When you run any business, you have risks. Business insurance is a critical part of your monthly business investments.

There is a variety of business insurance that you can take out to protect yourself and your business from tragic outcomes.

Personal body injury coverage

If your business or operations causes any injury to another person, liability insurance can kick in, and it can cover staff or the public. Although South Africa is not as litigious as other countries, it is moving this way.

Property damage insurance

If your business or the operation thereof causes any property damage, you can also cover the loss with property damage coverage with liability insurance.

Advertising liability insurance

In the event of a copyright infringement, you can cover yourself with advertising insurance. It is not a way to throw caution to the wind, though. You still need to do your homework not to do this on purpose.

Business disruption insurance

As many companies found out during the lockdowns during the pandemic, the wording on the document needs to be precise. You can insure your business against the business disruption that is not your fault.

Trade Credit Insurance

Insure your debt in the event of a client not paying you. It is also a key element when you deal with large sums of money and have a list of creditors and debtors essential to your business’s successful running.

Security and political unrest

You can insure your business against political unrest via Sasria.

The riots and business damage experienced in 2021, especially in KZN, are good examples of this insurance that can get you back up and running again.

General theft and equipment damage

Always check your policy wording to ensure you are compliant when you insure your equipment against malicious damage, accidental damage, or any issues while transporting it from one area to another.

Insurance companies may word a policy in such a way that it can be ambiguous. If you are unsure where the lines get drawn, get your insurance company to reword the policy so that you understand it.

Many businesses took insurance companies to court over the definition of business disruption linked to the Covid-19 closures by the government. The Insurance companies lost these cases. It is essential that you are 100% happy with what you are covered for from a business standpoint.

Bizcash is a South African business that looks to grow and develop SMME’s in SA. For Credit Trade Insurance or business finance options, get in touch with us on 0861 93 93 93 or email us on info@bizcashscf.co.za or contact us here.

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