Photo by Nick Morrison on Unsplash
2021 has been a difficult year for many. It has presented countless challenges to South African citizens and, in particular, business owners. But with these unique challenges, we have all learnt many things along the way. After reflecting on this year and what it has taught us, we thought we’d share a thought or two with you.
3 Lessons Learnt from 2021
1.Anything Can Happen
From one morning to the next, one can wake up and be presented with vastly different challenges and opportunities. From riots and looting to COVID restrictions and the many industry opportunities that have popped up along with it, our lives can drastically change in a short period of time. Which is why it is necessary to sit down and think about the risks that are most real to you and your business, and to ensure you get these covered. SASRIA cover, for example, is a necessary policy for all South African business owners in light of the volatility faced in our country.
2.You Need to Plan Ahead to Get Ahead
With the ups and downs of load shedding this year, businesses that thought ahead and were quick to act on ways to power up independently were able to better buffer the blows of this productivity and income killer. While inverters and UPSs are not within everyone’s financial reach, a strategy and brainstorm of productive things to do when the power is out is something that everyone can do.
If you are lucky enough to afford backup solutions, it is wise to sit down with your broker to make sure that your commercial policies cover these, along with any electronic equipment that could be damaged as a result of loadshedding-related surges.
3.Keep Record of Everything
This year, we saw an increase in the number of claims relating to building damage. Upon taking out building cover, we urge our clients to send their broker multiple pictures of the condition that their building is in, and to always keep record of every measure taken to prevent damage, such as receipts of renovations and maintenance costs.
The onus lies on the building owner to ensure that the building is maintained regularly (often harsh weather claims reveal that buildings are in poor condition and so damage is far greater than what it may have been if roofs/gutters/waterproofing etc. were in good shape. In such cases, insurers then call for the insured to contribute to the costs of repairs, as a policy condition is that buildings should be properly maintained).
Adding to the idea of keeping record of everything, we encourage clients to move all important documents online, and make use of cloud computing to ensure that if such documents are ever lost in flood or fire, there is always a backup of them.
Would you like to get a head start for 2022? Our brokers will be available to assist you throughout the holidays. So, if you’d like to inform them of any changes, update your evaluations, or get advice on the best insurance policies to take up in order to cover your unique risks in the new year, please don’t hesitate to get in touch.