Understanding How Business Insurance Works
Running a business comes with its fair share of risks and having the right insurance is essential to protect your business when the unexpected happens. Whether it’s a flood, a fire or something entirely out of the blue, having cover means you’re not left picking up the pieces on your own. Business insurance can be tricky, but with dotsure.co.za, it doesn’t have to be. We’ve answered the top business insurance FAQS so you can confidently protect what matters.
What is the Purpose of Business Insurance?
It’s all about protecting your business from considerable, unexpected costs. If something goes wrong, your insurance can help cover the bills so that you and your business can keep going without a substantial financial hit.
What Does General Business Insurance Cover?
General business insurance typically covers your business against perils such as theft, fire, rain, and floods. Our business insurance allows you to choose from up to 20 cover sections to tailor your policy to your specific needs.
- Buildings Combined: Cover for physical damage to your business building.
- Office Contents: Protection for office equipment and furniture.
- Business Interruption: Compensation for loss of income due to unforeseen disruptions caused by an insured peril.
We also offer specialised cover for industries such as veterinary services, churches, and hospitality businesses.
What Insurance is Most Important for a Business?
That depends on your business type, but most need:
- Cover for Building and contents as well as plant and tools
- Public liability insurance in case someone gets hurt or takes legal action against you
- Cover for business vehicles such as bakkies or vans
- Business interruption insurance
- Electronic equipment cover to protect your computers
What Type of Business Insurance Do I Need?
That depends on your business. We’ll look at:
- What kind of work you do
- How many people you employ
- What assets or equipment you want to cover
- The area in which you operate your business
Pro tip: Our team is ready to chat and help you build a tailored insurance package that is relevant to your business and makes financial sense.
What is Covered Under the Fire Section?
Our fire section provides coverage for damage caused by:
- Fire or lightning
- Earthquake or explosions
- Storms, wind, water, or hail
- Impact damage (from trees, vehicles, satellite dishes, etc.).
A full breakdown of the cover and conditions can be found in the policy wording.
Does Business Insurance Cover Company Cars?
Yes, if you choose commercial vehicle cover. Your business cars, bakkies and delivery vans can be covered for:
- Accidents
- Theft and hijacking
- Windscreen for replacement or repairs
- Hail damage, which is a genuine concern in some areas of our country
- Third-party liability (damage to someone else’s property)
Bonus: Our business vehicle policies are issued with an Open Driver clause. This means that anyone with your permission and a valid South African driver’s licence may drive the vehicle.
What is SASRIA Cover?
SASRIA (South African Special Risks Insurance Association) is included in your policy at an additional premium and provides cover for damage to your property caused by:
- Riots, strikes, or public disorder
- Civil commotion
- Acts with political, social, or economic aims
What is Business Interruption Insurance?
If a fire or severe storm, for example, forces you to shut down your business temporarily, business interruption cover helps you stay afloat. Cover is based on your gross profit which includes:
- Rent
- Staff salaries
- Lost profit
- Moving to a temporary space.
How Much Does Business Insurance Cost in South Africa?
The cost depends on your insurance needs. Our trained staff will ensure that you get the best premium that works for your business and your budget.
What Should I Do to Keep My Business Insurance Expenditure Low?
Here are a few smart ways to save:
- Bundle different cover options under one policy
- Look after your property as if you do not have any insurance cover
- Install security systems such as alarms or cameras
- Avoid frequent, small claims
- Opt for a higher excess and budget for it.
What is Risk Analysis?
Risk analysis helps us identify what could go wrong in your business so that we can:
- Recommend the right cover
- Set a fair premium
- Spot potential gaps or risks and make sure you’re adequately protected
Final Thoughts: Get the Most Out of Your Cover
Do you still have questions? No problem! These business insurance FAQS are just the start. Every business is different, and our team is here to help you find the right cover to protect yours. Get in touch today for personalised advice or a quick, no-fuss quote with dotsure.co.za.
