9-point business insurance guide

With financial yearend approaching, now is the perfect time to reassess your business's insurance policies to ensure adequate cover and compliance for the year ahead. 

We have compiled a 9-point guide to assist you:

1. Use a competent, reliable broker: Ensure your broker has commercial experience, and is up to speed with the latest regulations, laws, insurance issues and products pertaining to your specific industry.
2. Update your inventory list: If you have added new equipment or stock lines to your business, add these to your inventory list. Assess if the values of any items covered under your current policy have appreciated/depreciated.
3. Re-evaluate your vehicle cover: Vehicles depreciate year-on-year. Make sure you update your policy with the latest valuation, and include any new designated drivers to the policy schedule. Ensure anti-theft systems as required by your insurer are working correctly.
4. Do you have riot cover? South Africa has seen a number of violent protests in recent years for which many small and medium businesses were not adequately covered. Ensure your business has sufficient cover for this risk.
5. Check for compliance changes: Regulation amendments can result in changes to insurance policies. Ask your broker to verify any changes that may affect compliance with your insurance policy.
6. Get a debit order for your premiums: Your insurance premiums must be paid on time to enjoy uninterrupted cover and reduce any risk for non-payment in the event of a claim. Using a monthly debit order ensures premiums are paid timeously.
7. Undertake a risk audit: Evaluate your business's current risk profile and key risks to loss, and identify the best solutions to transfer, minimise or eliminate the exposures identified
8. Ensure alternative power supplies are compliant: Load shedding is having a detrimental effect on businesses, forcing firms to install alternative power sources. Such systems must be installed by qualified professionals and all necessary certificates must be issued to ensure compliance with your insurance policy.
9. Do you have emergency contact numbers for your broker and assist services? Contact Reliance Insurance Brokers on 011 726 3440 or 083 299 7866 for the contact details of any assist services you need.