The moment that you buy a business or start your own business you enter into the possibility-of-risk realm, regardless of the size or industry type of your business. To manage these risks you will have to consider the various insurance options available to you. Should you be uninsured at the time of an accident you could be financially ruined.
Typical types of business insurance
To minimise or manage these risks, let’s look at the typical type of insurance a business may need:
- If you employ people, workers compensation insurance is necessary to protect your employees in the event of an accident or illness.
- If you own a motor vehicle that you use for business purposes or during the course of of business, third party personal injury insurance is necessary. This is often included in your vehicle registration fee.
- If there is a possibility of injuries or damages arising to a third party then public and products liability insurance must be taken out.
- Insurance for assets, revenue and liabilities to protect your business against potential risk is also recommendable.
- Professional indemnity.
- Fire and other damage insurance will minimise the risk for specified events such as fire, storm (not flood) impact, lightning, explosion and earthquake as well as the removal of the resulting debris.
- Minimise the damages that may result in the interruption of your business by insuring against business interruption.
- Insurance against burglaries, covering of professional fees encountered as a result of tax audits, breakage of glass, personal accident and illness, loss or damage of goods in transit, loss or theft of money, equipment breakdown, fraud and dishonesty, loss or damage to every day specified items.
When you consult with Frans du Plessis from Grace Insurance he will sit with you and explain the best possible solution to your insurance needs.