Business Insurance - How to choose the correct business insurance cover

"Your complete guide to everything concerning household contents insurance"

6 Tips How to Save on Business Insurance!

  • Lower your liability risk as much as possible
  • Maintain Good Credit Score with your insurer
  • Bundle Your Insurance policies under one premium
  • Continuously ask for Discounts
  • Ask about ways to prevent losses.
  • Relocate your business to an area with lower insurance rates

"Everything you need to know about business insurance"

Are you a business owner? If you have answered yes to this question then you need to read this. Every business owner needs to have insurance. And I’m not talking about property insurance only, having liability insurance is another vital piece of cover to look into when you are considering business insurance. You see, when working with people and employees there is always the possibility of someone getting hurt and you never know who is going to take things to the next level by taking legal action against you. Having insurance is no longer a luxury for the rich, it is a necessity for everyone, home owners, business owners and car owners alike.

Business owners need to have more than one type of cover as business insurance is not always an all-inclusive policy that will cover everything that might go wrong. You might be robbed, you might have a fire rage through your premises and destroy everything, or you an employee might be hurt while on the job. Really anything is possible when you are a business owner and you don’t need to have any more restless nights, your stresses are enough as it is.

"The purpose of business insurance in South Africa"

Like countries all around the world, business insurance is financial protection for an enterprise. Insurance companies offer different types of business insurance quotes to give cover to every unique aspect of an organisation and its potential risks. Insurance companies know the importance of having a variety of the right kinds of cover which is exactly why their insurance quotes will give you the solution to each of the risks you are facing as a business person.

“Insurance companies are well aware of the fact that each business that approaches them for business insurance is unique and that each will have unique risks.”

Business insurance protects all types of businesses from loss that are due to events out of the control of the insured. For small businesses finding small business insurance is a procedure that needs to be considered more carefully than other businesses as it is an important but pricey expense. Business insurance costs will vary among the various insurance companies and this is what makes it very important for every company to compare the insurance quotes they get.

Having business insurance is also incredibly important if you are running your business from home. You might think that you don’t need small business insurance when you have a home run business but you do, and this is why. Your insurance is going to protect you from losses suffered as a result of being robbed, experiencing business interruption, having any damage to your electric equipment, fire damage, personal injury damage and/or vehicle damage. As a small business owner, you need as much cover as possible to prevent you from suffering incredibly damaging losses that could put you out of business.

Don’t make the mistake of thinking that home insurance will cover your business automatically by falling under that insurer. Sadly that is not the case, your business insurance and home insurance will be completely separate. Your car insurance will also have to stipulate if your car will be used for business purposes, in which case you will more than likely have to pay more for your car insurance.

Only 22% of SME in South Africa has business insurance cover!

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What types of business insurance are available?

One of the nicest things about business insurance is that it is divided up into various categories. This means that you are paying for what you need, and the extras are taken off to save you money. Car or fleet insurance, building insurance, contents insurance, insurance for your computers and electronics and liability insurance are just a few of the types of business insurance that you can sign up for. Some insurance companies, such as Outsurance, offer insurance cover for employer’s liability, employee dishonesty, personal accidents and business interruption, all of which can be very damaging to the growth and development of your business.

Here is a deeper look into the various types of business insurance:

  1. Accidental damage

No matter how careful you are in your business, accidents do happen. There are numerous possibilities for things to go wrong when you least expect them to and so it is important to have financial insurance cover for when this happens. From a door falling off its hinges to a cupboard collapsing, you need to be covered in the event of such things happening.

  1. Cover for your building

If you are a business owner and you are renting a building, you need property cover for a myriad of reasons. And if you own the building you are working in then you have even more of a reason to buy that all important business insurance.

  1. Business interruption

You never know when your business operations will come to a complete standstill, your income stops coming in and soon you are facing a bit of a crisis. Those who work on their own are the ones who are likely to suffer the most in the event of business interruption happening. For instance, say you are a doctor and you are running your own practice. You suddenly fall ill and need to be admitted to hospital. Without seeing your patients you are not making money but you will be financially covered when you have business interruption cover.

  1. Theft

One of the most common ways in which a business loses money is through theft. As a small business owner selling all types of products, the theft of just a handful of your items can result in your company suffering big losses. But commercial business insurance has your back when you include theft in your insurance policy.

  1. Employee theft

We all want to trust our employees completely but you can never be too sure these days. Fraud and theft by employees does happen in business and it has the capability of being devastating. But now that you have the option of getting cover for this type of loss.

  1. Cover for fire

Losing everything in a fire is not only devastating but it is also costly for your business. When you have fire insurance cover for your business you will not have to worry about where you are going to get the financial capital to rebuild your dream from scratch. This cover gives you protection for the damages and loss caused by fire.

  1. Office contents

Your documents, all of your office furniture and all of your other office contents will all be covered under this insurance protection. When you have this business insurance in South Africa you are most definitely going to have peace of mind.

  1. All risk

If your business extends beyond your office walls, you are going to need to invest in this type of business insurance. It will protect everything you own even if it is beyond your offices’ walls.

  1. Money

If you are working with money in the form of cash and you are working with this cash on your business premises, then you need insurance to protect this money. You shouldn’t have to worry about your money being stolen. This cover will extend to your cash in transit and any cash you have on you, or that your employees are carrying, while on business trips.

  1. Liability cover

Accidents can happen in the work place, and just as they can happen to you and your employees they can also happen to those who are visiting your office or shop. Public liability will protect you in the event of this happening and it will also have you covered for third party claims.

By going through the various insurance companies out there, you will be able to tick all of your boxes. With all of the types of business insurance offered by insurers you will have the opportunity to customise your business insurance cover according to your needs. Now that you have gone through all of the insurance types for your business, it is time to select the insurance companies that you will want your insurance quotes to come from and then to choose the best cover.

Finding the right insurance cover for you

When you go about paging through all of the insurance companies, and taking the time to compare each one, you could probably do with a few helpful tips to make the decision making process a whole lot easier. With so many different companies vying for your attention, you need a game plan. Here are some simple guidelines that you can use when you get down to sorting out the business insurance quotes.

  • Figure out your risk and work with it

The risks of your company will differ from the risks of that of other companies, even those companies within your industry. How vulnerable your company will be to losing assets and money is arguably the most important aspect that will allow you to determine whether or not you have found the ideal insurance that is going to cover you in every way.

 

The amount of risk that you are facing is also going to be one of the biggest determining factors relating to the cost of your business insurance. Always be honest about the risks you are facing as a company as this is the only way in which to get the policy to provide you with the best cover.

  • Make sure you have gone through all of your insurance options

With so many insurance companies you really need to have a proper look at all of them and consider everything that they are offering. Recommendations from friends and family is most definitely worth having a look into but this is one process that should never be taken lightly. When you are shopping around you might be able to find policies that offer you more cover and at a better price. So make sure that you compare your quotes before you decide to take a policy. It might feel like a lot of work but it will most definitely be worth the research in the long run.

  • Work with reputable insurance companies

Policies are changing all the time and the cover offered also has the possibility of changing. If it is possible, once you have an insurance quote that looks promising you should try to organise a meeting with the company. By doing this you will be able to talk directly with someone in the industry and find out everything you’ve been wanting to ask. Reputable, trustworthy companies will have some of the best advisors to assist with organising your policy, making sure that all of the ground work is covered.

Easy Tips for finding the right Business insurance Broker

Small businesses and commercial insurance

These days the small entrepreneurial businesses are the up and coming game changers in the business world. They are the future of many industries and as a result they are in need of the most financial cover in the form of commercial insurance. Those companies who pay a little extra to insure their business is protected are certainly among the smartest of business owners out there.

Starting up your own small business is an exciting risk but it doesn’t mean you require anything less than a reliable commercial business insurance. As a small business owner you should have the following types of insurance: property insurance, workers compensation, liability insurance, insurance for any vehicles that are being used for the company. A small business owner should also seriously consider having a life insurance policy to cover all debts or other outstanding money in the event of his or her death.

When you begin shopping around for your business insurance and need to compare quotes quickly and efficiently, you need Insurance Directory. With our free to use comparison tool you can find quotes and compare quotes from some of the best insurance companies in South Africa. The simplicity of our website will mean your home insurance, business insurance, car insurance and life insurance can be sorted out all in one place. Insurance is not a luxury anymore, it is a necessity. And although you need to have insurance for your peace of mind and for your financial wellbeing, the process by which you compare your quotes can be simple. Simply use our directory.

Are you ready to save on your business insurance premiums?

Are you ready to save on your business insurance premiums?

Get a no obligation quote on our business insurance price beat option.