Insurance is a must when operating a business. In South Africa, there are generally very little regulatory requirements in terms of insurance cover, but you still want to take out comprehensive commercial insurance to protect your business and its premises.
Various types of commercial insurance are available in South Africa. These range from basic retail insurance products to more sophisticated liability and indemnity products. Before deciding on the type of insurance cover for your business, you must have a proper risk assessment done. You want a product that is tailored to your specific needs and that provide appropriate cover.
It is essential to review the cover the business have on an annual basis, as the needs and nature of most companies change on a constant basis. It is important too to only accept the services and products of qualified, independent and registered professionals.
Here are just some aspects of commercial insurance that have to be considered:
As the name suggests, property insurance protects the premises of the business and its content. The insurance would be against loss or damage. It could also insure the property of others in your control at the time of the loss.
Liability insurance protects the business when sued for negligence of the business or its employees. Only a few examples are an employee that was injured on the job, a customer that suffered an injury while visiting the business or someone impacted by your employees or goods in transit.
Commercial Vehicle Insurance
This insurance covers all vehicles used for business purposes.
When interruptions like theft or broken equipment strikes, a business might not be able to operate. Business interruption insurance protect the company during this time against a loss or damage to the cash flow and profit.
Workers’ compensation provides a wage replacement and medical benefits to employees who suffer an accident on the business premises.
Let us help you with commercial insurance in South Africa
Intergate has helped many foreigners set up and insure their businesses in South Africa. Our in-house experts can do the same for you. Simply call our Cape Town office on +27 (0) 21 424 2460 or our Johannesburg office on+27 (0)11 234 4275 for tailored advice on commercial insurance.
Intergate Immigration is the only South African immigration company with ISO 9001 certification, so you are getting service that meet international quality standards. Further to that, all our consultants are tested and registered with the Department of Home Affairs.
If you’d like us to contact you instead of the other way around, you can request a call back or complete our online assessment form. It is quick and simple. As soon as we’ve received your details, one of our client managers will undertake to get back to you within 24 hours.