BUSINESS INSURANCE – KNOWING YOUR OWN WORTH, AND A TAD MORE…
An integral part of growing a successful business is foresight, the ability to plan ahead. In the volatile markets we find ourselves in lately, critical planning and knowledge play a pivotal role in successfully navigating the road ahead and ensuring that any venture embarked on will yield positive results in the future.
Just as demographics and market stability plays a role in regards to business, Insurance plays a role in giving peace of mind: knowing that no matter what happens, the doors will still open tomorrow. But there are other facets that are often overlooked, especially when it comes to growth, and the re-evaluation of what exactly you are covered for.
As most stable businesses expand, acquisition of new equity is a normal process, whether it be fleet, property or the hiring of additional staff to cope with the growing workload. Sometimes changes are so sudden that key elements in regard to updating a specific policy are overlooked, leading to a business paying either too much for what they don’t have, or having valuables not covered at all.
YOUR BUSINESS IS UNIQUE
Business diversity is definitely a fundamental point to consider when assessing what exactly you and your company should be covering. Various businesses will have different elements to consider in the insurance process, such as operations unique to a specific business. This for example will include employees working with dangerous equipment such as in the mining industry. Are you covered in the event of an accident happening in circumstances related to your specific industry?
This would require you to determine whether or not you have adequate cover in such a case. It might also require you to add on to your existing policy, making 100% sure that you have all bases covered in the event of you needing to take advantage of that specific policy.
DOES YOUR INSURANCE GROW WITH YOU?
As your business grows from strength to strength it can lead to a substantial growth on your current insurance premium as well. Make no mistake, rapidly expanding enterprise is a wonderful thing, but business owners should always ensure that their coverage encompasses all aspects of the business as it expands.
Owners should conduct an annual reevaluation of the exact coverage they currently have, and even more often if the projection for growth might happen faster than they anticipate. It is vital for any business to be able to conduct business, without concerns of this nature.
THE SAME APPLIES FOR OVER PAYING.
If a business has scaled down, or more specifically having been forced to cut back on employment or property (smaller office), or if the function/job that the business conducts has changed, you might actually be over paying for cover that you do not necessarily need. It is important that you always remain aware of what is and will be the status of your business regarding what needs to be protected.
SAY HELLO HOLLARD BUSINESS INSURANCE
Hollard has had year of insurance experience and people who care. We therefore offer products developed specifically created to cater for the particular needs of a business, whether it be large-scale operations such as mining, or personal business ventures. Our doors are always open to discuss and give advice to anyone interested in knowing exactly what makes Business insurance such a vital element of any successful enterprise, what they pay for, and what they should pay for – because integrity is a Hollard way of life.
With products ranging from Business Insurance cover (BI Cover), farmers insurance, marine insurance, engineering insurance and a wide range of available guarantees and liability policies, we at Hollard understand the finer details of the trade, and will stand by and support our clients just as have through the years, diligently and respectfully!
SAY HELLO TO BIZLIFE
As part of our commitment to deliver innovative and cost-effective insurance solutions that are tailor-made to suit the needs of our clients on different levels, the BizLife product was specially designed to cater for the lower-end of the market (especially SMEs and farmers). BizLife is a simple yet affordable group life product that offers multiple plans with different covers/benefit amounts. The client has an option to select one plan that best suits their insurance needs. Benefits are offered as flat benefits and include all of the following:
This benefit provides a lump sum benefit as per the selected plan, on the death of the Business Partner, Owner or Employee. If selected at quotation stage, there is also a lump -sum benefit payable on the death of the spouse or children of the Business Partner or Owner and the employee.
This benefit provides a lump-sum monetary benefit as per selected plan to an individual on diagnosis of a covered disease that can assist with medical and other illness-related costs. This benefit is linked to the death benefit and therefore, accelerates the death benefit. However, an option to restore the death benefit after a survival period of 30 days is available. This benefit is only applicable to Business Owners or Partners.
LET’S NOT FORGET ABOUT SHORT TERM INSURANCE!
Car Insurance, – we all know the value of comprehensive car insurance and the peace of mind it brings every single time you place your hands on the steering wheel. Home Insurance, ensures the structure as well as the contents of your family home. Funeral Insurance protects your loved ones in the untimely event of a death in the family. Travel Insurance is crucial for those pesky cancelled flights or if you happened to fall down an escalator, or if your bags are lost. Legal insurance is an excellent way of ensuring that you get the financial support you need to cover the costs associated with a personal legal dispute – just in case you felt you were wrongly dismissed from you job.
HOLLARD, WHERE YOU WILL ALWAYS KNOW YOUR OWN WORTH!