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The Trick To Customising Your Business Insurance

Business insurance is more than an item you tick off of your entrepreneurial to-do list. It’s the crucial cushion that you need in this day and age where the risks of owning your own empire are more present than previously thought possible. It’s the type of insurance that should intentionally cater to the specific needs of South African business owners and entrepreneurs.

The thing is, every business is unique and every day you face unique challenges, risks, and threats. It’s no longer a case of getting a ‘1-size-fits-all’ type of business insurance. You just can’t get away with that approach anymore. Thankfully a number of insurance companies in South Africa have risen to the challenge and are capable of tailoring cover for your business’ particular needs.

Let’s explore how you go about customising your business insurance policy.

Don’t let the fear of under-insurance stop you

Some businesses have shied away from customising their cover lest they mistakenly get a less comprehensive policy, and this is an important factor to consider. After all, the last thing you want is to be under-insured.

Essentially, before you start the process of crafting your own cover, you need to identify and quantify your risks. Starting with the physical stuff. We’re talking about the assets your business has which could suffer from damage or loss, like your buildings, stock, equipment, and vehicles. Next, consider the obvious risks that businesses like yours in your industry are vulnerable to, like malpractice or stock theft.

Once you’ve thought about the general points of vulnerability, you can move on to the specifics. This is where the process of tailoring your cover really comes into play.

Get specific to tailor your policy

Then it’s time to get specific, because while many of the risks associated with your industry could be relevant to your business, there are more than likely several less obvious risks. Areas where only your business could be vulnerable, as well as areas where you’re less vulnerable.

An easy way to get specific about your business’ needs is to create a risk profile and break this into 2 columns. The first column is filled with your business assets and the second is filled with your business operations. Once completed, you have a good idea of what cover you need (and what you don’t need).

Naturally the options available for you to add to your policy will differ, depending on which insurer you go to. A cursory look at this offering over here, reveals that you can either choose a policy based on the type of business you run, including policies prepopulated with specific cover for hairdressers, pharmacists, engineers, and schools. Or you can choose from a comprehensive list of cover types, including business interruption, electronic equipment, fidelity, goods in transit, machinery breakdown, office contents, and theft.

Consider a broker

Getting the right kind of business insurance can be complicated and if you’re worried about leaving anything out or paying for too much cover, then perhaps it’s worth considering getting a broker on your side. Arguably, working with brokers who are qualified to best advise you on your business risks is the ultimate seal of protection. An experienced broker will help you build an open, clear, and honest relationship with your insurer, the kind that enables the creation of an effective business insurance policy.

In fact, this particular insurance company will only work through brokers when it comes to delivering policies of the highest calibre. They’ll even hook you up with a qualified broker if you don’t have 1, so if you’re interested in finding out more, just click here.

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  1. Very interesting. Thank you for the information.

  2. Business insurance is essential – there are so many things that could happen and your business will suffer for it big time.

  3. I’ve got my own business and I really need to set up my business insurance. It is something that I have been nervous about doing because I feel like I don’t understand what I need. Thank you for these pointers and the kick in the pants to get this done.

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