Business Clients

Risk First. Insurance Second.

We always start with how your business runs. What would stall it or sink it. And only then do we talk insurance. Risk first, insurance second.

Your business was never an insurance package. Neither is our thinking.

Exposure Review

Assets|Liability|Accidents|Business Interruption|Crime

Visual Risk Analysis

It is invariably easier to visualise your business risk rather than reading long insurance policies.
Based on this we have generated a visual risk overview tool of all insurable business risks in South Africa, which is depicted below.

To use this tool, place your cursor on this icon:and click to read more.

business-diagram-4

Assets

Building

It is essential to understand what your insurance policy defines a building as. Usually, it is the actual structure with all fixtures and fitting and other named structures like driveways, gates, fences etc. Check your policy to ensure your building falls within the ambit of cover provided by your policy.

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Main Coverable Events

  • Storm
  • Fire
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Machinery

Essentially, the assets that remain, after you have insured your Buildings and Stock, are all the other Contents and Plant & Machinery. The main events covered by commercial policies for Contents, Plant & Machinery are Fire and Storm.

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Main Coverable Events

  • Storm
  • Fire
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Stock

A common definition of stock is “the goods or merchandise kept on the premises of a shop or warehouse and available for sale or distribution”. Raw materials are those assets, materials or substances used in the primary production or manufacturing of goods.

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Main Coverable Events

  • Storm
  • Fire
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Office Contents

This section of the policy looks to cover contents or furniture found in an office, including your landlord’s fixtures and fittings or for which you are responsible, other than electronic data processing equipment. Some examples may include desks, cabinets, dry walling, office chairs, office crockery etc.

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Main Coverable Events

  • Storm
  • Fire
  • Theft
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Electronic Equipment

The correct setting of your sum insured is crucial, to avoid Proportionate Underinsurance penalties applying at claim stage. Invariably, the sum insured must always represent the New Replacement Value of all insured electronic equipment, inclusive of VAT.

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Main Coverable Events

  • Storm
  • Fire
  • Theft
  • Accidental Damage
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Business All Risks

All businesses, regardless of size, generally need a lot more risk protection than simply property or vehicle insurance in order to protect their assets, and this is where an all risks business insurance policy in South Africa is vastly beneficial.

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Main Coverable Events

  • Storm
  • Fire
  • Theft
  • Accidental Damage
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Commercial Motor

The accident rate on South African roads continues to skyrocket. Business insurance should therefore include adequate motor insurance to protect the organisation against insured motor losses, as well as liability to third parties, which arise out of the use of the motor vehicles.

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Comprehensive Coverable Events

  • Storm
  • Fire
  • Theft
  • Accidental Damage
  • Liability
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Goods in Transit

Assets, whether they are sold, purchased or needed as manufacturing components, are moved within the RSA on a daily basis. Often, the value of the property transported is high and should be transferred to an insurance policy, via a Goods in Transit Section, as events like theft, hijack, fire and accidents can occur at any time during the transit.

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Main Coverable Events

  • Storm
  • Fire
  • Accidental Damage
  • Whilst in Transit
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Liability

Liability to 3rd Parties

Liability Insurance in South Africa can be explained as follows: South African law is basically divided into two distinct spheres, namely criminal and civil law. An action by a person can have both civil law and criminal law consequences, but the two fields have entirely different applications.

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Main Coverable Events

  • Civil Legal Liability arising from accidental damage to Third Party Property or death/injury to Persons
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Accident to Persons & Property

Personal Accident and Accidental Damage

It is a known fact that human resources are integral to the success of any business, and it follows that these resources should be protected and insured as far as possible. Commercial short term insurance policies are able to cover eventualities like death and permanent disability, including a few other insured events, following accident to insured persons.

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Main Coverable Events

  • Accident
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Glass

Fixed glass needs to be specially insured for accident. In terms of setting the sum insured, it is a simple case of contemplating the highest financial loss you would envisage following accidental damage to glass from an event.

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Main Coverable Events

  • Accident
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Consequential Loss

Business Interruption

Fire and Natural Perils (Storm, Wind etc) are all unexpected disasters which may result in your business having to shut down or to limit its operations, unless you have insured the reduction in Turnover risk following such a disaster.

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Main Coverable Events

  • Reduction in Gross Profit/Revenue following Fire or Storm
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Accounts Receivable

Most businesses have accounts receivable as part of their monthly management accounts. These are simply outstanding debit balances, essentially monies owed by the client to the business, for goods purchased or for services rendered by the business.

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Main Coverable Events

  • Accident
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SASRIA

Riots & Strikes

This is unique cover against risks such as civil commotion, public disorder, strikes, riots and terrorism, making South Africa one of the few countries in the world that provide this insurance, particularly at affordable premiums.

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Main Coverable Events

  • Riots & Strike for Assets
  • Business Interruption
  • Money and some Specialized sections
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Crime

Theft

This essentially looks to cover theft of property, subject to forcible and violent entry to a building. In terms of setting the sum insured, it is a simple case of contemplating the highest financial loss you would envisage following theft of property from your building.

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Main Coverable Events

  • Theft
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Money

Money, this essentially looks to cover theft of money from the premises and in transit. Typical requirements include that money is left in a locked safe (the higher the amount insured, the higher the specification of the safe), is carried by armed cash carriers, left in drop safes etc.

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Main Coverable Events

  • Storm
  • Fire
  • Theft
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Fidelity Guarantee

Financial crimes, committed by employees, are often far more debilitating to businesses in South Africa. In fact, Chadwicks views this as a catastrophic financial risk, which should always be transferred to an insurance policy.

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Main Coverable Events

  • Employee Theft
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