Is your business adequately insured?

play article
Subscribers can listen to this article
(Image: Supplied)
(Image: Supplied)

discovery, discovery insure, logo, business, insur

When it comes to business insurance, how much cover is enough? This article will help you insure your small- to medium-sized business specifically and sufficiently so that you can continue to grow it, even when the unimaginable happens.

Business owners know that running a business successfully in a fast-paced, digitally enabled world (which also happen to create the need for cyber risk protection) means having relevant and reliable business insurance in place.

Do you have cover that meets your unique needs?

“Different businesses need different business insurance cover. With a tailor-made business insurance plan that best fits the industry you operate in, you can better manage the unique daily risks you face as well as newly emerging risks applicable to your area of business,” says Discovery Business Insurance Chief Operating Officer, Lana Ross.

“So, no matter the industry or sector that your business operates in – be it the restaurant,  healthcare, legal and accounting, tradesperson industry or even the residential sectional title space – choosing an insurance solution that has been designed to meet your specific needs makes all the difference,” adds Ross.  

How can you best identify the kinds of risks applicable to your business? While exposed to similar risks, every business has unique needs. This is why it’s always a good idea to consult with an insurance broker or financial adviser on the type of cover that’s right for your business. Advisers help to put your risk needs and business goals into perspective, aligning these with comprehensive cover options available to you. Options mean that you can tailor your plan for the best fit – one that suits your needs, goals and pocket. 

How important is it to have a risk assessment done by a financial adviser?

The accuracy of your business risk profile has a direct effect on its profitability. With the right insurance cover, you will be able to receive accurate information and expert recommendations. These, in turn, can help improve your risk profile and ultimately avoid costly interruptions to your business.

Does your business insurance plan cover the evolving nature of today’s risks?

Our world has given businesses new ways to grow and engage with customers. As your business evolves, so do the risks it potentially faces. Therefore, comprehensive business insurance that manages things like cyber risks along with reputational and legal risks is not just a nice-to-have. It is a necessity.

Insurance cover that protects against such risks needs to be as agile and flexible as the changing landscape of the risks themselves. Cover which functions in such a way affords you peace of mind that your cover will always remain relevant and up to date. No matter what the latest scam is, your cover is equipped to protect you swiftly and effectively should the unthinkable happen.

Five essential areas of cover every business owner should have on their plan

A comprehensive business insurance plan includes cover for:

  • Business assets, both tangible and intangible.
  • Theft, including theft by employees.
  • Loss of profits or revenues following interruption of or interference with the business.
  • Legal liabilities to compensate third parties for losses suffered owing to actions or negligence of business representatives, including those arising from social media interactions.
  • Losses to the business and liability to third parties following a cyber attack on business computers.

“At Discovery Business Insurance, we offer comprehensive and superior cover so that you are adequately protected. Through a holistic assessment of your business, we help you understand all risks your business is faced with so that you can improve your risk management and ultimately improve your business,” concludes Ross. 

To find out more about the holistic and market-leading business insurance cover that Discovery offers, contact your broker today or click here to get a quote.

This post and content is sponsored, written and produced by Discovery.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Show Comments ()
Rand - Dollar
Rand - Pound
Rand - Euro
Rand - Aus dollar
Rand - Yen
Brent Crude
Top 40
All Share
Resource 10
Industrial 25
Financial 15
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders