Business owners often travel regularly to overseas destinations. Chadwicks recommend that frequent business travellers take an annual travel policy, essentially covering flight/trip cancellation, liability, lost baggage, emergency medical expenses etc.
If your business owns, operates or depends upon some type of equipment or machinery to generate revenue, you need machinery breakdown insurance, should they fail due to a sudden and unforeseen event, which is insured. Equally as important, you need reduction in Gross Profit cover following Machinery Breakdown,should one of your key pieces of machinery failed suddenly (due to an insured event). A key piece of machinery which is not insured for breakdown and reduction Gross Profit following Machinery Breakdown, could have catastrophic financial consequences for your business.
Marine Cargo Insurance
Any business concern that exports or imports property, should effect Marine Cargo insurance. A loss to the property could happen at any time e.g. en route to port, whilst at sea a, whilst being off loaded etc. The risk attachment point for marine cargo insurance can be complex, since it is governed by the agreed terms of sale,which usually are Incoterms shipping terms. It is crucial that businesses appoint a qualified risk professional to assist with the construction of a marine cargo policy that is tailor made to your risk and needs.
A common mistake made by some business owners, is to only concentrate on the insurance of their own assets (sometimes called first party insurance).While securing comprehensive insurance cover on your assets is key, transferring the insurable risk exposure you have as a business to third parties, is critically important to ensure business continuation. Some example of specialized liability cover include : Directors & Officers Liability, Professional Indemnity Liability (aka Errors & Omissions), Product Recall/Inefficacy/Guarentee, Cyber Liability, Environmental Impairment Liability, Employment Practices Liability to name but a few.
Construction Insurance needs an expert broker to assist with securing suitable insurance to cover your needs. The insurance solution can only be ascertained once all the parties to the building contract are correctly identified, and the appropriate insurance solution determined, based on your contractual responsibility (insurance interest) you have, based on the agreed building contract, including liability to third parties.
Companies who have a large number of vehicles at risk or who buy and sell motor vehicles, need bespoke insurance cover for their risk. Chadwicks is proficient in designing tailor made cover for Specified Motor, Motor Fleets, Motor Funds and Motor Traders.
Chadwicks offers the most comprehensive employee theft insurance in South Africa. This insurance cover is more commonly known as Fidelity Guarantee. The risk exposure to the business is loss of money or property belonging to you or for which you are responsible stolen by an Insured Employee or Direct Financial Loss as a result of Fraud committed or Dishonesty of an Insured. In more simple terms, this policy will indemnify you against direct loss of money or goods caused by an act of theft by an employee. The potential loss can be finically debilitating, so Chadwicks strongly recommends businesses insure this risk.