FINANCE

WHY INSURANCE IS IMPORTANT FOR YOUR BUSINESS

Weather any storm in business with the correct type of business insurance

Fires Razes Shop! Flooding Ruins Millions of Rand Worth of Stock! We have all seen the headlines yet somehow manage to convince ourselves it could never happen to us. But what if your stock is stolen from your property; will you have the capital to replace everything that is lost? Or if a natural disaster hits your business, will you have a backup plan?

Having insurance for your small business is more important than ever before.

What It Is

Business insurance protects businesses like yours from untimely losses that occur due to events that disrupt the normal course of business. These events can be anything from a loss of stock due to theft, public liability related cover or employee-related risks. This kind of cover ensures that you and your business are protected against these perils from destroying what you have invested so much of yourself in.

What It Does

Having an insurance policy in place is not only going to give you and your business the safety net that it needs in case anything happens, but also adds some peace of mind in the long run.

Here are just a few reasons why having an insurance policy in place is the best investment you can make for the wellbeing of your enterprise:

Physical Assets

Floods, fire and storm cover are just a few of the benefits that you will have when you insure your business. This is important because it protects the physical space your business is in, your stock, home and anything else you can hold onto. This covers the potentially catastrophic loss of stock or machinery in the event of a natural disaster.

Theft Cover

Having an insurance policy in place for your business will help you pick up the pieces if there is a holdup or break-in at your business. This cover also includes theft of stock through the hijacking of delivery trucks, which should give a business owner peace of mind when transporting their wares.

Business Interruption Cover

Just because you have to make an insurance claim, doesn’t mean that your business needs to stop functioning. Business interruption cover is designed to ensure that the operating costs of your business – including the wages of your staff – are paid so that you and the people who work for you don’t lose any more money after a loss. A great solution to not knowing what to do is to speak to someone who does. Cutting out the middleman might save you some money, but brokers are the ones who deal with the stressful part of insurance and do all of the insurance hunting on your behalf so don’t be afraid to turn to one for help. Contact companies such as the ones listed below and they will get a broker to contact you: • Old Mutual • Outsurance • Auto & General Banks also offer insurance options so speak to your banker about options.

Public Liability Cover

What happens if one of your customers slips on a loose tile in your tavern and breaks his hip? Or you happen to serve undercooked chicken and one of your patrons lands up with food poisoning? It is important to have public liability cover in place in case of any losses or damage to a third party or their property while they are on your premises. The medical expenses of someone who is injured while on your premises could be quite costly, so make sure you are adequately covered with public liability cover.

Business Insurance Tips

Finding an insurance policy can be tricky as countless companies all claim to have the best options for you.

Here are a few tips that can help you decide:

Cut Out The Fluff

Don’t insure what you don’t have. Speak to your insurer about your needs and requirements for effective cover and don’t let them bully you into taking extras that you don’t need.

Be Proactive

Reducing your risk will reduce your premiums at the end of the day. If adding a safe or security system to your business will lower your risk, it will also lower your premiums. Insurance doesn’t have to be difficult to understand or too expensive if you have the right information to start with. A great insurance comparison site is www. hippo.co.za, where you can compare which insurance company gives you the best option for your needs. At the end of the day, your business will benefit from the extra protection and you will sleep easy knowing that you’re taking your business to a new level.

This advertisement is for trade purpose only!