From the day an entrepreneur starts a business, he exposes himself to certain risks. Even before the first employee is hired, a business is at risk, making it important to have the right insurance in place. Fortunately, businesses have access to a wide range of insurance types to protect them against these dangers. Here a list of 7 types of business insurance in south africa , that a business must have in place as soon as possible.
1. Physical assets
Whether a business owns or leases its space, property insurance is a must. This insurance covers equipment, signage, inventory and furniture in the event of a fire, storm or theft.
2. Vehicle insurance.
If company vehicles will be used, those vehicles should be fully insured to protect businesses against liability if an accident should occur. At the very least, businesses should insure against third-party injury, but comprehensive insurance will cover that vehicle in an accident, as well.
3. Theft cover
This covers your business’s stock and equipment in the event of a robbery or hold-up.
4. Travel insurance
If your employees are going to travel frequently as part of their job, some sort of travel insurance needs to be provided by the business.
5. Business interruption insurance.
If a disaster or catastrophic event does occur, a business’s operations will likely be interrupted. During this time, your business will suffer from lost income due to your staff’s inability to work in the office, manufacture products or make sales calls. This type of insurance is especially applicable to companies that require a physical location to do business, such as retail stores. Business interruption insurance compensates a business for its lost income during these events.
Where to Start your Search for business insurance
Below is a list of insurance companies that provide business insurance products across a wide spectrum.