Running your own small business can be quite a risky affair. There are many risks that could determine your success, like damages, loss and theft to your stock and offices, as well as the constant threat of litigation. Your bottom line doesn’t have to be vulnerable to these threats - that’s why you need Business Insurance.
So what are some of the top risks for small business owners to insure in South Africa? Online insurance and financial services comparison website, Hippo.co.za, looks at some of these risks based on the latest crime as well as industry statistics.
Crime Stats SA reports 53 809 cases of stolen vehicles, 14 602 cases of carjacking and 1184 cases of truck hijacking in 2016. Losing a business vehicle could have devastating effects on a small business especially if being mobile is core to your business function.
Public and Employee Liability
If you own a business where the public can be injured at your premises or fall ill as a result of your products or business practices, you will require Public Liability insurance. If you have employees or people contracted to work under your instruction, you are required by law, to have Employers’ liability cover for any injuries or negligence claims that may arise against you.
With the current volatile political state of the country, many businesses suffer damages as a result of protest action. The South African Special Risk Insurance Association (SASRIA) is the only South African insurer that covers you for loss or damage to insured property as a direct result of civil unrest, including rioting, strike action and public disorder. This cover is usually an added benefit from your insurance provider so do confirm that it is included in your Business Insurance policy.
Business Owners Policy
A business owner's policy (BOP) is the best choice for many small to medium size businesses if they can qualify and if the limitations and types of coverages fit their needs. Some specific additional policies may be purchased to supplement the BOP coverages if needed.
Hippo.co.za is free to use, compares a range of insurance and other financial service products from leading South African service providers. They provide instant indicative quotes for Business Insurance from multiple insurers so that you can compare prices and features and select the one that is best suited for your business.