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Commercial Insurance

In South Africa, commercial insurance describes insurance policies designed to cover the risks businesses are exposed to.

Commercial insurance is ideal for any size of business and provides solutions for almost all the industries in South Africa, from hairdressing to farming. To protect your business, small or big, from risks that have big financial implications, you need commercial insurance.

Do I Need Commercial Insurance?

Business owners in South Africa need to protect their companies with commercial insurance, no matter what industry they operate in. So yes, if you own a business, your company needs commercial insurance. The financial risks involved in running a business are too numerous and unpredictable to take the chance of not getting commercial insurance.

What Risks Can Commercial Insurance Protect my Business from?

Each business faces unique risks. The industry you operate in will influence the commercial insurance options you choose. Luckily South Africa’s insurance laws make it possible for insurance providers to offer their clients a large range of unique products that can be tailored to their needs.

Are you a hairdresser? Your risks are unique, like accidentally causing damage to someone’s hair or forgetting the straightener on. Are you a franchisee? You could face risks related to your franchise that are unique to your industry. Commercial insurance answers these risks with policies that provide cover for a variety of situations.

Commercial insurance can protect your business from these specialised kinds of risks, but commercial insurance also offers protection for broader risks. These can include third-party liabilities, damages, theft, injuries, and loss of income. The options are many, and what you can choose will depend on the insurance provider you opt for.

Types of Commercial Insurance Available in South Africa

There’s no outright formula for Commercial Insurance that South African insurance providers follow. Each provider will have unique options. Some offer customisable commercial insurance packages that include multiple options from the below list. Others offer a narrower range of solutions. Plans can be comprehensive or specific.

Many insurance providers now offer you the option of a customised insurance package that includes some of the below options.

Commercial Asset Insurance

Your assets are without a doubt one of the most valuable aspects of your company; insure them at the correct price to be sure you can replace these should you experience any kind of loss, theft or damage.

Commercial Buildings Insurance

Also called property insurance, Commercial building insurance offers cover anything from office parks to stadiums. Commercial building insurance can also cover schools, factories, and churches.

Commercial Corporate Car Insurance

Also known as Fleet Insurance, Corporate Car Insurance offers protection for the cars many businesses rely on to operate. If losing the use of a vehicle for a day or two will impact your business in a negative way, you need commercial car or fleet insurance.

Commercial Contents Insurance

Commercial contents insurance covers your company’s equipment against risks like floods, fires, snow, hail wind, impact, explosions, subsidence, and malicious damage. You could even get protection against damage caused by power surges!

Commercial Electronic Equipment and Data Loss Insurance

Protecting your data nowadays is invaluable. Insure against security breaches, loss of data, and the loss of your electronic equipment to protect the future of your business. Whether you’ve got one printer or twenty servers, this type of insurance for many businesses operating today, because most companies own at least one computer now.

Commercial Employer’s Liability Insurance

Employer’s Liability Insurance offers employers cover for situations where they may be found liable to pay claims against them for damages, injuries, or even fatalities. This type of insurance specifically covers liabilities employers are at risk for, like claims from employees for a variety of situations.

Commercial Event Liability Insurance

Liabilities you could be held responsible for are increased at a large event. The unique dynamic of risks at events make this type of insurance vital for single events or for events companies. Commercial Event Liability Insurance offers cover for claims against the insured for damages, injuries, and fatalities the insured is deemed liable for.

Commercial Machinery Insurance

Commercial machinery insurance offers protection for businesses using specialised machinery or large-scale machines. It also covers smaller machinery, depending on your business operations. Should these machines break or fail, repair and replacement costs needn’t put you out of business. Commercial Machinery Insurance can protect you from this financial risk so your operations can continue.

Commercial Motor or Fleet Liability Insurance

Commercial motor liability insurance specifically caters to liabilities that involve your company’s vehicle(s). When an accident occurs, for example, this type of insurance protects you from claims for damages, injuries, and fatalities to third parties where your company cars or fleet are involved.

Commercial Out-of-office Insurance

Also known as a-risk insurance, Commercial Out-of-office Insurance covers your company’s movable assets that are frequently taken outside the office against loss or damage. This type of insurance is great for business mobile phones or laptops.

Commercial Personal Accident Insurance

Commercial Personal accident insurance offers cover for yourself, your business partners, and your employees should an accident at your workplace cause injury, fatality, or disability.

Commercial Stock Insurance

Also known as Stock-In-Transit Insurance, Commercial Stock Insurance offers businesses that operate with large amounts of stock financial cover for risks related to stock. Protecting this valuable resource is of utmost importance in agricultural and retail industries.

Commercial Theft & Fraud Insurance

Protect your company from theft and fraud risks with Commercial theft and fraud insurance. If an employee steals from you or someone outside your business commits fraud, your company will be protected.

Industry-Specific Commercial Insurance

The following industries can sometimes enjoy industry-specific or specialised insurance for risks unique to their trade in South Africa.

The Hospitality Industry

Get commercial insurance that caters to the needs of bed-and-breakfast, bars, and more.

The Engineering Industry

Get insurance that provides cover for engineers, whether structural, civil, electrical or more.

The Construction Industry

Get insurance that protects you for the risks involving project management, architecture, contractors, and more.

The Professional Services Industry

Get insurance to protect accountancy firms, IT companies, real estate agents, lawyers, and more.

The Handyman Industry

Get specialised insurance tailored to the needs of plumbers, electricians, mechanics and more.

The Industrial and Mining Industry

Get insurance that provides cover for the unique risks involved in industrial and mining operations.

The Retail Industry

Get insurance for hair salons, restaurants, coffee bars, and more.

The Transport Industry

Find an insurance solution for Uber, Trucks, Bolt and Taxify, and logistical operations.

Find the best insurance for your needs from the ideal insurance provider. Just fill in the form at the top of this page to get started (it’s free).

DISCLAIMER: The information provided in this article is meant for informational purposes only and should not be construed as legal, medical, or financial advice. Facts stated in this article are correct at the time it was published.

Sources: Hollard; TshwaneLine;

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