Businesses are open to all types of risks every day – from theft and fire damage, to liability, litigation and law suits. Very few businesses can operate when such disasters strike, or easily cover such risks financially. This is where Commercial or Business Insurance comes in and it’s the reason why clients need experienced Brokers to assess the risks involved and advise the client on the appropriate comprehensive insurance cover with tailored products and related options available for their specific needs.
All the potential exposures and risks related to the business need to be identified. These exposures can broadly be classified as natural perils (wind, storm, lightning, fire, floods, etc), crime-related perils (burglary, armed robbery, hijacking etc), accidental damage (motor vehicles etc) – where businesses would need cover from basic retail insurance products to the more sophisticated liability and indemnity products.
Furthermore, it is essential to review the cover the business have on an annual basis, as the needs and nature of most companies change on a constant basis, also adjusting insured values in accordance with inflation. It is important too, to only accept the services and products of qualified, independent and registered professionals.
The insurance needs and requirements, will be different for each business owner. Most commercial or business insurance policies offer similar cover options, but you need to search the market for the best option for your particular needs.
Some insurers also have structured niche specialist products for certain business insurance risks, such as: Doctors, Dentists, Tourism & Leisure (Guesthouses, etc).
DIB Solutions (Pty) Ltd have partnered with reputable underwriters and various insurance companies in order to assist our clients with appropriate Insurance cover – we can therefore also assist clients with tailor-made products (where applicable) at competitive premiums. We have the expertise to assess the risks involved, provide a professional and personal service, as well as build long-term relationships with our clients.
- Business Interruption: When interruptions like theft or broken equipment strikes, a business might not be able to operate. Business Interruption Insurance protects the company during this time against a loss, or damage to the cash flow and profit;
- Commercial Vehicle Insurance: This insurance covers all vehicles used for business purposes. It is important to specify exactly what the vehicle will be used for (eg. sales representatives or transportation and delivery of goods) and that the cover taken, is as comprehensive as possible;
- Public Liability Insurance: Liability Insurance protects the business when sued for negligence of the business or its employees. Only a few examples are: An employee that was injured on the job, a customer that suffered an injury while visiting the business or someone impacted by your employees or goods in transit. This also covers your business against third party claims related to your business;
- Building or Property: It covers the insured building, fixtures and fittings against damage;
- Workers’ Compensation: Workers’ Compensation provides a wage replacement and medical benefits to employees who suffer an accident on the business premises;
- Business All Risk: This will cover items you take outside the office against loss or damage. This includes items such as notebooks, laptops, cell phones, pagers and any other portable equipment.
- Fire: Without this cover, a fire can ruin a business. The likelihood of a fire may be relatively low, but the size of the loss would be enormous;
- Office Furniture: This option covers your furniture, office content, documents (note that most options exclude data retrieval).
- Fidelity / Theft Cover: Covers theft, robbery or fraud by employees
- Others options to consider: Glass cover (eg. for glass windows or doors), Accidental Damage (unique cover for business goods against accidental physical loss or damage).