Category Archives: business

Home Business Insurance

There are so many remarkable benefits to running your own home business. No more answering to a boss, no more spending a fortune on clothes to look the part and no more dealing with road rage and rising fuel costs. Here we will look at home business insurance.

You can get by without a lot of things with a home business, but you can’t get by without insurance. Your ongoing livelihood depends on it.

If you run a business from your home, chances are your homeowner’s insurance won’t cover it fully. There are just so many risks with a home business. If your computer is stolen during a robbery for instance, in all likelihood, it won’t be covered by your homeowner’s insurance as it is regarded as business equipment.

Home Business InsuranceIt’s because of this confusion that it is worth chatting with your insurance provider to find out about covering business risks.

Different Types of Home Business Insurance

It can be difficult to know which kind of insurance you need for your small business. They all have different names but boil down to the same thing. There’s theft cover, motor cover, physical assets cover, business interruption cover, Internet insurance, public liability cover and much more.

  • Because home businesses are a growing trend, insurance companies offer insurance packages that provide home- and business insurance in one.
  • There is even Renter’s Insurance which applies to those who rent their home. The coverage protects against damage to the property, contents of the property as well as personal injury within the home.
  • Public liability cover is important because this covers the loss or damage to a third party while they’re on your premises. Every business in fact, and not only a home business, needs to have liability insurance.
  • What about Commercial Auto Insurance? You may have just one company vehicle that you use to convey products and employees around. With commercial auto insurance, you can insure your vehicles from accidents and damage. Even if you don’t have a company car, but employees use their cars for company-related errands. You need some form of auto liability cover for incidences like this as well.
  • Worker’s Compensation is another kind of insurance to look at and provides cover for employees who are injured on the job. It will provide wage replacement as well as medical benefits to those who are injured while working.

Insurance Gives Peace of Mind

Having a home- or small-business policy is an important consideration as it can mean the survival of your business after something catastrophic happens. Home business insurance takes care of all those things you worry about – fire, water damage, accidents in the workplace, medical expenses and much more.

 

Remove the Dark Cloud of Worry

The risk of anything happing to your home business is unlikely. But the consequences can put you out of business forever, not to mention legal action too. Nobody wants to conduct business with such a dark cloud hanging over them. And insurance takes away this dark cloud and replaces it with sunshine.

 

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Business Interruption Insurance in South Africa

Imagine finally being able to report a profitable year for your start-up business. Imagine the horror, when a fire envelops it. And you see all your hopes and dreams going up in flames, bringing your business to a halt. All your chances to generate revenue are gone. How will you ever be able to resume business again? How can your business afford to be interrupted for a day, let alone weeks or months? Business interruption insurance is essential if you want to ensure your business keeps running when due to a fire or floods.

Covering your Financial Loss – Business Interruption Insurance

There’s a difference between property insurance and business interruption insurance in South Africa. Property insurance covers loss to the property because of fire for instance. But business interruption insurance covers the financial loss side of thing.

Any business needs this kind of insurance if you don’t want to be looking at financial ruin. Any hotel manager will tell you how guests have had to evacuate and other accommodation

Business Interruption Insurance Cover

arrangements made with them. The hotel covers the costs of this or refunds them all for the accommodation they lost. How devastating for a hotel to have to cancel any further bookings too. The worst part is for any business having to continue paying certain ongoing costs even though there is no income.

With business interruption cover, you will be ensuring your income right from the day of the fire right till the time your business is up and running as it once was.

Enjoy Ongoing Financial Wellness

Momentum is a partner if you want to enjoy financial wellness. As a financial services company, they offer a broad range of advice and insurance. They started in 1966, and their building insurance, for instance, covers you for financial losses brought about by an interruption to your business.

Optional extras for this kind of insurance include theft, machinery breakdown, landslide cover and accidental damage.

Momentum’s buildings insurance ensures your property has cover against damage such as power surges, burst geysers, burst water pipes, fire and explosions. Your property is insured for its full replacement value. Momentum covers you for these financial losses –

  • loss of operating profit
  • fixed expenses after an interruption
  • additional working expenses for maintaining normal business operations
  • interruption of certain services such as the telephone services, electricity and water supply

The beauty about business interruption coverage is that it reimburses the business owner for all those expenses during the closure time as well as the profit the company would have made during the time.

Business is competitive in South Africa. And if your company is out of action, clients will simply move on to someone else who can provide them with the products and services they need.

In South Africa, there are so many reasons that can put you out of business, and Momentum can provide the coverage you need. When your customers see your ability to overcome your setback and get back on your feet so quickly, their loyalty towards you is stronger.

 

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Business Insurance – Getting To Grips With Cover That Works

When it comes to business insurance, a number of insurance companies in South Africa come to mind. They offer you varying degrees of coverage, all in a bid to offer you the most comprehensive business insurance around. Getting quotes is easy. You can even get  insurance quotes online, which makes access to quality business insurance even easier.

Thinking of this type of insurance though, let us take a quick look at just what constitutes business insurance, South Africa being one of just many countries offering you great access to this important service.

What Is Business Insurance?

Whether you own a small or large enterprise, business insurance is important. This is because there are inherent risks associated with running a business, and these risks are both general, and very specific to your industry. You get different types of business insurance too, and all of Business Insurancethese are important. You can even get interruption insurance for those times when your business, and profit making,is interrupted, due to, say, load shedding.

When you think of car insurance and car insurance quotation, you think of holistic coverage for your entire motor vehicle. You think of covering your car against theft or hijacking, against fire and even against natural disasters. You can also get blanket business insurance, insuring your office contents, buildings, and even your business process against being compromised by hackers or other such cyber-thugs.

What types of insurance are available to you for your business, though?

Types Of Business Insurance

You get short-term and long-term business insurance. Many insurance companies also offer you very specific types of insurance, which cover your business against very specific risks. Fidelity insurance, for example, covers you specifically for theft by employees. Love them all, but trust no one, is an adage that comes to mind here. When it comes to business insurance, you cannot therefore just assume that people will not steal from you. So, when you go out and get your life insurance quotes, get business insurance as well.

Another important type of insurance is public liability insurance. This is discussed in brief in the next short section.

Liability Insurance For Small Business

When one of your employees damages someone else’s property in the course of carrying out one of your operations, you need to be covered. If, heaven forbid, during the course of running your business, an employee causes death or even injury to someone else, then you definitely need business insurance. This is what liability insurance covers.

You can get online insurance from a number of providers today, that offer you both long and short term insurance, and most of these companies will offer you this much needed public liability insurance. You need to check however, that the company that you are going with does include this specific type of cover in their overall insurance coverage.

What is important therefore is that no matter the size of your business, it is incredibly important for you to have business insurance. Even small enterprise insurance is an important part of your insurance portfolio, just to make sure that you are covered.