Why Should Businesses Get a Comprehensive Policy Like Business Insurance?

May 19

With so many kinds of insurance in the market, we tend to think about which policy would exactly suit our needs and which ones are mandatory. There are many insurance policies that cover different risks of the business. Choosing one from so many, it becomes a tedious task. This is where an age-old company like santam.co.za comes into the picture making things easy for business owners. They offer a single insurance policy – a business insurance policy that is comprehensive.

Risks covered in this policy are

  • Public liability insurance
  • Theft
  • Glass
  • Money
  • Fire
  • Office contents
  • Buildings
  • Personal accident and accidental damage
  • Vehicles
  • Machinery breakdown
  • Electronic equipment
  • Goods-in-transit

Apart from these, there are combined policies for certain specific aspects of a business. For fleets of trucks or lorries, for instance, instead of taking insurance for each vehicle separately, they can be insured together under a single policy. This example makes for a good illustration because accidents, theft, or damage to any of the company’s lorries can be financially devastating, but with fleet insurance, businesses can rest assured that they have a safety net in place. If you’re a business owner seeking peace of mind and comprehensive coverage, consider such a coverage plan – Get the best Lorry Insurance price and safeguard your business against unforeseen challenges.

Furthermore, if there are any risks that could be left out, will be covered in ‘business all risks’ policy. Separate policies are available for all of these risks but getting a few policies alone would not work out well for any business for that matter. The reason is, each business would face risks in all of the above factors. So it is wise to be covered for all of the risks.

When the business owner faces any loss or damage, his insurance policy will back him up. This may be either by way of compensation to the third party or take up the insured’s defense charges. The size of the business does not matter when it comes to insurance because small, medium, and large businesses are all faced with the same kind of risks. Only the level or intensity of the risks will vary depending on the kind of business or trade and the size of the business. A natural calamity like flooding can adversely affect your company’s property, including the building. You may then have to hire a commercial water damage restoration firm in your area that can restore the water damage. Depending on the extent of the damage, the cost of repair can be high. This is where your business insurance policy can cover the costs of repair and restoration. So, look out for these features when planning to buy a business insurance plan.

To avoid unnecessary tension:

Any business needs to be done with utmost concentration. This is possible only when there are no distractions as such. Distractions here refer to any risks or problems that the company faces that can be transferred to another person proficient in handling them. This is twice as true for businesses that are particularly risky endeavors, such as gun ranges or shooting sports ranges. So you need to make sure you have providers similar to SAGE (sageuw.com) who are more than up to the challenge. Insurance companies generally are masters in doing the work that they promise to do. So when all the risks are transferred to them, the insured can stay assured that whenever they are faced with any loss, damage, or claim there are specialists who will take care of it.

When all the risks relating to business are transferred to another party for a specific amount which is paid as a premium, the company need not worry about it. This gives them plenty of room to take care of the activities and work that are concerned with their own business. Also, getting a comprehensive policy reduces the policy amount when all the risks are covered in a single policy.

Other benefits:

Need not get separate policies for each risk, need not pay premiums for a lot of different policies, and for any claim relating to business, can go to a single insurance company for compensation.

Hence it is wise to opt for comprehensive business insurance coverage.