Business Insurance

Liability risk management should be a priority for all businesses, especially small and medium enterprises with limited resources and finances. Why? Well, for the exact reason that new and growing businesses may not have the resources and finances needed to survive a lengthy legal liability battle. So, can you survive a liability claim? Read on to find out why you can’t go without liability risk management and insurance.

Entrepreneurs come in all shapes and sizes. Some are full of big ideas, while others are better at execution. Some take risks, and others are more cautious. There is however one thing that unites all successful entrepreneurs – they took the decision to invest in a future that’s theirs to navigate. Successful entrepreneurs don’t overlook business insurance and no doubt have the following precautionary policies in place.

Floods, earthquakes, tremors, power outtages, and droughts are an inescapable part of life. This is especially the case in recent history, where these disasters (specifically their frequency and impact) have worsened due to climate change. Issues such as the poor infrastructure in a country also have an impact on aspects such as access to electricity (i.e. load shedding). Many companies and small businesses suffer losses due to the impact these disasters have on their bottom line. Is your business properly protected against flood damage, etc.?

When business owners consider risk management for their business, one of the least understood are liability risks, despite them potentially having the largest financial impact. These risks arise from bodily injury or property damage to a third party who alleges that the company and/or its employees are at fault. This article looks at what liability risks are, and why liability insurance is crucial for SME businesses

For many business owners the statement “My business is my biggest asset” would be true. It would therefore make a lot of sense to spend some time on methods a business owner can use to protect their business. For example, in most businesses there are people we call "key persons", whose absence would have an adverse effect on the profitability of the business. It therefore makes sense for the business to insure said key person’s life against death and disability. Read on to find out more about how to protect your business.

Businesses sometimes lend money to their owners. This practice is not uncommon. A problem arises if the owner/borrower dies. The business is then faced with the risk that the estate of the owner may not be in a position to repay the money owing to the business. This puts the estate at risk of being sued by the business to recover the loan. The remaining owners are indirectly at risk. If the business cannot recover the capital, then the remaining owners suffer consequential damages. Debit loan accounts can solve this issue.

Safari and Tourism Insurance Brokers (SATIB) had the privilege of breaking ground in terms of providing cover for the tourism industry for the past 21 years. From humble beginnings insuring wild game in transit around Africa, SATIB has since developed the following specialised business units for our clients: tourism and hospitality; wildlife; personal lines; industry support; and web-based products.

When you have put so much into your own business, it's important to think about the company's future and your dependents' security, at the event of your or your business partners' death or disability. This is where a Buy and Sell Agreement would come into play. Buy-and-sell agreements eliminate uncertainty, since the surviving partner(s) pay(s) fair value for the acquired share of the business. Hence the needs of the deceased partner's heirs are also met. The surviving owners have immediate and unhindered ownership of the business.

Every business owner’s main objective is to grow their business and become successful because their business is important to them. A business doesn’t only bring in money for business partners and investors, but businesses help create jobs for many people across South Africa. This is why having insurance for your business is extremely important. Not only does it protect your business, but it protects you and your employees. If you still aren’t convinced, here are some reasons why you need insurance.