Business Insurance Explained – Part 1
In this edition of our blog, we’re taking a closer look at the world of Business Insurance.
We’ll explore the different types of insurance cover available for businesses, from SME’s to large organisations, and find out why getting the correct business insurance – via a broker who understands your unique requirements – is so important.
Let’s get down to business, starting with explaining exactly what “business insurance” is.
According to Insuranceopedia, business insurance can be broadly defined as:
“Insurance that protects commercial enterprises from any losses that occur during the normal course of business.”
Types of Business Insurance
Doing business inevitably involves being subjected to certain risks, and business insurance exists to mitigate these risks.
Due to the varying nature of the business world, companies need to carefully consider all potential risks to ensure their specific needs are met.
There are many kinds of cover available, ranging from liability and professional practice cover (which we’ll take a closer look at in Part 2 of this feature), through to;
- Fire and Allied Perils
- Office Contents
- Business Interruption
- Accounts Receivable
- Fidelity Guarantee
- Business All-Risks
- Accidental Damage
- Public Liability (including Products Liability and Defective workmanship)
- Employers Liability
- Group Personal Accident
- Stated Benefits
- Motor Traders – Internal and External
- Electronic Equipment
- Machinery Breakdown
- Deterioration of Stock
Having to consider all the potential risks, as well as going through the list above, sounds like a potential insurance minefield and is enough to give anyone a headache.
This is exactly why it makes sense to talk to your broker, so that they can guide you through understanding exactly what you need for your business.
Genesis Business Insurance customers benefit from the highest quality personalised advice, and leading insurance solutions from the country’s top-rated insurers.
But it doesn’t stop there – they also get access to a range of exclusive benefits on top of their cover thanks to Genesis Assist.
What is Genesis Assist?
This exclusive offering includes a selection of benefits, including:
Roadside Assistance benefits
We will provide members with comprehensiveRoadside Assistance as a result of a roadside emergency. This service is available 24/7/365 days a year. This service is available in all major metropolitan areas of South Africa including Swaziland and Lesotho.
Emergency Medical Services
Members will receive emergency advice or have the necessary support organized, by utilizing the 24-hour Contact Centre. Emergency Medical Services assist with medical transportation, referral arrangements to medical practitioners and facilities, and emergency telephonic advice and information.
Emergency Office Assistance
The Office Assistance programme provides assistance to the member when they are involved in an Office Emergency. An Office Emergency means any sudden, unexpected and/or unforeseen event at the member’s office requiring the immediate and/ or urgent services of a domestic tradesman to limit/ minimize or prevent further damage to the office.
Members have access to a unique service that is designed to take the hassle out of licence, disk renewals. Licence Expert will work with members to firstly notify them of licence disk renewals, and then provide a quick, easy and painless channel to get these licences renewed, with the added benefit of having your licences delivered to you.
Members have access to a unique service that is designed to take the hassle out of traffic fines. Fine Expert will work with members to firstly notify them of all fines, and then provide a quick, easy and painless channel to get these fines paid, with the added benefit of fine reductions for members.