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Business Interruption Insurance

by Lawrence

If you’re involved in any type of business with fixed monthly overheads…then business interruption insurance should grab your attention. The show must go on… Never before have the lyrics of Queen (the rock music group) had so much meaning! Imagine for a moment owning a large industrial concern with 120 staff. One day a fire breaks out at your premises and the entire factory is razed to the ground. Suddenly you’re sitting with: A massive salary bill, Vehicle payments that need to be made, Water and electricity accounts that need to be paid (never mind your Telkom telephone bill) …and no money coming in with which to pay them all! So what would you do? Dismiss all your staff and declare bankruptcy? Well, if you’re a forward thinking business owner you would have made certain that you had business interruption – also known as ‘loss of profits‘ or ‘consequential loss ‘ – cover in place. The purpose of business interruption cover is simple…it provides indemnity against: Fixed costs – those expenses that continue regardless of your loss of turnover. Also known as ‘standing charges’. Net profit – The net profit that would have been earned had the business not been ...

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Tagged as: Business Insurance, Commercial Insurance, Short Term Insurance

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Office Contents Insurance

by Lawrence

So, maybe your business is service based which means you only have offices…or maybe you own a factory with adjacent offices for your accounting and sales staff? And what if you’re an attorney or accountant with trust or mortgage deeds in your possession? Whatever your situation you need office contents insurance! What am I insured for under the office contents section? The office contents section provides indemnity against five different risks. The risks in question are: Loss or damage to contents caused by one of the insured perils Rent payable by you as tenant while the premises are uninhabitable as a result of one of the insured perils. This is limited to 25% of the sum insured. Loss or damage to documents kept at the office (Important for attorneys!) by one of the insured perils. This is limited to the cost of restoring or replacing these documents. Legal liability you might face as a result of loss or damage to important documents in your possession at the time of the loss The increased cost of working in order to maintain the normal operation of the business after loss or damage to the contents by one of the insured perils. This is ...

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Tagged as: Business Insurance, Commercial Insurance, Short Term Insurance

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Buildings Combined Insurance

by Lawrence

In my previous post we discussed Fire Insurance or as it is commonly known – Property Insurance. If you can recall we mentioned that under the fire section you can insure:  Your buildings Your machinery And your stock in trade So why would you need buildings combined insurance? The truth is that you wouldn’t normally. However, if you make your living as a landlord, then ‘buildings combined’ is an ideal way to insure your building and the various risks you face. So what are the benefits for a landlord? There are three main areas of risk which are provided for with this type of insurance. Damage to buildings, outbuildings fixtures and fittings walls, gates, and fences paved or tarred roads and driveways parking areas sports or recreational structures Loss of rent as a result of the property being so damaged by one of the perils mentioned below that the premises becomes untenantable. Loss of rent is limited to 25% of the sum insured. In other words, if your building is insured for R1, 000, 000 (and that the replacement value is also R1, 000, 000!…Don’t say I didn’t warn you about ‘averaging‘) then your cover under this section is limited to R250, 000! ...

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Tagged as: Business Insurance, Commercial Insurance, Short Term Insurance

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Fire Insurance

by Lawrence

For most businesses, when it comes to insuring against all the potential risks you face, fire insurance forms the foundation. Now I can almost hear you saying: “Fire insurance…Why fire insurance? I’m more concerned about theft cover than fire!” So let me explain… Fire insurance – otherwise known as ‘property’ insurance – indemnifies you in the event of an insured event happening to your buildings, your machinery, and your stock in trade. What is an insured event? Many clients believe that insurance covers for all eventualities where a loss occurs. Here’s an example… Just the other day one of our clients wanted to claim because a staff member ‘stole’ a very expensive set of tools from the workplace. It took some explaining for him to realise that employee theft is not an insured event…in fact, theft itself is not an insured event unless specific cover is taken out for it! So what exactly are you covered for? Under the fire section there are three main risks (or perils) covered: Fire Lightning or thunderbolt Explosion  In addition to the basic perils a number of additional perils are added which include: Earthquake damage Storm, wind, water, hail, or snow (normally with a ...

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Tagged as: Business Insurance, Commercial Insurance, Short Term Insurance

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Life Insurance Companies Do Pay Out!

by Brendan
Dont forget to pay your life insurance premiums!

“Hello. Hi Brendan, I trust that you are well. Thanks for replying to my sms so quickly. Yes unfortunately you did read the text message correctly. My husband was killed in a car accident and we are absolutely devastated. I have taken a few days out to be with family, but I now need to put in a claim against our life insurance policy. Can you assist me? I just don’t have the strength to do this on my own and I wouldn’t know where to start” That’s the dreaded call I had with a client a few weeks ago. I must admit that the conversation rocked me and reminded me how fleeting life really is. One minute you’re on the way to work on a regular mid-week morning, the next minute your gone. In this case Mr. Smith is survived by his wife and 3 daughters. So why am I writing a blog post about an awful subject matter like this when we have the biggest party in the world happening right in our own back yard? It’s because in the ten years that we’ve been involved in financial services we’ve never had a death claim (and Lawrence and ...

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Tagged as: Life Insurance

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Are You Making This Mistake When It Comes To Contents Insurance?

by Lawrence
Don't run the risk of being under insured!

Do yourself a favour…pull out a copy of your most recent motor and household insurance schedule and page to the section which deals with household contents. Then look for the sum insured amount. Got it? Now here’s what I’d like to share with you…apparently 84% of all policyholders are under-insured on their householders insurance! Here’s what you need to ask yourself: “Are you one of the 16% who are correctly insured?” Of course the only way to find out is by completing an asset register at replacement value, and if you feel that you are indeed correctly insured then read no further, BUT… Wouldn’t you be interested in finding out by how much the 84% are under-insured? What if I were to tell you that approximately 64% of these households are under-insured? “So who cares?” you might be saying at this point, and yes I know…insurance isn’t the most exciting thing in the world, but let’s bring this closer to home by assuming that you’re one of those who fall into the 64% under-insured group. Take a moment to study the sum insured on your insurance schedule. How much are we talking about…R200, 000, R500, 000…a R1, 000, 000? Now ...

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Tagged as: motor and household insurance, Short Term Insurance

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