Types of Business Insurance in South Africa
Business insurance functions more like a buffet than a typical insurance policy. As each business is unique and at risk of different perils, your portfolio will be built with various forms of cover.
A good portfolio will combine various business policies. Some policies are generic and can cover a range of businesses, such as buildings and vehicle insurance for businesses. Other policies cater more specifically to certain types of businesses, such as hospitality and maritime insurance. The policies listed below are generic and meant for any type of business.
Business Buildings Insurance
This type of insurance is ideal for those businesses that own the building in which they operate. It covers the structure and any associated fixtures, such as driveways, parking lots and bays, and geysers. If your business rents out office space to other companies, this type of cover is essential but also may require a specialist insurance policy to cater for the increased risk of tenants.
Business Vehicles Insurance
As the name suggests, business vehicles insurance covers the business’s vehicles. If the vehicles are in the company’s name, then this is the type of insurance required. It caters to the increased risk of using vehicles for business purposes. If the vehicle is in the owner’s name and it is used for business, then you will require personal vehicle insurance for business purposes.
Business Contents Insurance
To cover office equipment such as computers, stationery, and equipment, against risk, get business contents insurance. It’s similar to home contents insurance in that the items covered must be stipulated on a list. Any special high-value items will require a specialist insurance policy. Contents insurance cannot be taken out for stock, as the perils associated with selling or working with stock require different underwriting principles.
Business Stock Insurance
Stock insurance covers those items that a business sells or manufacturers but does not use themselves. Cover includes accidental damage (whether it is damaged by natural disaster or fire) and theft (under certain conditions). The stock may also be covered while in-transit, being distributed, or exported.
Specialist Policies
Depending on the type of business you operate, specialist insurance policies will cater for the risk. A policy exists to cater for many unique industries, like maritime insurance for cargo, engineering insurance, hospitality insurance, pilot insurance, medical insurance, and more.
For a range of business insurance policies, fill in our online form and an insurance representative will contact you shortly, giving you the opportunity to pick your own aperitif.
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