{"id":87627,"date":"2017-02-19T02:53:17","date_gmt":"2017-02-19T00:53:17","guid":{"rendered":"http:\/\/www.myza.co.za\/business-insurance-grudge-purchase-or-mandatory-cost\/"},"modified":"2017-02-19T02:53:17","modified_gmt":"2017-02-19T00:53:17","slug":"business-insurance-grudge-purchase-or-mandatory-cost","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/business-insurance-grudge-purchase-or-mandatory-cost\/","title":{"rendered":"Business Insurance: Grudge purchase or mandatory cost?"},"content":{"rendered":"

Business Insurance: Grudge purchase or mandatory cost?<\/a>: <\/p>\n

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Business Insurance: Grudge purchase or mandatory cost?<\/p>\n<\/div>\n

According to the National Treasury Budget Review, in 2016, South Africa experienced deteriorating GDP growth caused by various factors including the Rand\u2019s depreciation of R15.51 against the Dollar, severe drought, water shortages, and the rising unemployment rate. GDP growth is however expected to improve moderately in 2017. Businesses, particularly start-ups and SMEs, can expect better growth and opportunity than in 2016.<\/p>\n

\u201cNow more than ever small businesses need to safeguard themselves against the perils that could be harmful to their growing business,\u201d says Derek Wilson, Head of online insurance and financial services comparison website, Hippo.co.za.<\/p>\n

Business Insurance is more than just protecting your business assets. Not having insurance could result in a negative impact to your bottom line, damage to your business\u2019s reputation or even the loss of your business.<\/p>\n

Here\u2019s what you need to know about Business Insurance (source: Forbes.com):<\/p>\n

Insure your nett worth<\/p>\n

If you have business property such as commercial offices, a house or any vehicles used for business or commercial purposes, you have nett worth. Ensure that your nett worth is adequately covered and that you do not put your business under unnecessary strain by having to pay for loss or damage to business assets yourself. Insurance for business assets usually includes cover for theft, accidental damage, fire, vandalism and, most importantly, cover for business interruption or loss of earnings if you are unable to operate following a claimable event.<\/p>\n

Your risk profile<\/p>\n

Understand how your business risk profile is calculated by the insurer as things such as your credit rating, type of business, area where you do business from, and where your business or commercial assets are kept, are taken into account.<\/p>\n

You are liable<\/p>\n

Liability cover is probably the most important cover you need. The loss or damage to another\u2019s property or worse, injury or loss of life to a person, could not only cost you money, but also have devastating effects on your business\u2019s reputation and credibility. The reputational damage could result in further communication and marketing costs to repair the damage to your business\u2019s image and could determine whether your business survives the impact or not.<\/p>\n

\u201cVarious insurers are able to provide you with Business Insurance according to your specific needs\u201d, concludes Wilson, \u201cBusiness owners can research costs and benefits from a range of different insurers at Hippo.co.za\u201d.<\/p>\n

Ends.<\/p>\n

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