Business Insurance in South Africa

South Africa is a business spot with many companies flourishing. The presence of companies has necessitated for the establishment of business insurance tailored products. Having business insurance for your venture is a great deal and helps minimize unforeseen risks and secure business assets, customers and employees. In case of an accident, you can get compensated. There are various business covers that you can buy to secure your business.

The following are some of the business insurance covers you can get for your business.

Business Property Insurance

Business property insurance covers your business assets like equipment, money and offices. You can get a specialized cover for each property you want to insure, or you can get a standard cover for all properties. Some of the risks insured include accidental and intentional damage, impact, theft and damage of properties through accidents like fires.

Some insurers provide additional covers like business disruption and emergency assistance.

Business Vehicles

Business vehicles insurance covers all your business vehicles like cars, trucks, pickups, vans, tractors and trailers. You can have any vehicle in your business insured. You can choose the cover that best suits your business needs by paying less for vehicles that travel less often. Some insurers install tracking devices into your business vehicles so that you can monitor where your vehicles are.

Business Building Insurance

The business building insurance covers fixtures, fittings, offices and buildings belonging to a business. You can get a standard cover that can include generators and battery systems, glass and signage. It also includes offices contents like stationery, documents, fixtures and paintings.

Other items that are insured under the buildings insurance include electronics and equipment located inside offices. This can include printers and computers. Cash is also included in the insurance whether it is cash in transit, after a trading hour, or off-site trading cash.

Stock is also included in business building insurance. However, some insurers provide specialized coverage for business stock. Among the risks you can insure for your business stock include deterioration of stock, power outages and shoplifting cover.

Business Interruption Insurance

Business interruption insurance covers your business when there are inconveniences that can affect your business’ turnover. The insurance covers your business against losses it can accrue due to business interruption.

Liability Insurance

Business liability insurance protects your business against liabilities and risk to employees and third parties. Many business insurance companies offer general and specialist liabilities insurance. The general liability insurance covers your business against liabilities for your business’ activities, products ad services it offers.

Specialist liabilities cover a wide variety of risks like employee’s dishonest and theft, trustee liability and others. The cover provides effective protection to your business against precise risks.

Personal Accident

Personal accident insurance covers employees against injuries or death while working in your business. The policy covers medical bills for injuries or compensates a family member for the loss of a loved one. In case of incapacitation of an employee, the cover can also compensate him. The cover may also provide a temporary replacement of an employee to a business entity.

All Risk Insurance

All-risk insurance is a comprehensive insurance policy that provides coverage for available business items. The risks insured can be specified and unspecified risks. Specified risks are items that are listed in the policy. Unspecified risks are the unforeseen risks that may change from day to day.

Best Business Insurers in South Africa

The following are some of the leading business insurers in South Africa that you can use for your business.

  • Santam. It offers comprehensive insurance coverage to business risks. They have a wide variety of insurance products and cover many assets like cars and business property.
  • King Price. They are known to provide a wide range of insurance. The insurance products come at competitive prices.
  • MiWay. MiWay provides excellent covers and you can choose how to insure your business. For instance, you can pay less for business vehicles that travel less often.
  • Outsurance. Outsurance is an excellent business insurer that strives to give the best business products. They boast in famous outbonus rewards if clients do not claim for a specific period.
  • Budget. It offers a wide range of insurance ranging from home to business insurance and also small business to enterprises.