BUSINESS INSURANCE

Transporting Goods

If your company ever transport stock, goods, tools etc (in any form), the vehicles used to carry this stock cannot be insured on a private policy, even if it is insured for business use.

Vehicles that carry goods, stock or equipment must be insured on a commercial policy, and insurable interest must be secure. It is vital that you inform us should a vehicle cross any borders.

Should your driver cause an accident under the influence of alcohol or your vehicle is not roadworthy you could be prejudiced in the event of a claim.

This cover excludes Mechanical and Electrical Failure.

Covers loss of or damage to items specified and listed on your schedule whilst at an insured premises or while temporarily removed to another place. Cover includes theft, accidental damage, fire, lightning, etc.

Reconsider the current replacement values of all of your electronic equipment each year. You can save on premium by checking your insured values each year as the price in replacing electronic equipment decrease

All “data processing” equipment needs to be specified under this section, for example, desktops, printers, PABX Systems and software.

Make sure you have lightning protection plugs installed for this is a requirement.

There are extras that you can insure under this section, namely Increased cost of working ( the cost to rent a computer after a covered loss) or reinstatement of data (the cost of employing a person to load data after a covered loss).

Mechanical and Electrical Failure or Wear and Tear is not covered.

Cover Stock, Equipment, Plant and Machinery, Industrial Buildings etc. The fire section covers damage resulting from fire and explosion as well as water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices, etc.

The sum insured must always reflect current replacement value as it will affect you negatively if you are underinsured.

When insuring a building, the sum insured should include additional costs such as Professional fees, Architect fees and Engineers fees etc. Subsidence or landslip is an optional cover.

Geysers have to be specified.

Covers the loss of or damage to buildings, walls, driveways, fences etc. It covers damage resulting from fire and explosion, as well as for water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices.

Buildings combined is different in that it also includes theft of the building and the fixtures and fittings.

It is a requirement that there must be forcible/violent entry/exit to premises in the event of a theft claim.

The cover extends to accidental damage to sanitary ware.

The sum insured must reflect the current rebuilding cost and should include additional costs like Professional fees, Architect fees, Engineers Fees, clearing costs and VAT etc.

The sum insured must reflect and include the values of fences, gates, brick paving, fixtures and fittings , sanitary ware, etc. (unless specifically excluded).

Geysers have to be specified.

Covers the loss of or damage to the contents of the offices. This excludes any electronic or data processing equipment.

It only covers damage resulting from fire and explosion, as well as water, hail, wind, storm, malicious damage or impact from trees, animals or aerial devices etc.

Covers the financial loss following an interruption in the business at the premises for which the insurers have accepted liability under the Fire, Building or Office Contents sections of your policy, or losses caused by one of the perils.

There are extensions to this section of the policy for maximum peace of mind.

Covers the loss of or damage to all contents as a result of theft or attempted theft.

It is a requirement that there must be forcible or violent entry or exit to the premises in the event of a claim. A linked alarm is usually a security requirement.

Theft of money by employees is excluded but can be covered under the Fidelity Section of the policy.

Most insurers exclude cash being taken to the bank to between R5000 and R10 000 at a time, unless it is carried by a professional cash carrier. The transit must be direct to the bank and at least two adults should occupy the vehicle (unless professionally carried).

SABS graded safes are a requirement for the safekeeping of money dependent on the sum insured. Check your schedule to ensure that you have the correct category safe as required.

Loss of or damage to internal and external glass.

Your sum insured must include the full replacement cost of all the glass on the premises. You can specify glass like a shop front, smoking area, signage and so on to avoid under insurance.

Cover for Assets, including money and stock stolen by an insured’s staff member.

It is very important to do internal checks to avoid theft by staff members.

This covers the goods carried in the course of your business for example your stock, tools etc.

Items such as laptops, projectors, cell phones and other assets which are not “technically” stock will not automatically be insured by this section. It should be specified under the Business All Risks section.

Most insurers exclude theft cover if a vehicle is left unattended or items are not locked in  a concealed compartment.

Covers the loss of or damage to all items listed and specified in the schedule under this section, anywhere in the world, caused by accident or misfortune. Cover includes theft, accidental damage, fire, lightning, etc.

It is of vital importance that items left in an unattended vehicle must be locked in a concealed department.

Items of value that leave your premises should be specified, for example, toolboxes, laptops, generators, cellular telephones, etc.

The sum insured must always be the current replacement value.

Mechanical and Electrical Failure or Wear and Tear is excluded.

Cover for accidental physical loss or damage at the premises to the insured property.

Denting, chipping, scratching and cracking cannot be claimed for.

Compensation for which the insured is legally liable for after accidental death, injury, illness, loss/damage of property including legal fees. Property in the custody or control is excluded but can be arranged on request.

Staff and your own property is not covered.

Liability arising from professional advice is not covered.

Injury to the third party, or the damage to their property, must be due to your company’s negligence.

Public liability does not cover assumed by arrangement BUT can be arranged on request.

Cover extends to work done away from your premises, but limited to your policy territorial limits, unless the cover is on a “broad form basis”.

Defective workmanship

Legal liability from physical work done by you.

Products liability

Legal liability from products you produce.

Personal accident

Cover is limited to accidental death, disability or injuries as well as medical expenses to insured staff. Your directors and staff can be covered for accidental death, disability or injuries that occur anytime, anywhere.

With some insurers this cover is compulsory. This cover refers to Riot and Strike Risks (SA only) and covers damage or loss to property insured on the policy caused by riot, public disorder, labour disturbances, strikes etc. It applies to most sections on the policy, including the Motor Vehicle Section.

There has to be insurable interest in what is insured.

An insurance policy always follow law.

The insurer always have the option to replace, repair or settle cash for the item, in the event of a claim.