No one ever really needs insurance, until they are in a situation where they absolutely do, and then you can be sure that when moments like these arise, you will thank your lucky stars that you are insured. Insurance cover exists for those “what if” situations. Those moments that you hope won’t ever happen, but they almost always do. When life happens, you can rest assured if you are adequately insured.
We understand that times are tough, and most people are struggling to make ends meet at the end of every month, so we’ve narrowed down the top three areas we think are non-negotiables when it comes to cover. This may differ from person to person, depending on age or occupational risk factors, but speaking generally, here are the top two policies you should have in place.
Photo by Michael Jin on Unsplash
There are approximately 900 000 vehicle accidents on South African roads every year, and around eight million uninsured vehicles. The maths is frightening! If you’re uninsured, and you have an accident with another uninsured vehicle, who foots the bill?
Vehicle insurance covers you against damage to, or total loss of, your vehicle in the event of an accident. It can also cover you for the cost of repairs to another vehicle if the accident was your fault.
Vehicle insurance also covers you if your car is stolen – and one in every 350 South Africans has their vehicle stolen every year.
Who needs household cover? Consider this: between April and December 2016, an average of 61.3 houses were robbed each day in South Africa. Household insurance gives you financial cover for the cost of replacing items that have been stolen from your home. It also covers accidental damage to items, as well as loss through acts of nature, such as: weather (flood, hail and wind damage), fire, and earthquakes. Our thoughts are with all those who lost their entire life’s contents in the devastating Cape Town fires recently. Our hope is that these people had decent household insurance.
Business Interruption Cover
Business Interruption Insurance helps to financially protect companies against the impact of an unforeseen event. The consequential financial losses a business could sustain because of a long-term interruption in the business trading can often lead to business termination. Business Interruption cover is crucial and should be seen as a vital part of a continuity plan for a business. It insures a business against loss of revenue and helps it to continue to pay overheads and expenses during a period of downtime. Business interruption insurance helps a business return to the same financial position it was in prior to an incident.
The experienced team at CC&A strive to provide our clients with a comprehensive range of insurance products across all business sectors. For any queries, concerns, additional information, or quotations required, please do not hesitate to contact us. (firstname.lastname@example.org)