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16Sep 2016

Dust off your policies & avoid underinsuring your business

South Africa is a veritable treasure trove of aspiring entrepreneurs. It’s not surprising that small-to-medium businesses have been identified as quite the little steam engines, driving inclusive economic growth and making up around 34% of the nation’s GDP.

With small-to-medium businesses on the rise, it makes sense that business insurance is a serious must-have. Surprisingly, even though business insurance is the make or break difference for a business’ survival when something goes wrong, many South African businesses find themselves without adequate cover. Either they don’t have cover, or they’re underinsured.

In truth, though, as your business grows it changes and it becomes increasingly important to have the right cover to suit your business’ needs and its pocket. Instead of going through a frustrating process on your own, our advice will help you navigate this journey so that you can make the right decisions.

To start with, let’s look at the different kinds of insurance products that your business might need.

Here’s a checklist for the most important cover options you should consider:

  • Business interruption insurance: gives you cover for loss of earnings if your business is unable to operate.
  • Liability insurance: protects you if you, your employees, or your products or services have caused injury or damage to a third party.
  • Buildings insurance: covers your building and the office equipment against perils, like fire and floods, and risks like theft and vandalism.
  • Commercial car insurance: covers your business cars against damage, theft, hijacking, and collisions, and with us, your premiums will go down monthly as the value of the cars depreciates.

In an effort to avoid underinsurance, It’s also super important to regularly update your policy. The last thing you need is to fork out funds to recover from a loss, when instead it could be put to good use elsewhere.

Here’s how you know that it’s time to update your cover:

  • Change in location: this is a big change, because it could mean differences in your security features, or exposure to risks, like natural disasters, and it will most likely mean a change in your square footage.
  • Changes to your workforce: whether you’re hiring, firing, or assembling a board of directors, changes to your workforce will impact your cover. For instance, you might need errors & omission cover or need to increase your liability cover.
  • Changes to your equipment: adding hard assets, like new computer equipment or furniture, will impact things like the replacement value you’re covered for. Chat to us about investments of this sort so that you have the right level of cover.
  • Changes to your offering: adding a new product or service can open you up to a whole new set of risks, which is why it’s important to let us know. We’ll help you identify potential risks that could be associated with your latest offering and advise you on how best to update your policy.

By now it’s obvious. Every business, no matter how small, needs business insurance… This brings us to our 3rd piece of advice. Who to trust with the cover you need.

What to look for in an insurer:

  • Reliability: you must be able to rely on your insurer to assist you in the claims process and to pay your claim.
  • Good advice: from creating your initial policy to updating it as your business grows, you need good business insurance advice that will help you go from strength to strength.
  • Affordable: some people say that you need to pay a higher price for the best, but that’s not always true. You can definitely give your business the specific cover that it needs and enjoy some much needed savings that you can plug straight back into your bottom line.

If you’re interested in a reliable product offering at the most affordable premiums, then look no further… The king’s protection is more than capable of making sure that your business is treated to the royal cover that it needs. Not only do we pay out over R1 million in claims each day, but you can rely on our consultants to expertly advise you on what kind of policy you need, what needs to be updated, and how to make sure that you aren’t ever underinsured.


If you’re still uncertain on how to put your best foot forward, chat to us. We know what we’re talking about.


Let’s get down to business.