard to help your business grow, and there’s so much that could go wrong. Don’t worry, we’ve got your back. Just fill in our online form to get free business insurance quotes./p>
By comparing your options, you can ensure you cover all your business risks with a business insurance policy that suits your budget. You can get a quote from the top business insurance companies in South Africa here. Find the best one for you and get peace of mind about the future of your business.
What is Business Insurance?
Business insurance is insurance designed to cover the financial risks of owning and running a business. There are many kinds of business insurance policies, just as there are many kinds of jobs out there. The insurance company agrees to pay out money to you or your business if certain insured events occur. In return, your business pays them a monthly premium.
How Does Business Insurance Work?
Business insurance can be a combined policy or one general policy with specific benefits. Most often, business owners opt for a combined policy that includes car, contents, building, fleet, and stock cover, for example. Your portfolio will depend on the types of risks your business needs to cover.
What Business Insurance Do I Need?
The easiest way to figure out what kind of cover you need is to list your risks and then look at policies that address those risks. Do you own and sell properties? Commercial property insurance could benefit you. Do you ship produce overseas? You could benefit from goods-in-transit and marine insurance policies. You could also fill in our form and wait for a broker to call you and walk you through the type of business cover you may need.
Here are a few of the types of insurance out there for you
to consider including in your company’s portfolio:
Public Liability Insurance.
Are you worried someone will sue your company for injury, damages, or even death? Public liability covers claims from the public against your company. The legal costs involved in such claims or settling such claims can be exorbitant. That’s why it is important to get this type of insurance, no matter what kind of business you own.
When your stock is on the road or being shipped, it is vulnerable to unique risks. You can insure against these risks with goods in transit cover.
Professional Indemnity Insurance (also called Professional Liability Insurance).
If you mess up at work, your customer or patient could sue you! Do you have enough financial backing to pay for lawsuits, medical bills, damages, or other costs? Professional indemnity insurance is vital for many types of professions, such as lawyers and doctors, who are at risk for third-party claims relating to their profession.
This type of commercial auto insurance covers trucks your business owns while they’re on the road or parked against accidents, theft, and other insured events. Extended warranties are also a great idea for any trucks you own.
Insurance that covers the physical structures owned by your business against perils like fire, storm damage, burst geysers and pipes, and much more. These can include property, parking lots, malls, apartments, schools, office parks, and even stadiums!
Product Liability Insurance
. Businesses making products need this cover. If someone claims against your company because of a faulty product, your product liability covers the legal and settlement costs.
You’ll want to insure all the assets owned by your company, whether physical or digital. Asset insurance for business protects your company’s possessions from theft, fraud, loss, and damage.
Car or Fleet Insurance.
Any vehicles used for a business should be insured for that purpose using a car or fleet policy. If vehicles used for business are insured on a private policy, the insurer may reject your claims. Fleet policies also save you money on administrative fees from the insurer.
Electronic Equipment Insurance.
Most businesses cannot function without their electronic equipment. These may be laptops and pcs or more complicated technology. Cover it from all risks with this kind of policy.
Data Loss Insurance.
Losing your data can be catastrophic, especially if it contains private user data protected by the POPI Act. You can avoid the legal costs and disastrous knock-on effects by insuring your company for data loss.
Theft & Fraud Insurance.
Thieves and frauds love to prey on businesses. Don’t let them ruin your company’s future. Just insure your company against them so you have cover, even if someone does commit fraud against your business.
Key Person Insurance.
When a business loses a key player in the company such as the CEO, it could spell ruin. That is, unless you have key person cover. The cover can help the company find a replacement and keep paying staff. It can help them make it through a rough patch while they e-shuffle positions or hire someone new.
Business Interruption Insurance.
Handy for when Eskom targets your office building. When your business gets interrupted by insured events such as power cuts, this cover can pay out to keep your business afloat.
Why Business Insurance is Important
Without insurance for your business, one wrong move can mean having to shut down the whole thing. One liability claim can cost exorbitant amounts to settle. One product fault can cost your company millions. Owning a business is one of the most profitable things you can do, but it is also riddled with risk. To protect yourself and your company, business cover is ideal.
Can You Claim Business Insurance on Tax?
Yes, in South Africa you can! SARS (South African Revenue Service) views any expense necessary for the function of your business day-to-day as a business expense that you can claim from tax. Insurance fees fall into this bracket, so claim away!
When to Get Business Insurance
As soon as you officially have a business, it is wise to insure it. You can cover that baby of yours immediately to protect it from risks. Feeling exposed? You can fill in our online form to get cover ASAP.
Who has the Cheapest Business Insurance?
The best way to find out is by comparing quotes. Insurers will give you quotes based on your needs and risk profile. You can then compare your offers and choose the one that suits your budget and needs.
Will It Cover COVID-19?
In most instances, no, although South African insurance companies have had to compromise. Read more here.
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