Keeping a business running is no small task, and to effectively do this, business owners need to constantly be one step ahead, accommodating or planning for whatever they are able to.
However, not every business owner or manager is well-versed in the business of risk and, therefore, may have certain blind spots or vulnerabilities when it comes to commercial insurance.
To help you foresee the most common business risks, we’ve drawn together a list that you can refer to when in doubt.
Motor Cover. This is perhaps one of the most important types of insurance for business owners (and especially businesses who rely on their vehicle to make an income). No vehicle means no deliveries, no meetings, no networking and no means to ensure that everything is running as it should. When you get motor cover, make sure you think about factors such as whether you want your vehicle contents covered and whether you want to have cover for a temporary rental to get you from A to B while your car is being taken care of or replaced.
Business Interruption Cover. This is a non-negotiable. Businesses face all kinds of interruptions in the way of events that prevent them from keeping that cash flowing in. With this cover, you can ensure that salaries and vendors are paid and that blows that may have otherwise knocked your business back beyond the point of recovery, are only a temporary setback. Note that with this type of cover, business owners need to specify the estimated time it will take to get their business back on track again.
Cyber Liability. In this day and age, cyber liability is crucial. It’s not a matter of if you will need it, it’s almost always a matter of when. Any sensitive or confidential data (whether belonging to your customer, client, or yourself) is covered with this insurance. So, if anyone ransoms your data or breaches into private databases, you can rely on this cover to pay for the cost of recovering or restoring your data and for any run-on affects from it – such as someone suing you for compromising their private information (this is especially important in light of the POPI act).
Professional Indemnity Insurance. If your business provides advice or a specialised service (think of lawyers or corporates dealing with outsourced services), this cover is aimed at safeguarding your finances and reputation in the case of legal costs and claims against you (whether it’s due to an error or omission, on the part of any professional in your business, that costs you your hard-earned cash).
While this list serves to help you get all-round cover, it is by no means a one-size-fits-all list, as each business is unique and will have different cover requirements.
Our brokers, at CC&A, can help make sure you don’t over or under insure or get cover that’s irrelevant to your industry. They can also help you save on any costs that may come with overlapping cover. At CC&A we know business risks inside and out and as brokers, we are best suited to getting you the best insurance policies for your budget and ensuring you have all your bases covered. Call a broker today to get expert commercial insurance advice.