A lot of new companies forget the importance of business insurance. For a new company to have a loss of a vehicle or stock could be devastating to the company.
Most new companies will apply for a loan to purchase stock or assets, imagine having to pay back the loan for stock that got stolen. That could cripple your company before it even sets off, that’s where the importance of business insurance comes in.
Depending on the type of business you will do, business insurance might be essential for instance, you’re a plumber and your fixing a water pipe at a shop. You fix the break but in the middle of the night your repair breaks and damages millions of rands worth of stock. Will you have the funds to settle?
These days companies try and avoid using or having cash due to theft. Business insurance will cover you for this, whether it is theft on your premises or in transit to the bank.
Public liability business insurance, we have all heard of those stories of a customer falling in a shop, injuring themselves and sue the business for millions.
Mother nature is something to be considered. Hail damaging your store or stock in transit to your customer. Rain flooding your stock room or even damaging carpets. Lighting damage to your computers, machinery and other sensitive equipment.
Tools, say for instance you have a really expensive machine and an employee accidentally breaks it. Not only will you have to repair or replace the machine which in itself costs you money but there will also be a loss of income.
Simple negligence, we have experienced this ourselves. There was a water cut, someone left a tap on with the plug in the sink, later in the night the water came on and flooded our offices damaging the carpets, desks and skirting boards. Having business insurance just cost us some inconvenience and not money.
We are not affiliated with any insurance company or stating that you will be covered for the above but merely advising on the importance of business insurance.