Electronic Equipment

A comprehensive insurance for computers, laptops, other electronic equipment, and sophisticated gadgetry. All electronic equipment is very expensive - a company using this equipment would have to pay a fortune if something were to happen to their electronics.

Crime, fluctuating weather patterns and poor quality electronics are an issue in this country, replacing the electronic equipment makes no sense when insurance costs a fraction of the price. The most expensive and most common claims come from theft and lightning damage.

Ensure your business’s electronic equipment is covered in order to survive through all that comes with your surroundings.

Transit

Transit insurance provides comprehensive insurance for goods that are not transported per sea. Restricted cover can be taken.
Transit insurance covers:

• Marine Transit Insurance – Cover goods that are being moved by professionals.
• Home Contents Transit Insurance – Cover household goods that are being moved by professionals or you.
• Goods in Transit Insurance – Cover goods whilst being moved by you.
• Specified Items in Transit Insurance – Cover a specified item(s) whilst being in transit by you.
• Carriers Liability Insurance – Cover the operators for non-owned goods they are transporting that have been damaged because of the operators’ negligence.

The transit Insurance policies that have been listed are available for single shipment purchase or based annually to cover all shipments. Annual transit is cheaper than single transit insurance policies.

Accidental Damage

Accidental damage insurance is the Accidental damage to property or loss by any cause that is not specifically excluded, or for which insurance may be available under any other policy.

Accidental damage Insurance for sudden and unforeseen loss or accidental damage, damage as in physical damage of an item or something that has a ‘loss of function.’
Accidental damage insurance cover excludes damage caused by:

• Wear and tear
• Deterioration with age
• Wilful or deliberate acts
• Defective workmanship

Contents

Comprehensive insurance for office contents and documents.

Your business contents cost will amount to hundreds of thousands. The loss of office contents experienced if there were to be a fire, burglary or flood would be irreparable. This could either put you out of business or force you to close your business for a period of time if not covered under the right level of business contents insurance. The Contents Insurance covers all of the office contents inside the business; computers, files, chairs, etc.

Your business contents will be insured if there were a fire, explosion, earthquake, riot, malicious damage, theft, civil commotion and many other similar conditions.

Contractors All Risks

Comprehensive contractors insurance for contract works. Contractors liability can be included.

As a contractor, getting your tools, materials and building works you are using while under the contract covered against loss or damage is very important. Also known as contract works insurance and plant and materials insurance.

This contractors insurance cover provides accidental and malicious damage and theft at a contract site, it includes work in progress, tools, and fixed and unfixed materials on site. Based on the equipment you use, you choose the level of contractors insurance cover you wish to use.

Directors and Officers Liability

Directors and Officers insurance Liability cover is the breech of a fiduciary duty by a director or officer of the business.
Many officers and board of directors might receive financially crippling lawsuits; they are exposed to increased risks because of their varied fields of talent.
They can be held responsible for different issues, including:

• Health and safety
• Data Protection
• Maintaining satisfactory accounts
• Fraud
• Negligence

Directors and Officers liability insurance (D&O) ensures the directors, officers and the company are protected against such damages. If the director or officer accidentally acted outside the terms of reference, compensation and legal fees will be covered by the D&O insurance. On the other hand, if the act was deliberate then it might not be covered.

Employers Liability

Employers Liability insurance is the liability towards employees upon death or injuries whilst on duty.

Being an employer, all responsibility for the health and safety for your employees whilst at work, is on your head. If they are ill or injured they might claim compensation from you because they believe you are responsible. The Employers’ liability insurance helps with claims that you are legally accountable to pay.

If the health and safety rules are not implemented, resulting in an accident, Employers Liability insurance will provide workmen compensation insurance against employees’ claims that they have suffered an injury or illness in the time frame of their employment. It is compulsory for all employees to have Employees Liability insurance. When the policy is taken out or renewed a certificate will be issued which needs to be displayed where it is visible to employees.

Fidelity

Fidelity insurance is the loss of money and suspicious loss of property due to dishonest employees.

Theft, embezzlement, forgery and computer crimes can be insured under Fidelity insurance. The loss of property will be covered while the property is on the premises, while it is in transit, and temporarily in a different location.

Employee dishonesty takes many shapes so the Fidelity policy needs to be read thoroughly to foresee the exclusions. Taking out a Fidelity bond will cover the funds of your business and the people who have access to them, with this you will save on premiums because it is less expensive and more specific. Fidelity insurance differs where it protects the loss due to employee dishonesty in general.

Fire

This forms under the umbrella of the loose term, property insurance. Fire cover insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance and boiler insurance all fall under Property.

This can be protected against the damage caused by the natural elements of fire, flood, earthquake, storm, lightning, explosion, theft and other specified perils in respect of the building, machinery, stock and other contents. These damages may be irreparable and business revenues will be disrupted because the business cannot be open.

Machinery Breakdown

Machinery Breakdown insurance is for the unforeseen and sudden physical loss of or damage to machinery.

Because of all the technological advances, it is essential to have Machinery Breakdown Insurance in the insurance program. When the unexpected happens, the damage of expensive machinery equipment will delay or interrupt mass production, which in turn affects cash flow.

This ensures:

• Losses from steam explosion, mechanical breakdown, or electric arcing.
• Losses to property of others in your care, custody or control.
• Repair or replacement costs for damaged property

Machinery Breakdown Business Interruption

Business Interruption insurance for the loss following the interruption of, or interference with the business, in consequence of damage to property insured under the Machinery Breakdown and business interruption insurance policy.

Money

Financial insurance for the loss of money in the form of cash and cheques, theft and loss of money happens every day.

Businesses such as restaurants, pubs, and cafes handle significant amounts of money daily. This money needs to be kept safe and make it to the bank without hassle in order for every business to run smooth. Even in the case of losing a small amount, like a few thousand will still affect your business, this is why you need financial insurance.
There are policies that account for financial insurance against these types of losses for small businesses.

Motor

Motor insurance is the comprehensive or limited insurance for every vehicle.

Your car can be insured for private, business or professional use. Private use is driving along familiar roads between your home and workplace. Professional use of Motor Insurance is where the car is a part of the work function, for example a Lawyer, Doctor, Architect, etc. Business use is the combination of private and professional use.
You can have motor insurance for market value, retail value, trade value, and especially agreed value.

Professional Liability

Professional Liability insurance is compensation due to the negligence or failure of professional person’s.

This is also known as Errors and Omissions insurance and professional liability is crucial to any business. The professional person / policyholder is protected against claims that they are legally obligated to pay as a result of an error or omission in their professional work. Clients hold professionals responsible for errors, or the failure of work performance as promised in the contract. It is clever to purchase this professional liability insurance before the product launch or before having customers. Mistakes do happen, ensure your mistakes, and also the mistakes of the employees and Independent Contractors you hire are covered.

Public Liability

Public Liability is the liability towards third parties upon death, bodily injury, illness or damage to property that may arise from the activities of the Insured.Products public liability and defective workmanship can be included under this section of the policy, and in certain instances include specialized liabilities such as product recall.

All businesses have a duty to look after their employees, in all shapes and forms. It is especially important for businesses that manufacture products to have public liability insurance because their products can potentially cause damage or harm. One claim could send your company into bankruptcy in the litigious society of today.

Public Liability insurers have the duty to defend, indemnify and to settle a reasonably clear claim.

Riot Cover (SASRIA)

Riot cover is for the loss or damage to property due to riots/strikes, which is insured under any material, damage policy including Business Interruption.

SASRIA is the South African Special Risks Insurance Association. It covers many risks in South Africa, however War risk is specifically excluded. SASRIA increases the Riot cover insurance that the insurer offers, unless the insurance company does not want to assume risk for it.

Riot Wrap

Insurance cover available for non-SA risk for riot and strike, can also be extended to include insurance cover that is not available from SASRIA within RSA.

Theft

Theft Insurance for loss or damage caused during theft.

Replacing stolen items can be expensive; having theft insurance is much cheaper. Peace of mind is also an exhilarating factor - knowing that your business is insured and protected from any incident of theft is settling.

Please note that theft insurance does not cover any loss or damage from any type of fire, explosion, flood, or anything that does not have to do with one forcefully removing or damaging the object.